Pune, India -- (SBWIRE) -- 05/16/2019 -- The latest report on Pharmacovigilance and Drug Safety Software Market by Infinium Global Research gives complete coverage of the pharmacovigilance and drug safety software market by software (adverse event reporting software), mode of delivery (into on-premise, cloud-based), end-use (pharma & biotech companies, contract research organizations (CROS)) in terms of key trends, market size, forecast. In addition, the study covers deep dive into key product and applications trends in the regional markets of pharmacovigilance and drug safety software such as North America, Europe, Asia-Pacific and Latin America over the short run and long run. According to the report the global pharmacovigilance and drug safety software market is projected to grow at a CAGR of 5.3% over the forecast period of 2018-2024.

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Pharmacovigilance and Drug Safety Software Market: Insight

Pharmacovigilance is a term referred to the drug safety that deals with the collection, detection, assessment, monitoring, and prevention of adverse effects with pharmaceutical products. Pharmacovigilance is a concern with the safety and efficiency of pharmaceutical products. Pharmacovigilance is perhaps the most vital function within a life science company as they must have to adhere to strict regulations to develop, manufacture and commercialize a drug. To understand the risks and benefits of pharmaceutical products through all phases of their lifecycle the efficient and effective pharmacovigilance software solutions are required to ensure drug safety.

Pharmacovigilance and Drug Safety Software Market: Drivers and Restraints

The various government associations such as European Medicines Evaluation Agency (EMEA) and the U.S. Food and Drug Administration (FDA) have very strict rules and regulation regarding the drug's approval. The drug's safety is the major concern for these organizations. The growing pressure from the government agencies to the developed novel and the safe drug is driving the growth of pharmacovigilance and drug safety software market across the world. In addition, the growing occurrence of Rates of Adverse Drug Reactions (ADRs) is anticipated to boost the growth of pharmacovigilance and drug safety software market.

The adoption of Pharmacovigilance software is rising to very rapidly across numerous outsourcing firms to ensure the safe and effective manufacturing is likely to contribute to the growth of pharmacovigilance and drug safety software market. However, the lack of a skilled workforce in the Pharmacovigilance is hampering the growth of pharmacovigilance and drug safety software market. Moreover, ongoing research and development activity to develop effective software and growing awareness about the benefits of pharmacovigilance and drug safety soft wares are projected to create various growth opportunities in the upcoming year.

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Pharmacovigilance and Drug Safety Software Market: Regional Analysis

Geographically, North America dominates the pharmacovigilance and drug safety software market. The growing adoption of pharmacovigilance and drug safety software developed healthcare infrastructure and demand for new and safe drugs are the key factors driving the growth of pharmacovigilance and drug safety software market in North America. In addition, Asia Pacific is the fastest growing region in the pharmacovigilance and drug safety software market owing to the growing government investment in the pharmaceutical sector, rising demand of pharmacovigilance and drug safety software from the various hospitals and clinics and many others.

Pharmacovigilance and Drug Safety Software Market: Segmentation

The report on global pharmacovigilance and drug safety software market covers segments such as software, mode of delivery and end-user. On the basis of software, the global pharmacovigilance and drug safety software market is categorized into adverse event reporting software, issue tracking software, fully integrated software and drug safety audits software. On the basis of mode of delivery, the global pharmacovigilance and drug safety software market is categorized into on-premise and cloud-based. On the basis of end-user, the global pharmacovigilance and drug safety software market is categorized into pharma & biotech companies, contract research organizations (CROS), pharmacovigilance service providers and business process outsourcing (BPO) firms.

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Pharmacovigilance and Drug Safety Software Market: Competitive Landscape

The report provides profiles of the companies in the global pharmacovigilance and drug safety software market such as UMBRA Global LLC, United BioSource Corporation, Oracle Corporation, Sparta Systems, AB Cube, Arisglobal, Extedo GMBH, Ennov, Online Business Applications, and Sarjen Systems Pvt.

Report Findings

1. Drivers

- Growing Pressure from the Government Agencies to Develop Novel and Safe Drug.

- Growing Occurrence of Rates of Adverse Drug Reactions (ADRs).

- High Adoption of Pharmacovigilance Softwares Across Numerous Outsourcing Firms.

2. Restraints

- Lack of Skill Workforce in the Pharmacovigilance.

3. Opportunities

- Ongoing Research and Development Activity to Develop Effective Software.

- Growing Awareness about the Benefits of Pharmacovigilance and Drug Safety.