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Pharmacovigilance Software Market Segmentation & Growth Prospect Mapping by 2024
by rajsingh50901 · November 8 , 2018

7 Nov 2018 –聽The global Pharmacovigilance (PV) Software Market size was worth 124.92 million in 2016 which is anticipated to grow at a CAGR of more than 6.6% during the forecast period. Increasing cases of Adverse **** Reactions (ADRs) is the major attributing element for the growth of the PV software market over the forecast period. Augmented guidelines administered by the government authorities including European Medical Agency and the U.S. FDA are anticipated to encourage the adoption of the pharmacovigilance systems in coming years.

These systems have significance in the clinical research since they are applied to perform clinical studies and in carrying out post- marketing surveillance activities. Argus and ArisG are the most widely utilized PV softwares for the clinical studies globally. The advantages related to its usage include simplicity of access and minimized data redundancy that are expected to boost the market growth over the forecast period.

Furthermore, increasing withdrawals of the high profile ***** and the pressure on **** manufacturers to identify early signs of ADRs is expected to fuel the demand for these tools over the forecast period. Rising concerns toward patient safety and strict regulatory inspections to control the cases of serious ADRs are amongst the major contributing factors toward the growth. The increasing complication of **** safety regulations is thereby anticipated to fuel the demand.

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Functionality Insights

Increasing ADR cases propel the demand for cost-effective adverse event reporting systems that was accountable for the leading position of this segment in 2016. ADRs are the major reasons of morbidity observed in the developed countries. As per statistics stated by NCBI, in the year 2013, nearly 4.2- 30% of the overall hospitalization in the U.S. and Canada , whereas 2.1-5.2% in Europe was owing to rising adverse events, that is accountable for additional growth.

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Likewise, as per the study directed by the European Commission, adverse events lead to nearly 197 ,000 deaths annually. ADRs foist a sizeable burden on healthcare systems. These events are anticipated to cause rising demand over the forecast period.

Delivery Mode Insights

On-premise delivery mode includesinstalling services and solutions that computer- based andexistinside the organization. Even though these are to be installed in the organization premises, access can be obtainedto remote locations therebyoffering the advantage of minimized costs owing to power usage and system sustenance. The advent of cloud computing and also its fastacceptance by the healthcare IT providers isanticipated to restrain the development of the on-premise segment during the coming years.

End-Use Insights

PV softwares are broadly adopted by pharmaceutical and biotechnology organizations for reducing burden on the medical expenditures and to accelerate clinical trial programs. PV outsourcing is contemplated in pharma industry. The manufacturers are currently attempting to recognize various methods to control costs and reduce operational expenses through progressive shifting from being fully-integrated pharma companies to sharing costs through partnerships with contract service providers. These factors are anticipated to reinforcing the development of contract research firms which conduct pharmacovigilance services.

The services provided by these software providers are validation of data, scientific assessment, management and entry. The chief clinical research organization opt to outsource these assignmentssince they aid in improving internal resource flexibility , enhance timelines, and aidachieve better outcomes. It enables better pharmacovigilance via improved regulatory compliance, better quality and higher productivity with respect to management of information and enhanced strategic outcomes.

Regional Insights

North America held leading position in the overall market space in 2016. Rising pressure to sustain electronic medical records owing to the regulatory policies implemented by the U.S. FDA authorities is expected to drive industry growth. In addition, the existence of big pharmaceutical companies and the presence of enhanced technology for ADRs reporting are contributing to industry growth. Asia pacific market is expected to demonstrate profitable growth owing to increasing healthcare expenditure and availability of a huge pool of firms in this region.

Competitive Insights

Key players leading the pharmacovigilance software market are AB Cube , ArisGlobal, Ennov Solutions Inc., EXTEDO GmbH, Max Application , Online Business Applications, Inc., Oracle Corporation, Relsys , Sparta Systems, Inc. and United BioSource Corporation. The companies have focus on the growth of cost- efficient and completelycombined PV systems to attain profit and minimize healthcare expenditure. The companies are opting to enter into partnership collaboration with contract research firms, which provide customized services, in order toacquire a competitive benefit.

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