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According to Technavio's analyst, the pharmacovigilance and drug safety software market size is expected to be valued at USD 72.74 million by 2026 with a progressing CAGR of 7.11%.
This pharmacovigilance and drug safety software market research report extensively covers pharmacovigilance and drug safety software market segmentation by:
The pharmacovigilance and drug safety software market report also offers information on several market vendors, including AB Cube SARL, Accenture Plc, Advera Health Analytics Inc., ArisGlobal LLC, BaseCon AS, Clarivate PLC, Cognizant Technology Solutions Corp., Ennov, EXTEDO GmbH, Honeywell International Inc., Indegene Pvt. Ltd., IQVIA Holdings Inc., Max Application Srl, Oracle Corp., Pegasystems Inc., Sarjen Systems Pvt. Ltd., United BioSource LLC, Veeva Systems Inc., and Wipro Ltd. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising incidence rates of adverse drug events is notably driving the pharmacovigilance and drug safety software market growth, although factors such as high cost of ownership, installation, and maintenance may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the pharmacovigilance and drug safety software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Pharmacovigilance and Drug Safety Software Market Driver
One of the key factors driving growth in the pharmacovigilance and drug safety software market is the rising incidence rates of adverse drug events. There has been a global surge in the incidence of unwanted and undesirable effects of drugs during their clinical use. This can be attributed to the rising consumption of drugs worldwide and the unwanted medical occurrence and side effects during the treatment, which can result in the discontinuation or modification of drugs. This is a major concern for pharmaceutical manufacturers. Fast adoption of pharmacovigilance and drug safety software products among pharmaceutical and life science manufacturers has been observed owing to the increasing incidence of adverse drug events. The rising geriatric population is expected to further boost the number of patients encountering adverse drug events, which will create a rise in demand for pharmacovigilance and drug safety software. This increase in the geriatric population is anticipated to surge the incidence of adverse drug events, which will positively impact the demand for drug safety software.
Key Pharmacovigilance and Drug Safety Software Market Trend
The integration of AI in pharmacovigilance is a pharmacovigilance and drug safety software market trend that is expected to have a positive impact in the coming years. Life sciences and pharmaceutical companies are observing an increase in the volume of pharmacovigilance data generated through their dedicated ecosystems. The rise in the number of non-standardized sources such as articles, journals, and social media, as well as patents that are not standardized as per usual document formats, has resulted in the exponential growth of data volumes. As a result, legacy technology systems utilized by a few pharmaceutical and life sciences companies become complex to manage and prone to errors, which hamper productivity. In order to counter such issues, pharmacovigilance and drug safety software developers have integrated AI technologies with their solution offerings. The increasing adoption of AI in big data analytics has helped create a favorable ecosystem for the integration of AI in other applications, including automated pharmacovigilance processes. This is promoting the growth of the global pharmacovigilance and drug safety software market
Key Pharmacovigilance and Drug Safety Software Market Challenge
The high cost of ownership, installation, and maintenance will be a major challenge for the pharmacovigilance and drug safety software market during the forecast period. The cost involved in the on-premises and cloud-based software solutions can be categorized into three major categories: initial capital cost (initial cost), deployment cost, and maintenance cost (ongoing and ongoing personnel cost). All these categories are combined to form the total deployment cost. The low adoption of pharmacovigilance and data safety software among small- and medium-scale business enterprises can be observed across the market due to the high ownership, installation, and maintenance costs. The cost of ownership of on-premises software is even higher than cloud-based solutions. On-premises software for pharmacovigilance and drug safety also involves the cost of hardware, network, facility, and security, which makes them highly priced in the market. Small-scale pharmaceutical manufacturers who do not rely on large volumes of drug safety solutions restrict them towards the purchase of personnel drug safety software, which hampers the market growth.
This pharmacovigilance and drug safety software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global pharmacovigilance and drug safety software market as a part of the healthcare technology segment, which, in turn, is a part of the global healthcare market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pharmacovigilance and drug safety software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the pharmacovigilance and drug safety software market encompasses successful business strategies deployed by the key vendors. The pharmacovigilance and drug safety software market is fragmented and the vendors are deploying growth strategies such as focusing on software innovations and are increasing existing software capabilities to expand their presence and share in the market to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pharmacovigilance and drug safety software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the pharmacovigilance and drug safety software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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50% of the market's growth will originate from North America during the forecast period. The US is the key market for pharmacovigilance and drug safety software in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increase in the number of product recalls will facilitate the pharmacovigilance and drug safety software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the demand for online pharmacovigilance and drug safety increased owing to the high drug discovery activities during the outbreak of COVID-19. The pandemic has surged the use of pharmacovigilance and drug safety software that requires no physical contact, reducing the risk of contamination. In 2020, the outbreak of COVID-19 increased the demand for pharmacovigilance for drug safety. Therefore, the demand for pharmacovigilance services to innovate and develop new, more efficient ways of collecting and utilizing drug safety data increased.
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The pharmacovigilance and drug safety software market share growth by the pharmaceutical and biotechnology companies segment will be significant during the forecast period. The pharmaceutical market is observing fast growth in countries such as the US, Japan, Canada, and India. A majority of this growth can be attributed to the high pharmaceutical R and D spending, which has boosted the market with new molecular entities and biosimilars. The increasing need for clinical trials related to chronic diseases such as cancer, cardiovascular diseases, and neural diseases has resulted in the rising demand for pre-market drug safety. The high pharmaceutical spending across the world has also resulted in high drug consumption, which is positively impacting the reporting of adverse drug reactions. Thus, the rising number of clinical trials and the growth in pharmaceutical spending has helped surge the demand for drug safety monitoring and assessment, which is further driving the sale of pharmacovigilance and drug safety software products.
This report provides an accurate prediction of the contribution of all the segments to the growth of the pharmacovigilance and drug safety software market size and actionable market insights on post COVID-19 impact on each segment.
Pharmacovigilance and Drug Safety Software Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.11% |
Market growth 2022-2026 |
$ 72.74 million |
Market structure |
Fragmented |
YoY growth (%) |
6.7 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 50% |
Key consumer countries |
US, Germany, France, Japan, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AB Cube SARL, Accenture Plc, Advera Health Analytics Inc., ArisGlobal LLC, BaseCon AS, Clarivate PLC, Cognizant Technology Solutions Corp., Ennov, EXTEDO GmbH, Honeywell International Inc., Indegene Pvt. Ltd., IQVIA Holdings Inc., Max Application Srl, Oracle Corp., Pegasystems Inc., Sarjen Systems Pvt. Ltd., United BioSource LLC, Veeva Systems Inc., and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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