Pharmacovigilance and Drug Safety Software Market Worth $154.1 Million by 2019
26 Mar, 2015, 13:30 GMT
DALLAS, March 26, 2015 /PRNewswire/ --
According to a new market research report "Pharmacovigilance and Drug Safety Software Market by Functionality (Adverse Event Reporting, Fully Integrated Software), Delivery Mode (On-premise, On-demand/Cloud based (SAAS)), End-user (Pharma & Biotech Companies, CROs, BPOs) - Global Forecast to 2019", published by MarketsandMarkets, the Pharmacovigilance and Drug Safety Software Market is poised to grow at a CAGR of 6.5% during 2014-2019, and is expected to reach a value of $154.1 Million in 2019
Browse 74 market data tables and 57 figures spread through 210 pages and in-depth TOC on "Pharmacovigilance& Drug Safety SoftwareMarket"
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In this report, the global Pharmacovigilance and Drug Safety Software Market has been classified into many segments on the basis of functionality, namely, adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. The global pharmacovigilance and drug safety software market is divided into two segments on the basis of delivery mode, namely, on-premise delivery mode and on-demand/cloud based (SaaS) delivery mode. The global pharmacovigilance and drug safety software market is also segmented on the basis of end users including pharma and biotech companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and other pharmacovigilance service providers.
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Factors such as rising incidence rates of adverse drug reactions (ADRs) and increasing adoption of pharmacovigilance software by outsourcing companies are driving the growth of the global Pharmacovigilance and Drug Safety Software Market. In addition; government regulatory bodies (such as the U.S. FDA and EMEA) have intensified safety regulations for prior and post commercialization of drugs, which has increased pressure on the pharmaceutical and biotechnology companies to manufacture safe drugs and evaluate their results post sales. Thus, growing complexity related to drug safety regulations is expected to drive the growth of the market during the forecast period.
As of 2014, North America holds the largest share of the global Pharmacovigilance and Drug Safety Software Market, followed by Europe. However, Asian and Latin American countries represent high growth markets, owing to a rise in research outsourcing by pharmaceutical giants and growing public and private investments in pharmaceutical R&D in these emerging nations.
ArisGlobal (U.S.), Ennov Solutions Inc. (U.S.), EXTEDO GmbH (U.S.), Online Business Applications, Inc. (U.S.), Oracle Corporation (U.S.), Sarjen Systems Pvt. Ltd (India), Sparta Systems, Inc. (U.S.), and United BioSource Corporation (U.S.) are some of the key players in the global pharmacovigilance and drug safety software market.
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