The rising prevalence of adverse drug reactions (ADRs) is the primary driver for the drug safety solutions and pharmacovigilance market. As ADRs pose significant risks to patient safety, the demand for robust pharmacovigilance measures increases. Additionally, the adoption of pharmacovigilance software by outsourcing companies and the implementation of strict government regulations for drug safety during the pre-and post-commercialization phases further contribute to market growth. Research collaborations, partnerships, and the automation of drug safety solutions and pharmacovigilance processes are expected to enhance effectiveness and durability in achieving mechanical hemostasis.
According to Data Bridge Market Research, the Global Drug Safety Solutions and Pharmacovigilance Market was USD 7.8 billion in 2022 and is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030.
“Rising regulatory mandates on clinical trials facilitate market growth”
The rising regulatory mandates on clinical trials act as a significant driver for the drug safety solutions and pharmacovigilance market. Regulatory bodies worldwide have implemented stricter requirements and guidelines for conducting clinical trials to ensure patient safety and data integrity. These mandates emphasize the need for robust drug safety solutions and pharmacovigilance practices to effectively monitor and report adverse events during clinical trials. As a result, pharmaceutical companies and research organizations are increasingly investing in comprehensive pharmacovigilance systems and solutions to meet regulatory obligations, driving the growth of the drug safety solutions and Pharmacovigilance Market.
What restraints the growth of global drug safety solutions and pharmacovigilance market?
“Rising complexity associated with drug safety regulations”
The rising complexity associated with drug safety regulations acts as a significant restraint for the drug safety solutions and pharmacovigilance market. The pharmaceutical industry operates within a highly regulated environment, with stringent requirements for monitoring and reporting adverse drug reactions. Compliance with these complex regulations poses challenges for companies in terms of resource allocation, infrastructure, and expertise. Meeting regulatory requirements can be time-consuming and costly, which may hinder the adoption and implementation of drug safety solutions and pharmacovigilance systems. The complexity of navigating and adhering to diverse global regulations remains a key barrier to market growth in this sector.
Segmentation: Global Drug Safety Solutions and Pharmacovigilance Market
The global drug safety solutions and pharmacovigilance market is segmented on the basis of product type, usage, route of administration, application, end user, and distribution channel.
- On the basis of type, the global drug safety solutions and pharmacovigilance market is segmented into software, and services.
- On the basis of product, the global drug safety solutions and pharmacovigilance market is segmented into standard form, customized form.
- On the basis of functionality, the global 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 global 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 global drug safety solutions and pharmacovigilance market is segmented into biotechnology and pharmaceuticals, contract research organizations (CROS), hospitals, KPOS/BPOS, and healthcare providers.
- On the basis of distribution channel, the global drug safety solutions and pharmacovigilance market is segmented into direct sales, and retail sales.
Regional Insights: North America dominates the global drug safety solutions and pharmacovigilance market
North America's dominance in the drug safety solutions and pharmacovigilance market is attributed to factors such as a rise in drug abuse cases, a significant number of adverse drug reactions, and substantial investments made by major pharmaceutical companies towards the development of new drugs. These factors have driven the region's demand for robust drug safety measures and reporting systems.
On the other hand, the Asia-Pacific region is expected to experience the highest growth rate in the forecast period from 2023 to 2030. This growth can be attributed to increasing government initiatives, investments in pharmacovigilance, and a growing awareness among patients about the importance of drug safety. These factors have led to the implementation of stricter regulations and enhanced surveillance systems to monitor drug safety in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-drug-safety-solutions-and-pharmacovigilance-market
Recent Developments in the Global Drug Safety Solutions and Pharmacovigilance Market
- In 2019, The Laboratory Corporation of America Health (LabCorp) and The New Jersey announced a collaboration to develop a database and information exchange platform. This platform, combined with LabCorp's Care Intelligence application, aims to improve the lives and health of LabCorp employees, leading to increased patient satisfaction and recognition.
- Also in 2019, Parexel International Corporation partnered with Datavant, Inc. to connect real-world data, including all clinical trials conducted by Parexel. This strategic collaboration expands Parexel's portfolio and enables data linking for a wider range of customers, enhancing their ability to utilize comprehensive and integrated data for research and insights.
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.
