Pharmacovigilance and Drug Safety Software Market Worth $17.4 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 20, 2022 /PRNewswire/ -- The global pharmacovigilance and drug safety software market size is anticipated to reach USD 17.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 10.5% from 2022 to 2030. The key factors driving the market growth include the increasing need to track and manage adverse drug reactions (ADR), comply with regulatory norms, increase adoption by end-users, interoperability, and product upgrades by key companies.

Key Industry Insights & Findings from the report:

• The market was valued at USD 6.7 billion in 2021 and is expected to expand at a CAGR of 10.5% during the forecast period.
• By functionality, the signal management segment held the largest revenue share in 2021. This growth is driven by the increasing use of machine learning and AI in signal detection and reporting.
• Based on delivery mode, the on-demand segment dominated the market in 2021. This is owing to the greater flexibility offered by an on-demand software in terms of price, functionality, and scalability.
• Based on end-use, the CROs and BPO segments are slated to witness lucrative growth owing to increasing adoption by outsourcing companies to curb healthcare costs.
• By region, North America dominated the market in 2021 while the APAC market is anticipated to grow the fastest in the coming years. Asian countries, especially India and China, are also expected to observe remarkable growth in the coming years.
• The market is relatively competitive owing to the presence of global multinational players. It is also consolidated to a certain extent with large multinational companies holding a notable share of the market.

Read 130-page market research report, "Pharmacovigilance And Drug Safety Software Market Size, Share & Trends Analysis Report By Functionality, By Delivery Mode (On Premise, On Demand), By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Pharmacovigilance and Drug Safety Software Market Growth & Trends

Various end-users such as pharmaceutical, and biotechnology companies, are adopting pharmacovigilance and drug safety software for cost reduction and minimizing operational expenses by gradually shifting from being fully integrated pharmaceutical companies to sharing costs by collaborating with service providers. Outsourcing helps increase internal resource flexibility, improves timelines, and results in better outcomes in the short as well as long term. Outsourcing also helps achieve better pharmacovigilance (PV) through regulatory compliance, higher quality, better productivity, and improved strategic outcomes. This is expected to fuel market growth.

Pharmacovigilance and drug safety software vendors, in an attempt to ensure sustainability, are providing customized and end-to-end solutions to meet consumer needs. These vendors are also incorporating integrated technologies such as electronic data capture, AI, and interoperability, among others to enhance their offerings. Moreover, the combined pressures of volume, cost, and heightened demand for analytics are propelling industry stakeholders to adopt advanced technology to support their pharmacovigilance activities. Also, the fact that service providers are now operating via a flexible and variable pricing structure and achieving operational excellence through constant product updates is expected to boost usage rates over the forecast period.

Pharmacovigilance and Drug Safety Software Market Segmentation

Grand View Research has segmented the global pharmacovigilance and drug safety software market based on functionality, delivery mode, end-use, and region:

Pharmacovigilance and Drug Safety Software Market - Functionality Outlook (Revenue, USD Million, 2017 - 2030)

• Case Processing
• Signal Management
• Safety Metrics & Others

Pharmacovigilance and Drug Safety Software Market - Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)

• On-Premise
• On-Demand

Pharmacovigilance and Drug Safety Software Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Pharma & Biotech Companies
• CRO
• BPO
• Others

Pharmacovigilance and Drug Safety Software Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia

List of Key Players in the Pharmacovigilance and Drug Safety Software Market

• IQVIA
• Accenture
• Cognizant
• Laboratory Corporation of America Holdings
• IBM
• ArisGlobal
• ICON Plc.
• Capgemini
• Oracle
• Parexel International Corporation

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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