What is Pharmacovigilance Software?
Pharmacovigilance software is a drug safety management software system for creating, classifying, reviewing, submitting, and maintaining pharmacovigilance data and adverse event reports. The goals of pharmacovigilance are to enhance patient care and safety in relation to the use of medicines and all medical and paramedical interventions; improve public health and safety in relation to the use of medicines; and detect and communicate concerns linked to the use of medicines.
The market study is broken down and major geographies with country level break-up.
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing towards the production technologies, efficiency enhancement and product life. There is various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Pharmacovigilance Software market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ArisGlobal (United States), Ennov Solutions Inc. (United States), EXTEDO GmbH (United States), Online Business Applications, Inc. (United States), Oracle Corporation (United States), Sarjen Systems Pvt. Ltd (India), Sparta Systems, Inc. (United States), United BioSource Corporation (United States), Ab Cube (France) and Max Application (Italy) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Veeva Systems (United States) and Phase Forward (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Pharmacovigilance Software market by Type, Application and Region.
On the basis of geography, the market of Pharmacovigilance Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Pharma and Biotech Companies will boost the Pharmacovigilance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Software, the sub-segment i.e. Oracle Argus Safety will boost the Pharmacovigilance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Functionality , the sub-segment i.e. Adverse Event Reporting Software will boost the Pharmacovigilance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pharmacovigilance, the sub-segment i.e. Passive Surveillance will boost the Pharmacovigilance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pharmacovigilance Component , the sub-segment i.e. Adverse Event Case Management will boost the Pharmacovigilance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In June 2019, Nordic Capital Fund IX announced an agreement to acquire US-headquartered ArisGlobal, a leading global provider of innovative SaaS software solutions, which are transforming the way the most successful life sciences companies handle drug safety, clinical development, regulatory compliance, and medical affairs.
In 2021, Certara, Inc., the global leader in biosimulation, announced the launch of its Secondary Intelligence™ software, the first and only software that quantitatively predicts the risk of adverse effects and safety issues derived from secondary pharmacology that may impede the clinical development of a drug.
Market Trend
- Fully Integrated Software Expected to Grow
- Growing Public and Private Investments in Pharmaceutical R&D in these Emerging Nations
Market Drivers
- Rising Prevalence of Chronic Diseases
- Increasing Incidence Rates of Adverse Drug Reactions
Opportunities
- Growing Adoption of Pharmacovigilance Software by Organizations
Restraints
- Lack of Skilled Pharmacovigilance Professionals
- Adverse effects of Drugs
Challenges
- Strict Government Regulations for Prior and Post Commercialization of Drugs
Key Target Audience
Pharma and Biotech Companies, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.