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Pharmacovigilance and Drug Safety Software Market Trends

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

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Pharmacovigilance & Drug Safety Software Industry Trends

One of the key drivers of the pharmacovigilance and drug safety software market is the rising number of adverse drug reactions (ADR’s) globally. For instance, according to the Agency for Healthcare Research and Quality, in 2018, 3-7% of all hospitalizations in the U.S. were caused due to adverse drug reactions (ADRs). ADRs can have serious implications for patient health and safety, leading to potential legal and financial consequences for pharmaceutical companies. Hence, regulatory authorities are responding to this concern by implementing stricter regulations for drug safety.

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.