pharmacovigilance (pv) and drug safety software Market

The global pharmacovigilance (PV) and drug safety software market is expected to reach US$ 262.02 Mn in 2027 from US$ 151.07 Mn in 2018. The pharmacovigilance (PV) and drug safety software market is estimated to grow with a CAGR of 6.4% from 2019-2027.

The market is driven by factors such as, rising incidences of adverse drug reactions (ADRs) and globalization of pharmacovigilance. However, expensive technology may limit the growth of the market to a certain extent.

The pharmacovigilance (PV) and drug safety software are used to recognize the cause of drug withdrawal and helps to inhibit unnecessary future events. These software are beneficial to those involved in drug making process like clinical research organization and pharmaceutical companies. These software help companies to manage huge data generated due to adverse drug reaction events. Help to maintain data for regulatory inspection and approval. These software lets global information to be shared rapidly and economically.

Though there are many advantages of pharmacovigilance (PV) and drug safety software the software deployment cost is expensive. Large pharma companies having good infrastructure for pharmacovigilance process in house prefer for on-premise. These require huge capital upfront.  Hence, high price for installation of pharmacovigilance (PV) and drug safety software is anticipated to hinder the growth of market.

Global pharmacovigilance (PV) and drug safety software market was segmented by software type, delivery mode and end user. The software type was segmented as fully integrated software, adverse event reporting software, drug safety audits software, and issue tracking software. By delivery mode it is categorized in on-premise and cloud based. By end user contract research organizations (CRO’s), pharmaceutical and biotech companies, business process outsourcing.

Some of the major primary and secondary sources included in the report are, Drug Safety and Effectiveness Network, European Medicines Agency, Food and Drug Administration, National Adverse Drug Event Monitoring Centre, National Center for Biotechnology Information, Pharmacovigilance Program of India, World Health Organization, Canadian Institutes of Health Research, Indian Council of Medical Research, Federation of Pharmaceutical Industries and Associations among others.