What is Global Pharmacovigilance Software Market?
The Global Pharmacovigilance Software Market is a rapidly evolving sector that plays a crucial role in the healthcare industry. This market revolves around software that is designed to monitor the effects of drugs after they have been licensed for use. The primary goal of pharmacovigilance software is to ensure the safety of patients and to detect any adverse events that may occur. This software is a vital tool for pharmaceutical companies, enabling them to track and manage any adverse reactions reported by patients, thereby ensuring the efficacy and safety of their drugs. The market for this software is growing due to the increasing demand for drugs and the need for effective monitoring systems. The global pharmacovigilance software market is expected to grow significantly in the coming years, driven by the increasing incidence of adverse drug reactions and the growing need for improved healthcare infrastructure.
ADR Reporting, Drug Safety Audits, Issue Tracking, Fully Integrated Software in the Global Pharmacovigilance Software Market:
The Global Pharmacovigilance Software Market is segmented into various types, including ADR Reporting, Drug Safety Audits, Issue Tracking, and Fully Integrated Software. ADR Reporting software is used to report any adverse drug reactions, which are then analyzed to determine the safety and efficacy of a drug. Drug Safety Audits are conducted to ensure that the processes and procedures used in the development and production of drugs are safe and effective. Issue Tracking software is used to track and manage any issues that may arise during the drug development process. Fully Integrated Software combines all these features into one platform, providing a comprehensive solution for pharmacovigilance. These different types of software play a crucial role in ensuring the safety and efficacy of drugs, making them an integral part of the global pharmacovigilance software market.
Pharma & biotech companies, CROs, BPOs, Others in the Global Pharmacovigilance Software Market:
The Global Pharmacovigilance Software Market is widely used in various sectors, including Pharma & Biotech companies, CROs, BPOs, and others. Pharma & Biotech companies use this software to monitor the safety and efficacy of their drugs, ensuring that they are safe for use. CROs, or Contract Research Organizations, use this software to conduct clinical trials and research on behalf of pharmaceutical companies. BPOs, or Business Process Outsourcing companies, use this software to provide pharmacovigilance services to pharmaceutical companies. Other sectors that use this software include healthcare providers, research institutions, and government agencies. The widespread use of pharmacovigilance software in these sectors is a testament to its importance in ensuring the safety and efficacy of drugs.
Global Pharmacovigilance Software Market Outlook:
The Global Pharmacovigilance Software Market has shown significant growth in recent years. In 2023, the market was valued at US$ 171.6 million and is expected to reach US$ 257.5 million by 2030, witnessing a CAGR of 5.9% during the forecast period 2024-2030. This growth can be attributed to the increasing demand for drugs and the need for effective monitoring systems. The global pharmaceutical market, which was valued at 1475 billion USD in 2022, is expected to grow at a CAGR of 5% over the next six years. In comparison, the chemical drug market is estimated to increase from 1005 billion in 2018 to 1094 billion U.S. dollars in 2022. These figures highlight the potential for growth in the pharmacovigilance software market, driven by the increasing demand for drugs and the need for effective monitoring systems.
| Report Metric | Details |
| Report Name | Pharmacovigilance Software Market |
| Accounted market size in 2023 | US$ 171.6 million |
| Forecasted market size in 2030 | US$ 257.5 million |
| CAGR | 5.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | United BioSource Corporation, Sparta Systems, Oracle Corporation, Ennov Solutions, Max Application, EXTEDO GmbH, AB Cube, Relsys, Online Business Applications, ArisGlobal |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
