Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market, By Type (Software and Services), Product (Standard Form and Customized Form), Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, and Issue Tracking Software), By Delivery (On-Premise Delivery Mode and On-Demand/Cloud-Based (SAAS) Delivery Mode), End Users (Biotechnology and Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, and Healthcare Providers), Distribution Channel (Direct Sales and Retail Sales), Country (Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia- Pacific) - Industry Trends and Forecast to 2030.
Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Analysis and Size
The growing prevalence of adverse drug reactions (ADRs) is primary factor responsible for driving the growth of the drug safety solutions and pharmacovigilance market. Additionally, the increasing adoption of pharmacovigilance software by outsourcing companies and strict government regulations for prior and post commercialization of drugs also heightens the overall growth of the market.
Data Bridge Market Research analyses that the Asia-Pacific drug safety solutions and pharmacovigilance market which was USD 1,220.34 million in 2022, would rocket up to USD 2,615.51 million by 2030, and is expected to undergo a CAGR of 8.1% during the forecast period. This indicates that the market value. “Software” dominates the types segment of the Drug Safety Solutions and Pharmacovigilance market owing to the high demand for these products in the market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Software, Services), Product (Standard Form, Customized Form), Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software), By Delivery (On-Premise Delivery Mode, On-Demand/Cloud-Based (SAAS) Delivery Mode), End Users (Biotechnology and Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, Healthcare Providers), Distribution Channel (Direct Sales, Retail Sales)
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Countries Covered
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Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific
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Market Players Covered
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IQVIA (U.S), PPD Inc. (U.S.), Covance (U.S.), DeRoyal Parexel (U.S.), ICON plc. (Ireland), Clinipace (U.S.), Novotech (Australia), BioClinica (U.S.), Synowledge (U.S.), MakroCare (U.S.), Sciformix (U.S.), Quanticate (U.K.), Tergus Pharma (U.S.), Veeda Clinical Research (India), SIRO Clinpharm (India)
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Market Opportunities
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Market Definition
Drug safety solutions and pharmacovigilance (PV or PHV), is basically a scientific procedure for the collection, analysis, monitoring and prevention of adverse effects in drugs and therapies. Its major purpose is to ensure that the pharmaceutical developers meet industry regulatory standards and increases the pressure on the biotechnology and pharmaceutical companies to manufacture safe drugs and evaluate their results post sales.
Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Dynamics
Drivers
- Increasing incidence of chronic diseases
The prevalence of chronic diseases is increasing at an alarming rate across the globe. This is primarily because of the changing lifestyle and dietary habits of people. The rise in the incidence of chronic diseases has led to a corresponding increase in the demand for drugs and drug safety solutions.
- Growing awareness about drug safety
There is a growing awareness among people about the importance of drug safety and pharmacovigilance. This has led to an increase in the demand for these services from both consumers and healthcare providers equally. With advances in medical science, there has been a proliferation of new drugs in the market over the past few years. This has led to an increased need for an effective drug safety solutions and pharmacovigilance services to ensure their safe use by patients worldwide.
- Growing investment for healthcare facilities
Surging focus towards improving the condition of healthcare facilities and improving the overall healthcare infrastructure another important factor fostering the growth of the market. Rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
Opportunities
Furthermore, the research collaborates ions and partnerships along with automation in drug safety solutions and pharmacovigilance which helps to achieve more effective and durable mechanical hemostasis are expected to generate profitable opportunities for the market. Also the increase in the sale of off-the-shelf and online products and promotion and branding initiatives taken by major product manufacturers will generate profitable opportunities for the market, upsurge in the public-private funding for target research activities, the rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2023 to 2030.
Restraints/Challenges
On the other hand, lack of skilled pharmacovigilance professionals and high cost of drug safety solutions and pharmacovigilance are estimated to obstruct the market growth. Also, the stringent regulatory framework, the rising complexity related to drug safety regulations and misreporting and miscoding of adverse events have the potential to challenge the market growth. Also, the lack of favorable reimbursement scenario and technology penetration in the developing economies, heavy custom duty imposed on the medical devices, and the lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.
This Drug Safety Solutions and Pharmacovigilance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Orthopedic Braces and Supports market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In October 2022, PegBio selected LifeSphere MultiVigilance, a flagship product by ArisGlobal, to transition their pharmacovigilance from Contract Research Organization (CRO) services to in-house practices with this leading pharmacovigilance software.
- In July 2022, Dotmatics launched its Small Molecule Drug Discovery Solution, an integrated scientific R&D platform with pre-configured workflows and expanded data management capabilities.
Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Scope
The Drug Safety Solutions and Pharmacovigilance market is segmented on the basis of type, product, functionality, delivery, end users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Services
Product
- Standard Form
- Customized Form
Functionality
- Adverse Event Reporting Software
- Drug Safety Audits Software
- Issue Tracking Software
Delivery
- On-Premise Delivery Mode
- On-Demand/Cloud-Based (SAAS) Delivery Mode
End Users
- Biotechnology and Pharmaceuticals
- Contract Research Organizations (CROS)
- Hospitals
- KPOs/BPOs
- Healthcare Providers
Distribution Channel
- Direct Sales
- Retail Sales
Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Regional Analysis/Insights
The drug safety solutions and pharmacovigilance market is analysed and market size insights and trends are provided by country, type, product, functionality, delivery, end users and distribution channel as referenced above.
The countries covered in the drug safety solutions and pharmacovigilance market report are Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific
China is expected to dominate the drug safety solutions and pharmacovigilance market because of the strong base of healthcare facilities, strong presence of major players in the market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The Drug Safety Solutions and Pharmacovigilance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for foot and ankle devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2010-2020.
Competitive Landscape and Asia-Pacific Drug Safety Solutions and Pharmacovigilance Market Share Analysis
The Drug Safety Solutions and Pharmacovigilance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Drug Safety Solutions and Pharmacovigilance market.
Some of the major players operating in the Drug Safety Solutions and Pharmacovigilance market are:
- IQVIA (U.S)
- PPD Inc. (U.S.)
- Covance (U.S.)
- DeRoyal Parexel (U.S.)
- ICON plc. (Ireland)
- Clinipace (U.S.)
- Novotech (Australia)
- BioClinica (U.S.)
- Synowledge (U.S.)
- MakroCare (U.S.)
- Sciformix (U.S.)
- Quanticate (U.K.)
- Tergus Pharma (U.S.)
- Veeda Clinical Research (India)
- SIRO Clinpharm (India)
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