NEW YORK, March 29, 2021 /PRNewswire/ --
The global pharmacovigilance and drug safety software market is expected to grow by USD 66.51 million, progressing at a CAGR of almost 7% during 2021-2025, according to Technavio's latest report.
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The pharmacovigilance and drug safety software market is driven by increasing approvals of new molecules and biosimilars. In addition, the rising incidence rates of adverse drug events are anticipated to boost the growth of the pharmacovigilance and drug safety software market.
Drug manufacturers rely largely on the successful entry and performance of their products. Any product failures will adversely impact their revenue due to the high capital and research cost associated with drug discovery and development. Also, drug manufacturers need to comply with safety standards as per the regulations. This has necessitated the need for effective drug monitoring solutions such as pharmacovigilance and drug safety software. With the rising number of new molecular entities and biosimilars as well as registered activities of clinical trials, the adoption of pharmacovigilance and drug safety software is expected to increase during the forecast period.
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Major Five Pharmacovigilance and Drug Safety Software Companies:
AB Cube
AB Cube operates its business through the Unified segment. The company offers the software, SafetyEasy PV Human.
ArisGlobal LLC
ArisGlobal LLC offers the product LifeSphere Safety. It provides reporting and analytics, multi vigilance, and other functions.
Ennov
Ennov operates its business through the Unified segment. The company offers the product, Ennov software. It includes Ennov Doc, Ennov Dossier, Ennov Report, Ennov Process, and Ennov Training.
EXTEDO GmbH
EXTEDO GmbH operates its business through the Unified segment. The company offers the product EXTEDOpulse. It is a comprehensive RIM software solution consisting of five hubs that address every step of pharmaceutical product development.
Indegene Pvt. Ltd.
Indegene Pvt. Ltd. operates its business through the Unified segment. The company offers Product Safety and PV solutions. It includes medical contact centers, data entry and case processing, quality and medical review, literature and social media monitoring, aggregate safety reporting, signal detection and risk management, and consulting and training.
Pharmacovigilance and Drug Safety Software Market End-user Outlook (Revenue, USD mn, 2020-2025)
Pharmacovigilance and Drug Safety Software Market Geographic Outlook (Revenue, USD mn, 2020-2025)
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