Published on : Oct 25, 2017
Albany, New York, October 25, 2017: Recently, MRH (Market Research Hub) has added a new report to its repository named “Drug safety and pharmacovigilance software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”. The report gives a crystal clear insight on the entire market for Drug safety and pharmacovigilance software and how the latest trends in the medical sector will affect market.
Drug safety and pharmacovigilance software has the ability to prevent, estimate, and expose long-term or momentary side effects of medications, hence attracting a large number of businesses. These products are used to prevent unfavorable medical conditions of future and determining the reason of withdrawal. It can benefit thea large number of people from the medical sector like prescribers, drug consumers, manufacturers etc. Pharmacovigilance software introduced new areas in the market and has enabled some major companies to initiate programs for safety surveillance at a proactive level, which is shaping the global market for Drug safety and pharmacovigilance software. Pharmacovigilance software can also determine an application to shrink the number of limitations experienced by small firms that are related to personnel and financial resources.
Global Market for Drug safety and Pharmacovigilance software: Dynamics
The global market for Drug safety and pharmacovigilance software is projected to experience favorable market condtions. The key drivers affecting the market situation are rising cases of adverse drug effects, government policies for drug safety rules. Another major driver of the market is the rising need of developing new drug due to high rate of geriatric population and chronic ailments.
The growth of global market for drug safety and pharmacovigilance software will also escalate the investments by public and private sector in pharmaceutical development and research. The growth of companies that conduct pharmaceutical research outsourcing can be a sign of the growing demand of drug safety and pharmacovigilance software.
Global Market for Drug safety and Pharmacovigilance software: Segments
Global Market for Drug safety and pharmacovigilance software is divided into various segments based on different criteria.
Based on type of software, the market is divided into fully integrated, adverse event reporting, issue tracking and drug safety audits software. Among these segments, adverse event reporting software segment reached at a revenue share of around 40% in 2017 and is also expected to grow during 2017-2022.
Based on end user, global market for drug safety and pharmacovigilance software is divided into different categories of companies like business process outsourcing, pharma & biotech, CRO (Contract Research Organizations) etc.
Based on delivery mode the global market for drug safety and pharmacovigilance software is divided into cloud-based delivery and on-premise delivery mode.
The geographical segment of the drug safety and pharmacovigilance software market is projected to be bifurcated into North America, Japan, MEA (Middle-East and Africa), Asia-Pacific excluding Japan (APEJ), Latin America and Europe. In these mentioned regions, the country that is expected to rise at a higher rate is Japan. Japan is predicted to rise at a CAGR of around 4% which is more than that MEA’s CAGR. However, North America’s market will still lead by earning around US$58 Mn as of 2017.
The rise of global market for drug safety and pharmacovigilance software will be proved beneficial for many companies that are the key players of the business. The current market is marked with presence of major companies like ArisGlobal, Oracle Corporation, Ennov Solutions, Inc., AB Cube, EXTEDO GmbH, United BioSource Corporation, UMBRA Global LLC, Sparta Systems, Inc. etc.
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