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Pharmacovigilance and Drug Safety Software Market Size

Report ID: GMI6282
Published Date: Jul 2023
Report Format: PDF

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Pharmacovigilance & Drug Safety Software Market Size

Pharmacovigilance and Drug Safety Software Market size was valued at USD 171.7 million in 2022 and is estimated to grow at a CAGR of 6.6% to reach USD 319.9 million by 2032 attributed to the rising number of adverse drug reactions (ADRs) that has increased the need for reliable and efficient pharmacovigilance and drug safety software use

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Stringent guidelines by government and regulatory bodies have increased the adoption of pharmacovigilance and drug safety software for drug safety monitoring, signal detection, and risk management. Also, increasing number of drug development and clinical trials has further soared the demand for pharmacovigilance and drug safety software by pharmaceutical companies to effectively monitor the safety profiles of drugs in development and during clinical trials. Further, the adoption of artificial intelligence and machine learning in pharmacovigilance software has proven instrumental in streamlining the process of identifying potential safety issues and improving patient outcomes.

Pharmacovigilance and Drug Safety Software Market Report Attributes
Report Attribute	Details
Base Year:	2022
Pharmacovigilance and Drug Safety Software Market Size in 2022:	USD 171.7 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.6%
2032 Value Projection:	USD 319.9 Million
Historical Data for:	2018 to 2022
No. of Pages:	118
Tables, Charts & Figures:	211
Segments covered:	Functionality, Mode of Delivery, End-use, and Region
Growth Drivers:	Rising number of adverse drug reactions (ADRs) Increasing drug safety regulations Advancements in technology Growing drug development and clinical trials
Pitfalls & Challenges:	High implementation costs Data security and privacy concerns

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Pharmacovigilance and drug safety software are tools used by pharmaceutical companies, regulatory agencies, and healthcare organizations to monitor, track, and manage the safety and effectiveness of drugs and other medical products. These software systems play a crucial role in the process of pharmacovigilance, which involves the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Pharmacovigilance and drug safety software market size was USD 171.7 million in 2022 and will register USD 319.9 million by end of 2032 due to the rising number of adverse drug reactions (ADRs) and the presence of stringent guidelines by government and regulatory bodies.

The on-demand/cloud-based (SaaS) mode of delivery segment held 56.7% share of the market in 2022 owing to the surging need for enhanced accessibility, seamless scalability, and reduced infrastructure costs.

North America held 37.4% of the pharmacovigilance and drug safety software market share in 2022 owing to the surging demand for efficient and reliable drug safety solutions worldwide.

Arisglobal, AB Cube S.A.S., Extedo GMBH, Ennov Solutions Inc., United BioSource Corporation, Oracle Corporation, Online Business, Applications Inc., United Biosource Corporation, Genepact, and Umbra Global are some of the major pharmacovigilance and drug safety software industry players.