Global Drug Safety Solutions and Pharmacovigilance Market has been Driven by Increasing Number of Clinical Trials and Growing Number of Contract Research Organizations in the forecast period of 2019 to 2026

Drug Safety Solutions and Pharmacovigilance Market is projected to register a substantial CAGR of 7.4% in the forecast period of 2019 to 2026. The new market report contains data for the historic year 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.

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Drivers: Drug Safety Solutions and Pharmacovigilance Market

  • Increase in R & D expenditure by pharmaceutical and biopharmaceutical companies
  • Increase in the number of adverse drug reactions (ADRS)

Restraint:

  • High cost of drug safety solutions & pharmacovigilance

Opportunities:

  • Automation in drug safety solutions & pharmacovigilance
  • Research collaborate ions and partnerships
  • Strategic initiatives by market players

Challenge:

  • The misreporting and miscoding of adverse events

Market Trends:

Global Drug Safety Solutions and Pharmacovigilance Market is segmented into three notable segments which are type, end user and distribution channel.

  • On the basis of type, the market is segmented into software and services. In 2019, software segment is expected to dominate the market with largest market share because of the rising use of software in drug monitoring and reporting adverse event of drug monitoring for post marketing surveillance and clinical phase of drugs.
  • On the basis of end user, the market is segmented into hospitals, healthcare providers, pharmaceutical & biotechnology industries, KPOs/BPOs, contract research organizations (CROS) and others 
  • On the basis of distribution channel, the market is segmented into direct sales and retail sales

Major Players: Drug Safety Solutions and Pharmacovigilance Market

Some of the major players operating in global drug safety solutions and pharmacovigilance market are Pharmaceutical Product Development, LLC, Drug Safety Solutions Limited, C3i, Worldwide Clinical Trials, Bioclinica, United Biosource LLC, Ennov, AB Cube, Covance Inc., Accenture, PRA Health Sciences, Inc., Ergomed, IQVIA, Genpact, Cognizant, Parexel International Corporation, ArisGlobal, ICON plc, Oracle, Syneos Health among others. 

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