The pharmacovigilance and drug safety software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pharmacovigilance And Drug Safety Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The pharmacovigilance and drug safety software market size has grown rapidly in recent years. It will grow from $2.00 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to increasing the demand for pharmacovigilance and drug safety software., rising demand for sophisticated pharmacovigilance and drug safety software, increasing healthcare expenditure, growing prevalence of chronic diseases, and increased demand for specialized pharmacovigilance software.
The pharmacovigilance and drug safety software market size is expected to see rapid growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to rising adverse drug reaction incidences and the globalization of pharmacovigilance, growing incidence of adverse drug reactions, increased complexity in drug safety regulations, increase in the development of new drugs and therapies, increasing incidence of adverse drug reactions (ADRs), rising number of adverse drug reactions. Major trends in the forecast period include automation and AI integration, cloud-based solutions, technological innovation, advancement in technologies, and increasing healthcare digitalization.
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Scope Of Pharmacovigilance And Drug Safety Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pharmacovigilance And Drug Safety Software Market Overview
Market Drivers –
The growing demand for personalized medicine is expected to propel the growth of the pharmacovigilance and drug safety software market going forward. Personalized medicine, also known as precision medicine, is a medical approach that tailors healthcare decisions and treatments to the individual characteristics of each patient. The growing demand for personalized medicine is due to several factors, such as improved treatment outcomes, a focus on prevention and early detection, and cost-effectiveness. Pharmacovigilance and drug safety software are essential to the success of personalized medicine. By incorporating pharmacogenetics, real-time data analysis, post-marketing surveillance, and personalized medication information, these tools improve the safety and efficacy of individualized treatments while supporting robust risk management strategies and addressing ethical considerations. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to 6 in 2022. Therefore, the growing demand for personalized medicine is driving the growth of the pharmacovigilance and drug safety software market.
Market Trends –
Major companies operating in the pharmacovigilance and drug safety software market are developing innovative technologies, such as cloud-based data lake platforms, to enhance patient safety, monitor adverse events more effectively, and improve regulatory compliance in clinical trials and post-market surveillance of medical devices. A cloud-based data lake platform is a scalable, centralized storage system that allows organizations to store, manage, and analyze vast amounts of structured and unstructured data. It provides real-time data access and supports advanced analytics and AI/ML workloads. For instance, in December 2023, Thermo Fisher Scientific Inc., a US-based biotechnology company, launched CorEvidence, an innovative proprietary cloud-based data lake platform designed to enhance pharmacovigilance processes within clinical research registries. This platform aims to optimize case processing and safety data management, particularly for post-authorization safety studies.
The pharmacovigilance and drug safety software market covered in this report is segmented –
1) By Software Type: Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, Fully Integrated Software
2) By Delivery Mode: On-premise, Cloud-based
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research Organizations, Business Process Outsourcing Firms, Other End Users
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Regional Insights –
North America was the largest region in the pharmacovigilance and drug safety software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacovigilance and drug safety software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the pharmacovigilance and drug safety software market are Accenture plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Capgemini SE, Cognizant Technology Solutions, IQVIA, Wipro Limited, Genepact, Parexel Academy, PharmaLex, Indegene Limited, RXLogix, Sarjen Systems Pvt Ltd., Anju Software Inc., Ennov Group, EXTEDO GmbH, ArisGlobal, AB Cube, Clinevo Technologies
Table of Contents
1. Executive Summary
2. Pharmacovigilance And Drug Safety Software Market Report Structure
3. Pharmacovigilance And Drug Safety Software Market Trends And Strategies
4. Pharmacovigilance And Drug Safety Software Market – Macro Economic Scenario
5. Pharmacovigilance And Drug Safety Software Market Size And Growth
…..
27. Pharmacovigilance And Drug Safety Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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