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Pharmacovigilance and Drug Safety Software Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 138
  • SKU: IRTNTR70377
Technavio

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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:

  • End-user - Pharmaceutical and biotechnology companies, Contract research organization, and Business process outsourcing
  • Geography - North America, Europe, Asia, and Rest of World (ROW)

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.

What will the Pharmacovigilance and Drug Safety Software Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Pharmacovigilance and Drug Safety Software Market Size for the Forecast Period and Other Important Statistics

 

Pharmacovigilance and Drug Safety Software Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Pharmacovigilance and Drug Safety Software Market Vendors?

The report analyzes the market’s competitive landscape and 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.
  • Wipro Ltd.

 

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.

Product Insights and News

  • AB Cube SARL - AB Cube SARL is a privately held company headquartered in France. It is a global company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from the global pharmacovigilance and drug safety software market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
  • AB Cube SARL - The company offers pharmacovigilance and drug safety software namely SafetyEasy Suite which is a multivigilance management solution that integrates automation with existing drug safety processes.

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.

Pharmacovigilance and Drug Safety Software Market Value Chain Analysis

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.

Which are the Key Regions for Pharmacovigilance and Drug Safety Software Market?

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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. 

What are the Revenue-generating End-user Segments in the Pharmacovigilance and Drug Safety Software Market?

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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

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What are the Key Data Covered in this Pharmacovigilance and Drug Safety Software Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive pharmacovigilance and drug safety software market growth during the next five years
  • Precise estimation of the pharmacovigilance and drug safety software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the pharmacovigilance and drug safety software industry across North America, Europe, Asia, and Rest of World (ROW)
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of pharmacovigilance and drug safety software market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Pharmaceutical and biotechnology companies - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Pharmaceutical and biotechnology companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Pharmaceutical and biotechnology companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Pharmaceutical and biotechnology companies - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Pharmaceutical and biotechnology companies - Year-over-year growth 2021-2026 (%)
    • 5.4 Contract research organization - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Contract research organization - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Contract research organization - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Contract research organization - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Contract research organization - Year-over-year growth 2021-2026 (%)
    • 5.5 Business process outsourcing - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Business process outsourcing - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Business process outsourcing - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Business process outsourcing - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Business process outsourcing - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by End-user
      • Exhibit 40: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 Asia - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Asia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Asia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Asia - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Asia - Year-over-year growth 2021-2026 (%)
    • 7.6 Rest of World (ROW) - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
    • 7.7 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.8 France - Market size and forecast 2021-2026
      • Exhibit 66: Chart on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.9 Germany - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 China - Market size and forecast 2021-2026
      • Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.12 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 AB Cube SARL
              • Exhibit 89: AB Cube SARL - Overview
              • Exhibit 90: AB Cube SARL - Product / Service
              • Exhibit 91: AB Cube SARL - Key offerings
            • 10.4 ArisGlobal LLC
              • Exhibit 92: ArisGlobal LLC - Overview
              • Exhibit 93: ArisGlobal LLC - Product / Service
              • Exhibit 94: ArisGlobal LLC - Key offerings
            • 10.5 BaseCon AS
              • Exhibit 95: BaseCon AS - Overview
              • Exhibit 96: BaseCon AS - Product / Service
              • Exhibit 97: BaseCon AS - Key offerings
            • 10.6 Ennov
              • Exhibit 98: Ennov - Overview
              • Exhibit 99: Ennov - Product / Service
              • Exhibit 100: Ennov - Key news
              • Exhibit 101: Ennov - Key offerings
            • 10.7 EXTEDO GmbH
              • Exhibit 102: EXTEDO GmbH - Overview
              • Exhibit 103: EXTEDO GmbH - Product / Service
              • Exhibit 104: EXTEDO GmbH - Key news
              • Exhibit 105: EXTEDO GmbH - Key offerings
            • 10.8 Honeywell International Inc.
              • Exhibit 106: Honeywell International Inc. - Overview
              • Exhibit 107: Honeywell International Inc. - Business segments
              • Exhibit 108: Honeywell International Inc. - Key news
              • Exhibit 109: Honeywell International Inc. - Key offerings
              • Exhibit 110: Honeywell International Inc. - Segment focus
            • 10.9 Indegene Pvt. Ltd.
              • Exhibit 111: Indegene Pvt. Ltd. - Overview
              • Exhibit 112: Indegene Pvt. Ltd. - Product / Service
              • Exhibit 113: Indegene Pvt. Ltd. - Key news
              • Exhibit 114: Indegene Pvt. Ltd. - Key offerings
            • 10.10 Oracle Corp.
              • Exhibit 115: Oracle Corp. - Overview
              • Exhibit 116: Oracle Corp. - Business segments
              • Exhibit 117: Oracle Corp. - Key news
              • Exhibit 118: Oracle Corp. - Key offerings
              • Exhibit 119: Oracle Corp. - Segment focus
            • 10.11 Sarjen Systems Pvt. Ltd.
              • Exhibit 120: Sarjen Systems Pvt. Ltd. - Overview
              • Exhibit 121: Sarjen Systems Pvt. Ltd. - Product / Service
              • Exhibit 122: Sarjen Systems Pvt. Ltd. - Key offerings
            • 10.12 United BioSource LLC
              • Exhibit 123: United BioSource LLC - Overview
              • Exhibit 124: United BioSource LLC - Product / Service
              • Exhibit 125: United BioSource LLC - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 126: Inclusions checklist
                • Exhibit 127: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 128: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 129: Research methodology
                • Exhibit 130: Validation techniques employed for market sizing
                • Exhibit 131: Information sources
              • 11.5 List of abbreviations
                • Exhibit 132: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The pharmacovigilance and drug safety software market growth will increase by $72.74 million during 2022-2026.
              The pharmacovigilance and drug safety software market is expected to grow at a CAGR of 7.11% during 2022-2026.
              Technavio has segmented the pharmacovigilance and drug safety software market by end-user (Pharmaceutical and biotechnology companies, Contract research organization, and Business process outsourcing) and geographic (North America, Europe, Asia, and Rest of World (ROW)).
              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., Wipro Ltd. are a few of the key vendors in the pharmacovigilance and drug safety software market.
              North America will register the highest growth rate of 50% among the other regions. Therefore, the pharmacovigilance and drug safety software market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the pharmacovigilance and drug safety software market growth are:
              • Rising incidence rates of adverse drug events
              • Integration of AI in pharmacovigilance
              The pharmacovigilance and drug safety software market vendors should focus on grabbing business opportunities from the pharmaceutical and biotechnology companies segment as it accounted for the largest market share in the base year.
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