The global pharmacovigilance and drug safety software market size is expected to reach USD 207.7 million by 2024, according to a new report by Grand View Research, Inc., presenting a CAGR of 6.5% during the forecast period. Increasing number of adverse drug reactions (ADR) is a key factor for market growth. ADR imposes a significant burden on research organizations and companies. To curb this problem, pharmaceutical companies are opting for contract outsourcing of these services.
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Manufacturers are now striving to identify various ways of cost reduction and minimizing operational expenses by gradually shifting from being fully integrated pharmaceutical companies to sharing costs by collaborating with service providers. Outsourcing helps increase internal resource flexibility, improves timelines, and results in better outcomes in short as well as long terms. Outsourcing also helps achieve better pharmacovigilance (PV) through regulatory compliance, higher quality, better productivity, and improved strategic outcomes.
PV service providers, in an attempt to ensure sustainability, are providing customized and end-to-end solutions to meet consumer needs. These firms are also incorporating integrated technologies such as electronic data capture and hosting of PV warehousing for aggregating cross industry data for benefit risk evaluation. Furthermore, the fact that service providers are now operating via a flexible and variable pricing structure and achieving operational excellence through constant product updates is expected to boost usage rates over the forecast period.
Pharmacovigilance And Drug Safety Software Market Report Highlights
• By functionality, fully integrated software solutions for pharmacovigilance are anticipated to reach USD 25.35 million by 2024, at a CAGR of 7.0% from 2016 to 2024. The ADR reporting software segment, on the other hand, is projected to ascend at a CAGR of 6.4% over the forecast period
• Based on delivery mode, the on-demand segment dominated the global pharmacovigilance software market with a share of over 52.0% in 2015
• On the basis of end use, the CROs and BPO segments are slated to witness lucrative growth owing to increasing adoption by outsourcing companies to curb healthcare costs
• The U.S. PV software market is anticipated to exceed USD 6.45 million by 2024. Asian countries, especially India and China, are also expected to observe remarkable growth in the coming years
• The market is relatively competitive in nature thanks to presence of global multinational players. It is also consolidated to a certain extent
• Some of the key companies in the market are United BioSource Corporation; Sparta Systems, Inc.; Oracle Corporation; Ennov Solutions Inc.; Max Application; EXTEDO GmbH; AB Cube; Relsys; Online Business Applications, Inc.; and ArisGlobal.
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Pharmacovigilance And Drug Safety Software Market Segmentation
Grand View Research has segmented the global Pharmacovigilance and drug safety software market on the basis of functionality, delivery mode, end use, and region:
Pharmacovigilance and Drug Safety Software Functionality Outlook (Revenue, USD Million, 2013 - 2024)
• ADR Reporting
• Drug Safety Audits
• Issue Tracking
• Fully Integrated Software
Pharmacovigilance and Drug Safety Software Delivery Mode Outlook (Revenue, USD Million, 2013 - 2024)
• On-Premise
• On-Demand
Pharmacovigilance and Drug Safety Software End-use Outlook (Revenue, USD Million, 2013 - 2024)
• Pharma & biotech companies
• CROs
• BPOs
• Others
Pharmacovigilance and Drug Safety Software Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o Japan
o China
o India
• Latin America
o Mexico
o Brazil
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.