Pharmacovigilance and Drug Safety Software Market Size
|2019 - 2029
|Market Size (2024)
|USD 210.14 Million
|Market Size (2029)
|USD 277.66 Million
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Pharmacovigilance and Drug Safety Software Market Analysis
The Pharmacovigilance and Drug Safety Software Market size is estimated at USD 210.14 million in 2024, and is expected to reach USD 277.66 million by 2029, growing at a CAGR of 5.73% during the forecast period (2024-2029).
The evolving threat of COVID-19 infection adversely affected communities, industries, businesses, and lives worldwide. Thus, medical monitoring and safety reporting were essential as several potential therapies were used to treat the coronavirus infection. The chances of the suspected adverse drug reaction for some of the medicines used for COVID-19 infections submitted to the individual case safety reports database named VigiBase, were managed by Uppsala Monitoring Centre (UMC). Thus, the rising incidence of adverse drug reactions related to COVID-19 infections accelerated the demand for adverse event reporting systems amid the pandemic. Furthermore, in March 2021, in response to COVID-19, Federal Drug Administration launched the FAERS Public Dashboard for COVID-19 emergency use authorization (EUA) products. The COVID-19 EUA FAERS Public Dashboard provides weekly updates of adverse event reports submitted to FAERS for drugs and therapeutic biological products used under EUA in COVID-19. Such government initiatives opened up growth horizons to the market studied. Hence, the COVID-19 pandemic affected the studied market favorably in its early phase, and currently though the pandemic subsided, the market is anticipated to have stable growth during the forecast period of the study.
The pharmacovigilance and drug safety software market is expected to register high growth due to the increasing incidence of adverse drug reactions (ADRs), which is the major driving factor for the growth of the pharmacovigilance and drug safety software market.
For instance, as per the article published by frontiers in 2022, adverse drug reactions (ADRs) represent a public health problem worldwide that deserves attention due to the impact it has on mortality, morbidity, and healthcare costs. Thus, more hospital admissions are due to adverse drug reactions is likely to boost the need for adverse event reporting software in the coming years.
Factors like the increasing adoption of pharmacovigilance and drug safety software by the outsourcing companies involved in contract research and contract manufacturing due to the rising number of drugs, an upward trend in polypharmacy, and government policies about drug safety regulations are driving the market growth.
However, a lack of awareness and knowledge about pharmacovigilance and ADRs among healthcare professionals and the adverse effects of drugs are restraining the growth of the pharmacovigilance and drug safety software market.
Pharmacovigilance and Drug Safety Software Market Trends
This section covers the major market trends shaping the Pharmacovigilance & Drug Safety Software Market according to our research experts:
Fully Integrated Software Expected to Witness Significant Growth Over the Forecast Period
Monitoring and tracking an organization's drug safety reporting process can help ensure that issues are reported and addressed as soon as they happen, preventing delays and/or false reporting, which can lead to regulatory non-compliance, monetary fines, and unwanted attention.
The issue-tracking software allows for electronic reporting of suspected adverse drug reactions and effective data analysis. This allows for the early discovery of safety issues. Vertical growth is projected to be aided by a strong foothold of key market players operating in the field of issue-tracking software. For instance, in July 2021, Chemotargets launched CLARITY PV, a new web-based platform for translational safety and pharmacovigilance purposes. CLARITY PV platform contains highly-curated structured and integrated data covering the entire safety lifetime of a drug, from safety pharmacology, through preclinical toxicology and clinical safety stages, up to post-marketing reports, which allows a seamless connection and traceability of safety signals across all drug discovery phases.
Moreover, with the COVID-19 pandemic, many companies launched new issue-tracking software to better serve patients. For instance, in May 2021, Dialog Solutions introduced the next generation of pharmacovigilance literature monitoring: Drug Safety Triager. Thus, the launch of such a product may work in the favor of segment growth.
The increasing incidence of adverse drug reactions (ADR) is expected to propel the demand for AER software in the coming years.
North America is Expected to Witness A healthy Growth Over the Forecast Period
North America is expected to experience healthy growth in the pharmacovigilance and drug safety software market due to the increasing research expenditure and government initiatives. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United States, thus fueling the pharmacovigilance and drug safety software market. For instance, in 2021, monitoring by the Vaccine Adverse Event Reporting System detected 10 cases of anaphylaxis after administration of a reported 4,041,396 first doses of Moderna COVID-19 vaccine (2.5 cases per million doses). Thus, the regulatory authorities' growing need for medical information is also anticipated to fuel this segment's growth.
Initiatives undertaken by the governments are also propelling the market's growth in North America. For instance, the Open FDA initiative undertaken by the US government provides access to its database by open search-based programs for application developers and scientists. The United States initiated another project called Mini-Sentinel to promote an active surveillance system by providing relevant statistical data in less time.
Moreover, in October 2021, in response to the pandemic, the Food and Drug Administration of the United States introduced FDA Adverse Event Reporting System (FAERS), a dashboard for COVID-19 emergency use authorization (EUA) products. The tool provided updates of adverse event reports submitted for drugs under emergency use authorization for COVID-19.
Therefore, owing to the aforesaid factors, the growth of the studied market was anticipated in the North American region
Pharmacovigilance and Drug Safety Software Industry Overview
The pharmacovigilance and drug safety software market is fragmented in nature due to the presence of several companies operating globally as well as regionally. Key strategies implemented by the market players, including mergers, acquisitions, and strategic collaborations for R&D outsourcing or manufacturing activities, are driving market growth. The key 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.
Pharmacovigilance and Drug Safety Software Market Leaders
Ennov Solutions Inc.
United BioSource Corporation
*Disclaimer: Major Players sorted in no particular order
Pharmacovigilance and Drug Safety Software Market News
- October 2022: PegBio selected LifeSphere MultiVigilance, a flagship product by ArisGlobal, to transition their pharmacovigilance from Contract Research Organization (CRO) services to in-house practices with this leading pharmacovigilance software.
- July 2022: Dotmatics launched its Small Molecule Drug Discovery Solution, an integrated scientific R&D platform with pre-configured workflows and expanded data management capabilities.
Pharmacovigilance and Drug Safety Software Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Adverse Drug Reactions (ADRs)
4.2.2 Increasing Adoption of Pharmacovigilance Software by Outsourcing Companies
4.3 Market Restraints
4.3.1 Lack of Awareness about Pharmacovigilance
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Functionality
5.1.1 Adverse Event Reporting Software
5.1.2 Drug Safety Audits Software
5.1.3 Issue Tracking Software
5.1.4 Fully Integrated Software
5.2 By Mode of Delivery
5.2.1 On-premise Delivery
5.2.2 On-demand/ Cloud-based (SaaS) Delivery
5.3 By End Users
5.3.1 Pharmaceutical and Biotechnology Companies
5.3.2 Contract Research Organizations
5.3.3 Business Process Outsourcing Firms
5.3.4 Other Pharmacovigilance Service Providers
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ab Cube
6.1.3 Ennov Solutions Inc.
6.1.4 Extedo GmbH
6.1.5 Anju Software, Inc.
6.1.6 Oracle Corporation
6.1.7 Sarjen Systems Pvt Ltd
6.1.8 Sparta Systems Inc.
6.1.9 United BioSource Corporation
6.1.10 Veeva Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pharmacovigilance and Drug Safety Software Market Research FAQs
How big is the Pharmacovigilance and Drug Safety Software Market?
The Pharmacovigilance and Drug Safety Software Market size is expected to reach USD 210.14 million in 2024 and grow at a CAGR of 5.73% to reach USD 277.66 million by 2029.
What is the current Pharmacovigilance and Drug Safety Software Market size?
In 2024, the Pharmacovigilance and Drug Safety Software Market size is expected to reach USD 210.14 million.
Who are the key players in Pharmacovigilance and Drug Safety Software Market?
Ennov Solutions Inc., Extedo GmbH, United BioSource Corporation, Ab Cube and ArisGlobal are the major companies operating in the Pharmacovigilance and Drug Safety Software Market.
Which is the fastest growing region in Pharmacovigilance and Drug Safety Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Pharmacovigilance and Drug Safety Software Market?
In 2024, the North America accounts for the largest market share in Pharmacovigilance and Drug Safety Software Market.
What years does this Pharmacovigilance and Drug Safety Software Market cover, and what was the market size in 2023?
In 2023, the Pharmacovigilance and Drug Safety Software Market size was estimated at USD 198.75 million. The report covers the Pharmacovigilance and Drug Safety Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pharmacovigilance and Drug Safety Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pharmacovigilance and Drug Safety Software Industry Report
Statistics for the 2024 Pharmacovigilance and Drug Safety Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pharmacovigilance and Drug Safety Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.