ALBANY, New York, November 6, 2018 /PRNewswire/ --
The global pharmacovigilance and drug safety software market depicts the presence of a substantially fragmented vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a diverse competitive scenario is mainly present due to the existence of innumerable small, mid, as well as large-scale players in the market. Most companies are participating in important mergers & acquisitions, partnerships, collaborations, and joint ventures, in order to thrive in the market. Many businesses are also vying towards bringing forth improvement in their product quality.
The companies also are expected to expand their regional boundaries, enhance software development and launch new services on a regular basis to generate extensive revenue. These are the prime strategies implemented by most players operating in the global pharmacovigilance and drug safety software market. UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions, Inc., and Aris Global, are some of the prime businesses present in this sector, among several others.
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Statistically speaking, expert analysts predict the market to register revenue worth US$187.0 mn by the end of 2022. This indicates a splendid growth as compared to an earlier revenue figure of US$143.6 mn registered by the global pharmacovigilance and drug safety software market in 2017. Such a fantastic progress is prophesized to occur at a healthy CAGR of 6.2% during the forecast period from 2017 to 2022.
Rising Demand for Quality Healthcare Spurs Growth in Market
Improving government policies regarding use drug safety and provision of medicines to treat healthcare issues is primarily driving the global phramacovigilance and drug safety software market. Moreover, a rising demand for new and effective drugs and medicines owing to rapidly increasing chronic ailments is also providing a huge impetus to the market's expansion. With increasing geriatric population, a rising demand for medicines is expected to force pharmaceutical companies to use efficient software programs for effective management of their product sales.
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And as pharmacovigilance software fulfils these requirements, the associated market is projected to rise with leaps and bounds in the near future. In addition, with increasing public and private investments happening in this sector, an auguring effect is taking place on research and development based activities with regards to drug safety. This factor too is essentially driving growth in the global phramacovigilance and drug safety software market.
High Costs of Services Stunts Progress in the Sector
However, lack of professionals working in this domain mainly in remote and underdeveloped regions too is driving the global pharmacovigilance and drug safety software market. This is majorly hindering the market's growth as shortage of such regulations and standard procedures is a crucial factor in terms of implemented the pharmacovigilance processes. Moreover, less awareness regarding the benefits of such software programs to is stunting the market's progress.
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In addition, purchasing of the programs might be substantially expensive as their manufacturing takes up a lot of cost. This might make it difficult for those clients having less disposable income to make use of the software, consequently posing as a key obstacle to the global pharmacovigilance and drug safety software market's expansion. Nonetheless, numerous companies are regulating their product costs and services. This could certainly offset most restraints affecting the market's expansion.
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