Pharmacovigilance (PV) and drug safety software enables to submit, produce, maintain, categorize, and analysis PV data and contrary event report. It is used by contract research organizations, business process outsourcing firms, pharmaceutical, and biotechnology companies and others. The global pharmacovigilance and drug safety software market is growing at a significant rate, due to mounting occurrence of adverse drug reactions. Different functionality contributed to the pharmacovigilance and drug safety software market size. The market has witnessed a high demand for adverse event reporting software over the last few years due to mounting occurrence of an adverse drug.

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In addition, technological development of software system such as cloud-based PV software, expanding geriatric population, mounting occurrence of chronic and lifestyle associated diseases, mounting alertness about public safety and mounting health information functionality market are also up surging the demand in the pharmacovigilance and drug safety software market.

The high cost and lack of skilled professionals are the major challenges for the growth of pharmacovigilance and drug safety software market.

Globally, the manufacturing companies trying to enter the pharmacovigilance and drug safety software market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to budding private and public assets in pharmaceutical R&D. In addition, mounting alertness about public safety, upsurge in research outsourcing by pharmaceutical giants, mounting need and occurrence of clinical trials, mounting number of adverse drug reaction, and substantial cost-saving benefits are also creating a positive impact on the pharmacovigilance and drug safety software market growth in the region.

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Key players in the pharmacovigilance and drug safety software market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2018, ArisGlobal, and APCER Life Sciences launched LifeSphere Safety MultiVigilance an integrated cloud technology and pharmacovigilance services platform. In addition in October 2017, Oracle collaborated with dMed to meet mounting regulatory compliance and safety management requirements in China. Ennov, AB-Cube, Oracle Corporation, Arisglobal, Sarjen Systems Pvt. Ltd, Online Business Applications, Inc., United Biosource Corporation, Extedo GMBH, Sparta Systems, Inc., and Umbra Global pharmacovigilance, and drug safety software.

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