The global Pharmacovigilance and Drug Safety Software market size is expected to be worth around US$ 407.7 Mn by 2030, according to a new report by Vision Research Reports.
The global Pharmacovigilance and Drug Safety Software market size was valued at US$ 224.6 Mn in 2020 and is anticipated to grow at a CAGR of 10.5% during forecast period 2021 to 2030.
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.
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.
ADR reporting tools dominated the market in 2015 due to related benefits such as data entry and management with minimum errors. Pharmacovigilance software has transformed the traditional way of ADR reporting and management. Introduction of advanced data integration solutions and cost-effective nature of this PV system is anticipated to spur demand.
The fully integrated software segment is expected to show lucrative growth in the coming years owing to increasing need to avert errors in database management. These solutions are used to track individual case safety reports and avoid data redundancy through elimination of errors.
On-premise software accounted for the largest revenue share in the pharmacovigilance software market owing to increasing adoption by large pharmaceutical companies. This type of delivery mode involves installation of services and solutions on computers within organization premises. Nevertheless, it can be accessed from remote locations, thereby providing the benefit of reduced costs due to power consumption and system maintenance.
Introduction of cloud computing and its rapid adoption by healthcare IT providers is expected to slow the growth of the on-premise segment over the forecast period. On the other hand, on-demand services such as cloud-based solutions are expected to gain popularity in the coming years. Increasing adoption of these platforms by pharmaceutical companies and contract research organizations is driving the segment. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.
PV software solutions are widely accepted by pharma and biotech companies to facilitate clinical trial programs and reduce the burden on medical expenditure. PV outsourcing is a growing trend in the pharmaceutical industry and as a result, manufacturers are striving to identify various ways to contain costs and minimize operational expenses by gradually shifting from being fully-integrated pharmaceutical companies to sharing costs through collaborations with service providers. This is expected to strengthen the growth of contract research firms that perform these activities for pharmaceutical companies.
The CROs segment is expected to exhibit profitable growth during the forecast period due to increasing trend of outsourcing. PV service providers, in an attempt to ensure sustainability, are providing customized 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 to aggregate cross industry data, which enables risk evaluation. Furthermore, service providers are now operating via flexible and variable pricing structures to achieve operational excellence through constant product updates, which is expected to boost usage rates over the coming years.
In terms of region, North America led the market in 2015 and is anticipated to continue this trend over the foreseeable future. Owing to government-aided initiatives favoring the adoption of PV software systems, the regional market is expected to show significant growth through 2024. For instance, the Open FDA initiative provides scientists and application developers access to its massive database through open search-based programs, which is anticipated to boost usage rates over the forecast period. Mini-Sentinel is a project started by the U.S. FDA to promote active surveillance systems, which provide statistically relevant data in lesser time. Initiatives such as these strengthen the growth of the regional market.
Companies in Asia Pacific provide substantial cost-saving advantages, with savings ranging from 50% to 80% of the cost as compared to developed nations. This leads to rising volume of clinical trials being conducted in this region. Rise in demand for and occurrence of clinical trials has led to increasing focus on pharmacovigilance and drug safety software. Along with India and China, Singapore, South Korea, and Taiwan have been recognized as outsourcing hubs in Asia. Increasing number of adverse drug reactions, rising awareness about public safety, and stringent government regulations are some factors expected to drive market growth.
Oracle Corporation; ArisGlobal; AB Cube; Max Delivery; Relsys; Sparta Systems, Inc.; United BioSource Corporation; EXTEDO GmbH; and Ennov Solutions, Inc.
Drug Safety Audits
Fully Integrated Software
Delivery Mode Outlook
Pharma & biotech companies
Middle East & Africa
The Pharmacovigilance and Drug Safety Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Pharmacovigilance and Drug Safety Software market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Pharmacovigilance and Drug Safety Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pharmacovigilance and Drug Safety Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Pharmacovigilance and Drug Safety Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Pharmacovigilance and Drug Safety Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Pharmacovigilance and Drug Safety Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Pharmacovigilance and Drug Safety Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Pharmacovigilance and Drug Safety Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Pharmacovigilance and Drug Safety Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Pharmacovigilance and Drug Safety Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Pharmacovigilance and Drug Safety Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Pharmacovigilance and Drug Safety Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Pharmacovigilance and Drug Safety Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Pharmacovigilance and Drug Safety Software market. These factors have benefited the growth of the global market for Pharmacovigilance and Drug Safety Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Pharmacovigilance and Drug Safety Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Pharmacovigilance and Drug Safety Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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