North America Pharmacovigilance and Drug Safety Software Market is expected to reach US$ 136.0 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 North America Pharmacovigilance and Drug Safety Software Market during 2020–2027

According to The Insight Partners market research study on “North America 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$ 136.0 million by 2027 from US$ 73.4 million in 2019. The market is estimated to grow at a CAGR of 7.8% from 2020 to 2027. The report provides trends prevailing in the North America 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.

Since the outbreak of COVID-19, North America has been beholding a growing number of COVID-19. Several measures are being taken to restrain the disease and prevent the transmission; nevertheless, the excessive number of COVID cases has resulted in the cancellation of doctor's appointment, decreased in demand for the elective Pharmacovigilance and Drug Safety Software due to long period of lockdown. In the US, due to a growing number of contaminated patients, healthcare practitioners and leading organizations are distracting the flow of health services from research and development to primary care, which slows down the process of innovation. In addition, many health organizations namely US Food and Drug Administration (FDA) is evaluating the effects of the pandemic, and how clinical trials and pharmacovigilance programmes can be handled in the coming years. This rapidly changing situation has meant that sponsors need to be more cautious and diligent in assessing the consequences of the pandemic and shifts in authority expectations in order to minimize the impact on safety reporting and to ensure patient safety. The value of demanding updated guidelines and implementing regulatory changes quickly is greater than ever as it can mitigate disruption to clinical trials. To successfully deal with a highly complex situation, a proven and comprehensive safety reporting solution may be required.

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., Ennov, AB Cube, United Biosource LLC, ArisGlobal LLC, Sparta Systems, Oracle Corporation, Sarjen Systems Pvt. Ltd, EXTEDO, and Online Business Applications, Inc. are among the leading companies in the North America 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 North America 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

  • North America
    • US
    • Canada
    • Mexico
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