360 Research Reports offers the latest published report on “Global Pharmacovigilance and Drug Safety Software Market – Segmented by Functionality, Mode of Delivery, End Users, and Geography – Growth, Trends, and Forecast (2019 – 2023)” delivering key insights and providing a competitive advantage to clients through a detailed report.
Global Pharmacovigilance and Drug Safety Software Market 2019-2023 considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align Pharmacovigilance and Drug Safety Software market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
Pharmacovigilance and Drug Safety Software Market Segmentation by Major Players:
Arisglobal, Ennov Solutions, Inc., Extedo Gmbh, Online Business Applications, Inc., Oracle Corporation, Sarjen Systems Pvt Ltd, Sparta Systems, Inc., United Biosource Corporation, Ab Cube, Umbra Global Llc.
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Overview of Pharmacovigilance and Drug Safety Software Market Report:
The global pharmacovigilance and drug safety software market is projected to witness a CAGR of 6% during the forecast period of 2019–2023.
Increasing Incidences of Adverse Drug Reactions (ADRs)
Adverse drug reaction (ADR) refers to injuries arising from the consumption of medication. ADR may arise due to a single dose of the medication or may manifest after prolonged exposure. ADR can also arise due to the interaction between two or more drug substances consumed simultaneously or in quick succession. ADRs cause considerable mortality and morbidity worldwide. According to research estimates, approximately 5% of all hospital admissions in Europe are caused by ADRs. Additionally, there is a high incidence rate of ADR among hospitalized patients. Pharmacovigilance assumes great importance in such settings. The World Health Organization (WHO), in 1971, devised an international system for monitoring adverse reactions to drugs by using information derived from member states. The global database for ADRs is maintained by Uppsala Monitoring Centre (UMC), based in Sweden. The database contains reports of suspected ADRs, so-called Individual Case Safety Reports (ICSRs), and collected by national drug authorities in over 110 countries spanning over more than 100,000 different medicinal products. The extensive nature of this database is indicative of the myriad of ADR cases that arise globally and need to be monitored for mitigating future incidences. Thus, the increasing incidence of ADRs is driving the growth of global pharmacovigilance and drug safety software market. Apart from these, factors, like increasing adoption of pharmacovigilance software by outsourcing companies involved in contract research and contract manufacturing, and government policies pertaining to drug safety regulation are driving the growth of this market.
Lack of Pharmacovigilance Professionals
Healthcare professionals play a crucial role in the pharmacovigilance system. Professionals in this field are required to possess considerable knowledge and expertise in the field of medication safety to successfully contribute to this area through early recognition, management, and reporting of the medicine safety issues. Furthermore, the healthcare professionals should be well educated about the necessity and procedure of adverse event reporting. They should possess a combination of training and research skills in this area. Despite global concerns against medication safety, there is a lack of awareness and knowledge of pharmacovigilance and ADR reporting among healthcare professionals. Moreover, recent studies have indicated that ADRs are poorly reported by healthcare providers, especially in developing countries. Consequently, the lack of pharmacovigilance professionals inhibits the growth of this market. Further, the lack of standard regulations in adverse drug reaction reporting is restraining the growth of this market.
Drug Safety Audits Software Leads the Market Segment
By functionality, the pharmacovigilance and drug safety software market has been segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. Based on recent trends the fully integrated software category is the fastest growing category, but the market leader in the segment is drug safety audits software. Its high market share is attributed to the increasing number of contract research and manufacturing organizations, which are making extensive use of safety audits for ensuring compliance with standards set by apex drug regulatory bodies.
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Important factors that are mentioned in the Pharmacovigilance and Drug Safety Software Market report 2023…
Key Market Dynamics: The Global Pharmacovigilance and Drug Safety Software Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in a huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
Major Growth Prospects: The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
Key Market Highlights: The report gives us an in-depth Market analysis on some of the Pharmacovigilance and Drug Safety Software Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Potential Customers: The Pharmacovigilance and Drug Safety Software Market report provides significant insights to readers, service providers, suppliers, distributors, manufacturers, stakeholders, and individuals who are interested in evaluation and self-studying the Pharmacovigilance and Drug Safety Software market.