Global Pharmacovigilance and Drug Safety Software Market 2019-2024: Growing Incidence of ADRs is the Major Driving Factor for Growth

DUBLIN, June 28, 2019 /PRNewswire/ -- The "Global Pharmacovigilance and Drug Safety Software Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

Growing incidence of ADRs is the major driving factor for the growth of global pharmacovigilance and drug safety software market. ADRs cause considerable mortality and morbidity worldwide. According to research estimates, approximately 5% of all hospital admissions in Europe are caused by ADRs.

Furthermore, factors like increasing adoption of pharmacovigilance software by outsourcing companies involved in contract research and contract manufacturing, owing to the rising number of drugs on the market, and an upward trend in polypharmacy and government policies pertaining to drug safety regulation are driving the growth of global pharmacovigilance and drug safety software market.

However, lack of awareness and knowledge of pharmacovigilance and ADR reporting among healthcare professionals, lack of pharmacovigilance professionals, and lack of standard regulations in adverse drug reaction (ADR) reporting are restraining the growth of global pharmacovigilance and drug safety software market.

Scope of the Report

Drug safety is also known as pharmacovigilance, is the science of detection, assessment, understanding, and prevention of side effects which allows us to understand more about the risks and benefits of a medicine. Pharmacovigilance is an important and integral part of clinical research and these days it is growing in many countries. Today many pharmacovigilance centers are working for drug safety monitoring in this global pitch.

Key Market Trends

Drug Safety Audits Software stood as the market leader in Global Pharmacovigilance and Drug Safety Software Market

Global pharmacovigilance and drug safety software market is segmented on the basis of functionality, mode of delivery and end users. By functionality, the pharmacovigilance and drug safety software market has been segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software.

Based on recent trends the fully integrated software category is the fastest growing category, but the market leader in the segment is drug safety audits software. Its high market share is attributed to the increasing number of contract research and manufacturing organizations, which are making extensive use of safety audits for ensuring compliance with standards set by apex drug regulatory bodies.

North America is dominating the Global Pharmacovigilance and Drug Safety Software Market

North America is dominating the pharmacovigilance and drug safety software market due to the increasing research expenditure and government initiatives. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United States, fuelling the pharmacovigilance and drug safety software market.

Furthermore, initiatives undertaken by the government are also propelling the growth of the market in the North America region. For instance, Open FDA initiative undertaken by the US government provides application developer and scientist access to its database by open search based programs which are expected to propel the market. The US has initiated another project called Mini-Sentinel to promote active surveillance system by providing relevant statistical data in less time.

Competitive Landscape

The companies in global pharmacovigilance and drug safety software market are capitalizing on innovative researches focusing on the development of editing techniques. Key strategies implemented by industry players include mergers and acquisitions, strategic collaborations for R&D outsourcing or manufacturing activities are driving the market growth of genome editing.

For instance, In February 2018: Ennov announced that it will be exhibiting at the DIA Regulatory Submissions, Information and Document Management (RSIDM) Forum. The exhibition will showcase Ennov's regulatory platform, which consists of Ennov Doc, Ennov Dossier, Ennov RIM, and Ennov IDMP.

In February 2018: ArisGlobal, a leading provider of integrated cloud-based software solutions for life sciences, announced two new products - LifeSphere Publishing and LifeSphere Analytics, which will integrate with LifeSphere RIMS and LifeSphere IMDP.

Key Topics Covered:

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Large Population Addicted to Smoking
4.2.2 Awareness on Hazards of Smoking
4.2.3 Banning Advertisements of Tobacco Products
4.3 Market Restraints
4.3.1 Adverse Effects of Drugs
4.4 Porter's Five Force Analysis

5 MARKET SEGMENTATION
5.1 Functionality
5.1.1 Adverse Event Reporting Software
5.1.2 Drug Safety Audits Software
5.1.3 Issue Tracking Software
5.1.4 Fully Integrated Software
5.2 Mode of Delivery
5.2.1 On-premise Delivery
5.2.2 On-Demand/ Cloud-based (SaaS) Delivery
5.3 End Users
5.3.1 Pharma and Biotech Companies
5.3.2 Contract Research Organisations
5.3.3 Business Process Outsourcing Firms
5.3.4 Other Pharmacovigilance Service Providers
5.4 Geography

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ab Cube
6.1.2 ArisGlobal
6.1.3 Ennov Solutions, Inc.
6.1.4 Extedo GmbH
6.1.5 Online Business Applications, Inc.
6.1.6 Oracle Corporation
6.1.7 Sarjen Systems Pvt Ltd
6.1.8 Sparta Systems, Inc.
6.1.9 Umbra Global LLC
6.1.10 United BioSource Corporation

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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