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Pharmacovigilance (PV) And Drug Safety Software Market 2020 To 2027 – Tecan Trading Ag, Hamilton Company, Ttp Labtech, Frontier Scientific Services, Etc

Summary

Pharmacovigilance (PV) and drug safety software research report provides deep insights into the Global Pharmacovigilance (PV) and drug safety software market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides […]

Pharmacovigilance (PV) and drug safety software research report provides deep insights into the Global Pharmacovigilance (PV) and drug safety software market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Pharmacovigilance (PV) and drug safety software during the forecast period, i.e., 2020–2027. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Biotechnology Industry, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Pharmacovigilance (PV) and drug safety software market globally. This report on ‘Pharmacovigilance (PV) and drug safety software market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

The pharmacovigilance and drug safety software market is expected to reach US$ 292.97 Mn in 2027 from US$ 160.67 Mn in 2019. The market is estimated to grow with a CAGR of 7.6% from 2020-2027.

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Market Insights
Globalization Of Pharmacovigilance

Pharmacovigilance is the processes for monitoring and evaluating adverse drug reactions and it is a key component of effective drug regulation systems, clinical practice and public health programs. The number of Adverse Drug Reactions (ADRs) reported resulted in an increase in the volume of data handled. In the current global network of pharmacovigilance centers coordinated by the Uppsala Monitoring Centre. Pharmacovigilance is an critical 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, however, at the turn of the millennium pharmacovigilance faces major challenges in aspect of better safety and monitoring of drugs.

The centralized reporting and storage of adverse drug reaction reports will help to monitor and prevent future adverse drug reaction from the drug. European Medicines Agency (EMA) and US Food and Drug Administration (FDA) strengthening in pharmacovigilance area by interacting on different topics related to post-marketing safety, scientific exchange. Discussions on priority such as biosimilars, medicines to treat cancer, orphan medicines, medicines for children, and blood-based products, among other topics.

Thus, increasing the globalization in pharmacovigilance sector helps in drug safety software. It improves the quality and efficacy of pharmacovigilance and drug safety software and is expected to favor the growth of the market during the forecast period.

Global Pharmacovigilance (PV) And Drug Safety Software market, based on the end user, was segmented as, contract research organizations (CROs), pharmaceutical and biotech companies, business process outsourcing firms and in 2018, contract research organizations (CROs) held the largest share of the market, by end user. In addition, the segment is also anticipated to grow at a significant rate during the forecast period. Increase in pharmacovigilance outsourcing activities by pharmaceutical companies, these factors are anticipated to lead to the growth of the segment during the forecast period.

The market for pharmacovigilance (PV) and drug safety software is expected to grow, owing to factors such as extensive regulatory drug requirements, rising adverse drug reaction events have generated the demand for sophisticated pharmacovigilance software. All these factors are likely to have a positive impact on the growth of the market in the coming years.

Leading Providers:

  • Veeva Systems
  • IQVIA Inc.
  • Ennov
  • AB Cube
  • United Biosource LLC
  • ArisGlobal LLC
  • Sparta Systems
  • Oracle Corporation
  • Sarjen Systems Pvt. Ltd
  • EXTEDO
  • Maxapplication
  • Online Business Applications, Inc.

Adverse drug reactions (ADRs) is an important public health problem, signifying an important cause of illness and death. Because all drugs have the potential for adverse drug reactions, a risk-benefit analysis is necessary whenever a drug is prescribed. According to the Agency for Healthcare Research and Quality 2018, In the US, 3% to 7% of all hospitalizations are due to adverse drug reactions. ADRs occur from 10% to 20% of admissions; about 10% to 20% of these ADRs are severe. These statistics do not include the number of ADRs that occur in ambulatory and nursing home patients. Although the exact number of ADRs is not specified, ADRs represent a significant public health problem that is, for the most part, preventable. In 2016, 1,238,178 reports related to suspected adverse reactions were collected and managed in EudraVigilance, 339,544 of which originate from the European Economic Area (EEA). European database for adverse drug reaction reports, which Member State and the Agency use for monitoring the safety of authorized medicines on the EU market. EudraVigilance now holds 10.8 million reports referring to 6.7 million cases and therefore is one of the most significant adverse drug reaction databases in the world. Adverse drug reactions (ADRs) reported by a patient or healthcare professional adds to safety monitoring and thus to the safe and effective use of medicines. The increasing amount of data generated through adverse drug reaction report needs to be handled and stored carefully. All these data come in different forms, language, location, etc. To arrange these uniformly the automation systems/software are helpful.

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