The global pharmacovigilance and drug safety software market has been
prophesied in a report by Transparency Market Research (TMR) to
witness the rise of best business tactics such as constant upgrade of
products, joint ventures, collaborations, and acquisitions. Companies
could adopt these tactics with a view to strengthen their position in
the market. Some of the leading players of the market are United
BioSource Corporation, AB Cube, and UMBRA Global LLC. Regional
expansion, software development, and new service launch could be
other tactics expected to be practiced in the market. Players could
testify of quick business opportunities owing to the implementation
of such strategies during their operation.
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TMR has projected the global pharmacovigilance and drug safety
software market to rise at a 5.4% CAGR between 2017 and 2022. In
2017, the market had earned revenue of US$143.6 mn. By the completion
of 2022, it could expand its valuation to a US$187.0 mn. In terms of
type of software, the market has been foreseen to crown adverse event
reporting software as a leading segment rising at a 6.2% CAGR. By
region, North America could grab a lion’s share of the market,
securing a US$79.2 mn by the final forecast year.
Rising withdrawals of high-profile drugs has been foretold to augment
the employment of pharmacovigilance tools in the near future. The
usage of these tools could also gain growth because of the swelling
pressure on drug manufacturers to determine early signs of adverse
interactions due to drug consumption. The demand in the world
pharmacovigilance and drug safety software market could be bolstered
with advancement in technology.
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There are several benefits associated with the use of cutting-edge
pharmacovigilance software such as ARISg and Argus. In the coming
years, players could see the adoption of pharmacovigilance software
boosted on the back of ease of access, reduced data redundancy, and
other benefits. Critical applications of pharmacovigilance and drug
safety software in clinical research have been predicted to give a
strong push to market growth in the foreseeable future.
Lack of pharmacovigilance professionals and shortage of standard
regulations could be among primary factors inhibiting the growth of
the international pharmacovigilance and drug safety software market.
Furthermore, poor awareness about the benefits of pharmacovigilance
software has been expected to dent market growth in the near future.
However, there could be ample of scope for securing growth in the
international pharmacovigilance and drug safety software market. This
could be on account of rising complexity of regulations related to
drug safety. Escalating patient safety issues and rising incidence of
adverse side effects due to the consumption of certain drugs or
inappropriate dosages have increased the need for stringent
regulatory inspections to be implemented on a global scale.
Pharmacovigilance and drug safety software could be largely engaged
to make available clinical trial programs and reduce medical
expenditure.
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