Report : Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Software Type (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software); Delivery Mode (On-premise, Cloud-based); and End User (Pharmaceutical and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, and Pharmacovigilance Service Providers), and Geography
Adverse Event Reporting Software Segment to Grow at Highest CAGR During 2020–2027
According to our new research study on “Pharmacovigilance and Drug Safety Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by software type, delivery mode and end user,” the market is expected to reach US$ 292.97 Mn in 2027 from US$ 160.67 Mn in 2019. The market is estimated to grow at a CAGR of 7.6% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. Factors such as rising incidences of adverse drug reaction (ADR) and globalization of pharmacovigilance have been boosting the market over the years. However, the expensive technology is likely to have a negative impact on the growth of the market in the coming years.
Based on software type the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. In 2019, the adverse event reporting software segment held the largest share of the market, by software. However, the fully integrated software segment is anticipated to grow at the highest rate during the forecast period owing to its accuracy to avoid data redundancy by eliminating errors and tracking individual case safety reports
AB Cube, United BioSource LLC, ARISGLOBAL LLC, Sparta Systems, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd., EXTEDO, ENNOV, Max Application and Anju Software, Inc. are among the leading companies operating in the pharmacovigilance and drug safety software market. The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the pharmacovigilance and drug safety software. For instance, in Aug 2019, Veeva Systems unveiled Veeva Vault Safety.AI, a new artificial intelligence technology that automates case intake in order to reduce the time and effort spent on manual data entry. To complement Vault Safety and Vault SafetyDocs, Veeva provides the first integrated suite of cloud applications on a shared platform to control the end-to-end drug safety lifecycle.
The report segments global pharmacovigilance and drug safety software market as follows:
By Software Type
By Delivery Mode
By End User