Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Pharmacovigilance and Drug Safety Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
This comprehensive report sheds light on the thriving pharmacovigilance and drug safety software market, currently valued at USD 165.08 million, and anticipates a robust CAGR of nearly 6.49% during the forecast period.
The COVID-19 pandemic disrupted lives across the globe, compelling industries to adapt swiftly to evolving circumstances. In response to the pandemic's challenges, medical monitoring and safety reporting became imperative, especially as various treatments were explored for COVID-19. The Uppsala Monitoring Centre (UMC) played a crucial role in managing suspected adverse drug reactions for drugs used to combat the virus, recorded in the VigiBase database.
Furthermore, the U.S. Food and Drug Administration (FDA) introduced the FAERS Public Dashboard for COVID-19 Emergency Use Authorization (EUA) products in March 2021. This initiative provided weekly updates on adverse event reports for drugs and therapeutic biological products authorized for use during the pandemic.
These proactive measures opened up new avenues for growth in the pharmacovigilance and drug safety software market. Although the pandemic has subsided, the market is expected to maintain stable growth during the forecast period.
One of the primary drivers of the pharmacovigilance and drug safety software market is the rising incidence of adverse drug reactions (ADRs). A 2022 article in Frontiers highlighted that ADRs represent a global public health concern, leading to increased mortality, morbidity, and healthcare costs. The increasing need for adverse event reporting software to manage such cases is expected to drive market growth.
Several factors contribute to the market's expansion, including the adoption of pharmacovigilance and drug safety software by outsourcing companies engaged in contract research and manufacturing. Additionally, the upward trend in polypharmacy and government policies regarding drug safety regulations are further stimulating market growth.
Despite these favorable conditions, the market faces challenges stemming from a lack of awareness and knowledge about pharmacovigilance and ADRs among healthcare professionals, as well as concerns related to the adverse effects of drugs.
Trending in the Pharmacovigilance & Drug Safety Software Market
Fully Integrated Software Expected to Witness Significant Growth Over the Forecast Period
Effective monitoring and tracking of an organization's drug safety reporting process are critical to ensure that issues are promptly reported and addressed. Failure to do so can result in regulatory non-compliance, financial penalties, and unwanted scrutiny. Issue-tracking software offers electronic reporting of suspected adverse drug reactions and facilitates data analysis for early safety issue detection.
Market growth in this segment is bolstered by key players, such as Chemotargets, which launched CLARITY PV, a web-based platform for translational safety and pharmacovigilance. This platform provides comprehensive, structured, and integrated data covering all drug safety stages, from preclinical to post-marketing reports.
The COVID-19 pandemic prompted the introduction of new issue-tracking software to better serve patients. For instance, Dialog Solutions launched Drug Safety Triager in May 2021, enhancing pharmacovigilance literature monitoring.
The increasing incidence of ADRs is expected to drive demand for AER software in the coming years.
North America is Expected to Witness Healthy Growth Over the Forecast Period
North America is poised to experience significant growth in the pharmacovigilance and drug safety software market. The region benefits from increased research expenditure and government initiatives aimed at addressing adverse drug reactions, a major cause of hospitalizations and deaths in the United States.
The Open FDA initiative, undertaken by the US government, provides open access to its database for application developers and scientists. Another initiative, Mini-Sentinel, promotes an active surveillance system by offering relevant statistical data quickly.
In October 2021, the FDA introduced the FDA Adverse Event Reporting System (FAERS) dashboard for COVID-19 EUA products, further emphasizing the importance of monitoring and reporting adverse events.
These factors collectively contribute to the anticipated growth of the market in North America.
Pharmacovigilance & Drug Safety Software Market Competitor Analysis
The pharmacovigilance and drug safety software market feature a fragmented landscape, with numerous companies operating globally and regionally. Market growth is driven by key players who employ strategies like mergers, acquisitions, and strategic collaborations for R&D outsourcing and manufacturing activities. Notable market players include Ab Cube, ArisGlobal, Ennov Solutions Inc., Extedo GmbH, Anju Software, Inc., Oracle Corporation, Sarjen Systems Pvt Ltd, Sparta Systems Inc., United BioSource Corporation, and Veeva Systems.
A selection of companies mentioned in this report includes
- Ab Cube
- ArisGlobal
- Ennov Solutions Inc.
- Extedo GmbH
- Anju Software, Inc.
- Oracle Corporation
- Sarjen Systems Pvt Ltd
- Sparta Systems Inc.
- United BioSource Corporation
- Veeva Systems
For more information about this report visit https://www.researchandmarkets.com/r/cik2rk
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