The global pharmacovigilance
(PV) software market was valued at USD 117.3 million in 2015 and is expected to
reach a value of USD 207.3 million by 2024. Increasing emphasis on regulatory
compliances by government entities such as the U.S. FDA, European Medical
Agency, etc. coupled with supportive initiatives are anticipated to drive the
PV software market over the forecast period.
 |
| U.S. Pharmacovigilance software market, by functionality, 2014 - 2024 (USD Million) |
Increasing demand for fully
integrated systems in an attempt to avert errors in database management is a
crucial factor responsible for the adoption of these systems. Moreover,
associated benefits of cloud-based platforms, such as remote access to
information, reduction of operational costs, and ease of access are factors
contributing toward the market growth in the near future.
In depth research report on Pharmacovigilance Software
Market
Further Key Findings from the Study Suggest:
·
ADR reporting tools dominated
the overall pharmacovigilance software market on the basis of functionality in
2015, due to the related benefits such as data entry and management with
minimum errors. On the other hand, demand for fully integrated platforms is
increasing to track individual case safety reports and avoid data redundancy
through the elimination of errors. The aforementioned factors are anticipated
to contribute toward lucrative growth of fully integrated systems in PV.
·
On-demand software services,
considered as cloud computing are expected to be the fastest growing service
segment in the coming years due to its increasing adoption in the contract
research organizations. Remote access to data, real-time data tracking, and a
simpler complex physical ecosystem are the notable benefits associated with
cloud-based systems.
·
CROs segment is expected to
exhibit profitable growth during the forecast period due to the increasing
trend of outsourcing. PV service providers, in an attempt, to ensure
sustainability, are providing customized end-to-end solutions to meet consumer
needs. These firms are also incorporating integrated technologies, such as
electronic data capture and hosting of PV warehousing to aggregate cross
industry data, which enables risk evaluation. Furthermore, service providers
are now operating via flexible and variable pricing structures to achieve
operational excellence through constant product updates, which is expected to
boost the usage rates over the next 7 years.
·
North America held the largest
market share as of 2015, majorly owing to the government aided initiatives
favoring the adoption of PV software systems. For instance, the Open FDA
initiative provides scientists and application developers the access to its
massive database through open search-based programs, which is anticipated to boost
the usage rates over the forecast period. Mini-Sentinel is a project started by
the U.S. FDA to promote active surveillance systems, which provide
statistically relevant data in less time. The aforementioned initiatives
strengthen the growth of the regional market
·
Many healthcare IT companies
are shifting toward hosting of cloud-based platforms to gain an edge over the
competition. Cloud-based technology helps in remote storage of large amounts of
data to save free space on the devices and facilitates data retrieval as per
client needs. The technology comprises 3 services including Platform as a
Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service
(SaaS)
·
The key players serving
pharmacovigilance software market are ArisGlobal, Ennov Solutions Inc.,Oracle
Corporation, AB Cube, Sparta Systems, Inc., Max Application, EXTEDO GmbH,
Relsys, Online Business Applications, Inc., and United BioSource Corporation
Grand View Research has
segmented the pharmacovigilance software market by functionality, delivery
mode, end-use and region:
Global Pharmacovigilance Software Functionality Outlook
(Revenue, USD Million, 2013 - 2024)
·
ADR Reporting
·
Drug Safety Audits
·
Issue Tracking
·
Fully Integrated Software
Global Pharmacovigilance Software Delivery Mode Outlook
(Revenue, USD Million, 2013 - 2024)
·
On-Premise
·
On-Demand
Global Pharmacovigilance Software End-use Outlook
(Revenue, USD Million, 2013 - 2024)
·
Pharma & biotech companies
·
CROs
·
BPOs
·
Others
Pharmacovigilance Software Market Regional Outlook (Market
Revenue in USD Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Brazil
o
Mexico
·
Middle East and Africa
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
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