Increasing Regulatory Mandates on Clinical Trials is Boosting the Market Growth

Growing occurrence of adverse drug reactions (ADR) and strict regulations for drug development and approvals is estimated to boost the demand for pharmacovigilance (PV) and drug safety software in the upoming years. Additionally, the growing adoption of pharmacovigilance software by outsourcing companies for drugs prior and post-commercialization lead to the overall growth of the market. It was witnessed that the pharma and biotech companies segment dominated the market in 2021.

According to Data Bridge Market Research the Global Drug Safety Solutions and Pharmacovigilance Market which was USD 7.8 billion in 2022, is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030.

“Adverse Drug Reactions (ADR) and Stringent Regulations Boost the Market Growth”

Growing prevalence of adverse drug reactions (ADR) and strict regulations for drug development and approvals is anticipated to boost the demand for pharmacovigilance (PV) and drug safety software in the upcoming years. The increasing presence of several market players has led to more availability of PV and drug safety software solutions in the market leading to varied customer requirements. Increasing globalization in pharmacovigilance is anticipated to boost the usage rates. Thus, this factor boost the market growth.

What restraints the growth of Global Drug Safety Solutions And Pharmacovigilance Market?

“Lack of Knowledge about ADR”

Pharmacovigilance activities are crucial to ensure patient safety and must be encouraged at all research institutes and hospitals. Though, lack of awareness, and underreporting of adverse drug reactions (ADRs) are the major limitations that impede the market growth. Young healthcare professionals have inadequate knowledge about the ADRs. Their casual attitude and poor ADR reporting practices, particularly among the budding doctors, increase the need for urgent interventions for PV and ADR reporting sessions. Thus, these factors hinder the market growth.

Segmentation: Global Drug Safety Solutions And Pharmacovigilance Market

The global drug safety solutions and pharmacovigilance market is segmented based on the basis of type, product, functionality, end user, delivery and distribution channel.

• On the basis of type, the drug safety solutions and pharmacovigilance market is segmented into software, services.
• On the basis of product, the drug safety solutions and pharmacovigilance market is segmented into standard form, customized form.
• On the basis of functionality, the drug safety solutions and pharmacovigilance market is segmented into adverse event reporting software, drug safety audits software, issue tracking software.
• On the basis of delivery, the drug safety solutions and pharmacovigilance market is segmented into on-premise delivery mode, on-demand/cloud-based (SAAS) delivery mode.
• On the basis of end-users, the drug safety solutions and pharmacovigilance market is segmented into biotechnology and pharmaceuticals, contract research organizations (CROS), hospitals, KPOs/BPOs, healthcare providers.
• On the basis of type, the drug safety solutions and pharmacovigilance market is segmented into direct sales, retail sales.

Regional Insights: North America is expected to dominate the Global Drug Safety Solutions And Pharmacovigilance Market

• North America dominates the market due to increased drug abuse, adverse drug reactions, and increased investment in novel drug development by major market players. Also, government-aided initiatives supporting the adoption of PV and drug safety software systems, is expected to show major growth through 2030.
• Asia-Pacific is expected to grow in the forecast period of 2023-2030 because of the growing government initiatives and investments along with increasing awareness among patients within this region. The increase in demand for and incidence of clinical trials has led to an increasing focus on pharmacovigilance and drug safety software.

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Recent Developments in Global Drug Safety Solutions And Pharmacovigilance Market

• In 2019, The Laboratory Corporation of America Health EC collaborated with The New Jersey and the development of a database and information exchange platform. This platform will be useful in conjunction with LabCorp's Care Intelligence application. This collaboration will lead to better lives and health for LabCorp employees.
• In 2019, Parexel International Corporation announced that they had formed a strategic partnership with Datavant, Inc. with the aim to connect real-world data, which includes all clinical trials conducted by Parexel. This collaboration will widen and enalrge the company's entire portfolio, making data linking available to more customers.

The Prominent Key Players Operating in the Global Drug Safety Solutions And Pharmacovigilance Market Include:

• PPD Inc (U.S.)
• Drug Safety Solutions Limited (U.S.)
• C3i (U.S.)
• Worldwide Clinical Trials (U.S.)
• Bioclinica (U.S.)
• United Biosource LLC (U.S.)
• Ennov (Hong Kong)
• AB Cube S.A.S. (France)
• Labcorp Drug Development (U.S.)
• Accenture (Ireland)
• ICON plc (U.S.)
• Ergomed plc (U.K.)
• IQVIA (U.S.)
• Genpact (U.S.)
• Cognizant (U.S.)
• Parexel International Corporation (U.S.)
• ArisGlobal (U.S.)

Above are the key players covered in the report, to know about more and exhaustive list of global drug safety solutions and pharmacovigilance market companies contact, https://www.databridgemarketresearch.com/contact

Research Methodology: Global Drug Safety Solutions and Pharmacovigilance Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.