The global Pharmacovigilance Software Market is expected to foresee significant growth. North America to lead the growth!

The pharmacovigilance software market is expected to witness a CAGR of around 8% during the forecast period. Pharmaceutical and biotechnology companies, as well as CROs, BPOs, and other suppliers of pharmacovigilance services, use this software. This software facilitates the creation, classification, evaluation, submission, and maintenance of data and adverse event reports. This market is being driven primarily by several factors, including the increasing availability of data, the requirement to process and derive insights from the generated data, stringent reporting norms and standards, and an increase in software upgrades by major companies. The demand for pharmacovigilance (PV) and drug safety software is anticipated to rise in the coming years due to the stringent regulations for drug development and approval as well as the rising product development by key market players. For instance, in October 2020, Extedo GmbH launched its new product EXTEDOpulse, which offers five major hubs covering planning and tracking, document management, registration management, submission management, and safety management. It effectively prepares and tracks regulatory actions, processes, filings, and commitments for a client’s complete product line.

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Based on functionality, the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. Among these, the adverse event reporting software category is to witness higher CAGR during the forecast period owing to the rising demand to prevent database management errors is growing. Through the elimination of errors, these solutions are utilized to track individual case safety reports and prevent data duplication.

On the basis of mode of delivery, the market is categorized into on-premises delivery and on-demand/ cloud-based (SaaS) delivery. Among these, on-premises delivery to held a significant share of the market in 2020. This is mainly due to rising adoption by research organizations and pharmaceutical companies. Also, it can be accessed from remote locations, resulting in lower costs and improved data security. These factors are further driving the growth of the market.

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For a better understanding of the market adoption of the pharmacovigilance software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North America market for pharmacovigilance drug safety software is anticipated to expand significantly during the forecast period due to initiatives supported by the government that encourages the use of pharmacovigilance software systems. For instance, the Open FDA initiative provides scientists and application developers access to its massive database through open search-based programs, which is anticipated to boost usage rates over the forecast period.

Some of the major players operating in the market include IQVIA Inc., Labcorp Drug Development, Parexel International Corporation, Accenture, Cognizant, Clario, Thermo Fisher Scientific Inc., ICON plc, Quanticate, and AB Cube S.A.S.

Global Pharmacovigilance Software Market Segmentation

Market Insight, by Functionality

• Adverse Event Reporting Software
• Drug Safety Audits Software• Issue Tracking Software• Fully Integrated Software

Market Insight, by Mode of Delivery

• On-Premises Delivery
• On-Demand/ Cloud-Based (SaaS) Delivery

Market Insight, by End-Users

• Pharmaceutical and Biotechnology Companies
• Contract Research Organizations• Business Process Outsourcing Firms• Other

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• IQVIA Inc.
• Labcorp Drug Development
• Parexel International Corporation
• Accenture
• Cognizant
• Clario
• Thermo Fisher Scientific Inc.
• ICON plc
• Quanticate
• AB Cube S.A.S.