IMARC Group, a leading market research company, has recently releases report titled “Pharmacovigilance and Drug Safety Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global pharmacovigilance and drug safety software market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Pharmacovigilance and Drug Safety Software

Pharmacovigilance and drug safety software is a specialized application designed to monitor, assess, and report adverse drug reactions and other issues related to the safety of pharmaceutical products. It collects data on adverse events, drug interactions, and other safety concerns from multiple sources. It assists healthcare providers, pharmaceutical companies, and regulatory agencies in ensuring that medications are safe for consumption. It provides real-time tracking and alerts for newly detected safety issues. It facilitates ease of use and seamless integration with electronic health records (EHR) and other healthcare systems. It is utilized by governmental bodies for national pharmacovigilance activities and to ensure public safety.

How Big Is the Pharmacovigilance and Drug Safety Software Market?

The global pharmacovigilance and drug safety software market size reached US$ 189.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 283.3 Million by 2028, exhibiting a growth rate (CAGR) of 6.51% during 2023-2028.

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What are the growth prospects and trends in the pharmacovigilance and drug safety software industry?

The rising prevalence of several chronic diseases and the escalating demand for personalized medicine and patient-centric healthcare approaches are driving the need for software that can monitor individual responses to medications. 

Apart from this, the increasing adoption of pharmacovigilance software by government and public health organizations for mass drug administration and vaccination programs represents one of the key factors positively influencing the market. Furthermore, many companies are outsourcing pharmacovigilance activities to specialized firms that rely on high-quality software, which is offering a favorable market outlook. 

Moreover, continuous advancements in drug formulations and therapies are driving the need for more sophisticated monitoring of adverse effects and interactions.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Functionality:
•    Adverse Event Reporting Software
•    Drug Safety Audits Software
•    Issue Tracking Software
•    Fully Integrated Software

Breakup by Delivery Mode:
•    On-premises
•    Cloud-based 

Breakup by End User:
•    Pharmaceutical and Biotechnology Companies
•    Contract Research Organizations
•    Business Process Outsourcing Firms
•    Others

Breakup by Region:
•    North America: (United States, Canada)
•    Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
•    Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
•    Latin America: (Brazil, Mexico, Others)
•    Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Ab Cube
  • Anju Software Inc.
  • ArisGlobal LLC
  • Cognizant
  • Ennov Solutions Inc.
  • Extedo GmbH
  • Max Application
  • Oracle Corporation
  • Sarjen Systems Pvt Ltd
  • Sparta Systems Inc. (Honeywell International Inc.)
  • Tata Consultancy Services Limited
  • United BioSource LLC
  • Wipro Limited.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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