TMR Analyzes Impact of Outbreak of COVID-19 on Pharmacovigilance and Drug Safety Software Market
Pharmacovigilance and Drug Safety Software Market: Snapshot
Pharmacovigilance is the profession of monitoring medical drug effects after being licensed. This is especially done to identify and examine the previous unfavorable reactions of the medical drugs that has been unannounced. In simple terms it can be said drug safety. The global Pharmacovigilance and drug safety software market is anticipated to be accelerating because of the rising incidences of ADR or adverse drug reaction and surge in adoption of interconnected software services by a number of outsourcing companies. With the increase in demand for various drugs and medications all around the world and continuous efforts to manufacture safe drugs and the increasing pressure on various biotech and Pharma companies, the market is expected to witness a substantial growth in the future years.
The top players of global pharmacovigilance and drug safety software market could be more into benefit due to the associated use of cutting-edge softwares like Argus and ARISg. With easy accessible data and reduced use of outdated data, it has become easier for players to adopt pharmacovigilance softwares into the market. The critical use of pharmacovigilance and drug safety for various clinical research is estimated to propel the worldwide market.
The rise in patient safety issues and surging occurrences of adverse side effects as a result of certain drug consumption may boost the market for drug safety software and pharmacovigilance in the world. This could also be largely associated with the availability of clinical trial programs and reduction in medical expenditure and thus, propel the overall market for future growth.
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Adverse Event Reporting Software to Offer Lucrative Growth Opportunities in Market
The global pharmacovigilance and drug safety software market can be categorized on the basis of delivery mode, end user, and software type. Based on classification by software type, the market can be divided into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. The adverse event reporting software segment is seen to be dominating the rest and is expected to continue its dominance in the years to come.
On the basis of end user, the global pharmacovigilance and drug safety software market can be divided into pharma and biotech, contract research organizations (CRO), business process outsourcing (BPO) firms. Among these, the segments seen to be dominating the market are the CRO and the BPO firms. They are also anticipated to continue their dominance in the years to come.
With respect to delivery mode, the global pharmacovigilance and drug safety software market can be further classified into cloud-based delivery mode and on-premise delivery mode.
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North America Seen as an Attractive Region for Market Growth
Geographically, the global pharmacovigilance and drug safety software market is segmented into the regions of Latin America, North America, South America, Asia Pacific, Europe, and Middle East and Africa. Among these six segments, North America is estimated to be holding a substantial portion of the shares with a CAGR of 6.2%. By the end of the forecast period, North American region could show better prospects of growth in terms of revenue shares and drug safety software popularity.
Besides, Europe is also anticipated to reach a value of US$9.3 mn by the end of the forecast period followed by Asia Pacific with an exception of Japan. The estimated value of profit earned by Asia Pacific region is to be of value US$8.5 mn. Japan may show a slower growth rate as compare dto other countries of the Asia Pacific region. The total revenue projected is of a valuation of US$13.4 mn by the end of the forecast period. However, Middle East and Africa is envisioned to expand at a slower CAGR as compared to Japan.
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Prominent players of the global pharmacovigilance and drug safety software market are United BioSource Corporation, Oracle Corporation, AB Cube, Sparta Systems, and UMBRA Global LLC.
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