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 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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TMR has projected the global pharmacovigilance and drug safety software market to rise at a 5.4% CAGR between 2017 and 2022. In 2017, the market had earned revenue of US$143.6 mn. By the completion of 2022, it could expand its valuation to a US$187.0 mn. In terms of type of software, the market has been foreseen to crown adverse event reporting software as a leading segment rising at a 6.2% CAGR. By region, North America could grab a lion’s share of the market, securing a US$79.2 mn by the final forecast year.
Crucial Applications in Clinical Research Set Tone for Valuable Growth
Rising withdrawals of high-profile drugs has been foretold to augment the employment of pharmacovigilance tools in the near future. The usage of these tools could also gain growth because of the swelling pressure on drug manufacturers to determine early signs of adverse interactions due to drug consumption. The demand in the world pharmacovigilance and drug safety software market could be bolstered with advancement in technology.
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There are several benefits associated with the use of cutting-edge pharmacovigilance software such as ARISg and Argus. In the coming years, players could see the adoption of pharmacovigilance software boosted on the back of ease of access, reduced data redundancy, and other benefits. Critical applications of pharmacovigilance and drug safety software in clinical research have been predicted to give a strong push to market growth in the foreseeable future.
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.
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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.
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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