Asia Pacific Pharmacovigilance and Drug Safety Software Market is expected to reach US$ 62.7 million by 2027

PRESS RELEASE BY The Insight Partners 02 Jun 2021

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Adverse Event Reporting Software Segment has the Largest Share of Software Type in the Asia Pacific Pharmacovigilance and Drug Safety Software Market during 2020–2027

According to The Insight Partners market research study on “Asia Pacific Pharmacovigilance and Drug Safety Software Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Software Type, Delivery Mode, and End User,” is expected to reach US$ 62.7 million by 2027 from US$ 32.8 million in 2019. The market is estimated to grow at a CAGR of 8.2% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific pharmacovigilance and drug safety software market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising incidences of adverse drug reaction (ADR) and globalization of pharmacovigilance are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the expensive technology.

Countries in Asia-Pacific are expecting to witness huge challenge due to growing COVID-19. Considering the economic operations and geographic condition, the outbreak of disease has affected on medical tourism, manufacturer of medical equipment, laser systems, accessories and other problems posed by shortage of healthcare infrastructure in Asia-Pacific low-income countries. After the first case in December in Wuhan, China, the coronavirus has spread to at least 180 countries and regions. To prevent the spread of disease, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and by the Philippines. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, any additional health measures are likely to significantly interfere with international travel and trade. There is vast variation in the reporting standards across the Asia Pacific. While some countries have adopted electronic reporting, many organizations still use conventional methods of courier or hand delivery for paper reporting or electronic reporting via compact disc. Currently, electronic reporting and email submissions are compatible with COVID-19. However, all methods require efficient communication between pharmacovigilance teams, local legal representative, courier support and teams dispersed across various geographical locations, for example portal entry in the local language.

The market for pharmacovigilance and drug safety software market is segmented into software type, delivery mode, and end user. In 2019, the adverse event reporting software accounted for the largest market share in the pharmacovigilance and drug safety software market. In pharmacovigilance high volume of adverse reaction report event data generated. These reports may not be in a uniform format which makes it difficult to classify the event manually. Manual processing and classification of adverse event reports is costly and time-consuming operation. To overcome these challenges companies are incorporating automated solutions. Thus, owing to above mentioned factors it is expected that the market is likely to increase significantly during the forecast period.

Veeva Systems, IQVIA Inc., AB Cube, ArisGlobal LLC, Sparta Systems, Oracle Corporation, Sarjen Systems Pvt. Ltd, EXTEDO, and Online Business Applications, Inc. are among the leading companies in the Asia Pacific pharmacovigilance and drug safety software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Veeva Systems today unveiled Veeva Vault Signal, the industry's first solution that offers quick access to risk-based signal management through a single interface. Vault Signal unites all signal processing operations so scientists can handle safety signals with greater clarity through the entire workflow.

The report segments the Asia Pacific Pharmacovigilance and Drug Safety Software market as follows:

By Software Type

  • Fully Integrated Software
  • Adverse Event Reporting Software
  • Drug Safety Audits Software
  • Issue Tracking Software

By Delivery Mode

  • Cloud-based
  • On-premise

By End User

  • Contract Research Organizations
  • Pharmaceutical and Biotech Companies
  • Business Process Outsourcing

By Country

  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
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