The global pharmacovigilance and drug safety software market is
envisioned to attract benefits while riding on the ability of
products to avert, evaluate, and uncover enduring and temporary side
effects of certain medications. Pharmacovigilance software could help
to inhibit unnecessary future events and determine the cause of
withdrawal. These software could be of great use to all those
concerned with the medical process, such as drug consumers,
prescribers, and manufacturers. Companies are prominently enabled to
put into practice proactive safety surveillance programs with the
support provided by pharmacovigilance software as they push new
limits in the market.
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The world pharmacovigilance and drug safety software market is
expected to embrace favorable opportunities on the back of government
policies related to drug safety regulations and rising rates of cases
that pertain to adverse drug reaction. The market could also gain
impetus from the surging need for new drug development, considering
the high prevalence of chronic ailments and growing geriatric
population. Pharmacovigilance software could find an application to
minimize the limitations faced by small organizations relating to
personnel and financial resources.
More prospects are projected to take birth in the world
pharmacovigilance and drug safety software market with mounting
private and public investments in pharmaceutical research and
development activities. The high growth rate of pharmaceutical
companies conducting research outsourcing could augur well for the
rise in the demand for pharmacovigilance and drug safety software.
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The international pharmacovigilance and drug safety software market
is predicted to be classified into adverse event reporting software,
drug safety audits software, issue tracking software, and fully
integrated software as per segmentation by type of software. With a
39.7% share achieved in 2017, adverse event reporting software could
rake in a greater revenue in the market by the end of 2022.
In terms of end user, the international pharmacovigilance and drug
safety software market is predicted to be segregated into pharma and
biotech companies, contract research organizations (CROs), business
process outsourcing (BPO) firms, and other pharmacovigilance service
providers.
On the basis of delivery mode, there could be prospects birthing in
the international pharmacovigilance and drug safety software market
from vital segments such as on-premise delivery mode and cloud-based
delivery mode.
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In respect of regional segmentation, the international
pharmacovigilance and drug safety software market is anticipated to
be divided into Latin America, the Middle East and Africa (MEA),
North America, Asia Pacific except Japan (APEJ), and Europe. Among
key countries, Japan could expand at a slightly better CAGR of 3.9%
than that of the MEA. However, North America is prognosticated to
lead the market after earning a US$58.5 mn in 2017.
The worldwide pharmacovigilance and drug safety software market is
envisaged to witness the presence of significant companies such as
UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta
Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions,
Inc., and ArisGlobal.
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