The global pharmacovigilance and drug safety software market has been prophesied in a report by Transparency Market Research (TMR) to witness the rise of best business tactics such as constant upgrade of products, joint ventures, collaborations, and acquisitions. Companies could adopt these tactics with a view to strengthen their position in the market. Some of the leading players of the market are United BioSource Corporation, AB Cube, and UMBRA Global LLC. Regional expansion, software development, and new service launch could be other tactics expected to be practiced in the market. Players could testify of quick business opportunities owing to the implementation of such strategies during their operation.
TMR has projected the global pharmacovigilance and drug safety software market to rise at a 5.4% CAGR between 2017 and 2022. In 2017, the market had earned revenue of US$143.6 mn. By the completion of 2022, it could expand its valuation to a US$187.0 mn. In terms of type of software, the market has been foreseen to crown adverse event reporting software as a leading segment rising at a 6.2% CAGR. By region, North America could grab a lion’s share of the market, securing a US$79.2 mn by the final forecast year.
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Crucial Applications in Clinical Research Set Tone for Valuable Growth
Rising withdrawals of high-profile drugs has been foretold to augment the employment of pharmacovigilance tools in the near future. The usage of these tools could also gain growth because of the swelling pressure on drug manufacturers to determine early signs of adverse interactions due to drug consumption. The demand in the world pharmacovigilance and drug safety software market could be bolstered with advancement in technology.
There are several benefits associated with the use of cutting-edge pharmacovigilance software such as ARISg and Argus. In the coming years, players could see the adoption of pharmacovigilance software boosted on the back of ease of access, reduced data redundancy, and other benefits. Critical applications of pharmacovigilance and drug safety software in clinical research have been predicted to give a strong push to market growth in the foreseeable future.
Ignorance about Benefits of Using Pharmacovigilance Tools Restricts Demand
Lack of pharmacovigilance professionals and shortage of standard regulations could be among primary factors inhibiting the growth of the international pharmacovigilance and drug safety software market. Furthermore, poor awareness about the benefits of pharmacovigilance software has been expected to dent market growth in the near future.
However, there could be ample of scope for securing growth in the international pharmacovigilance and drug safety software market. This could be on account of rising complexity of regulations related to drug safety. Escalating patient safety issues and rising incidence of adverse side effects due to the consumption of certain drugs or inappropriate dosages have increased the need for stringent regulatory inspections to be implemented on a global scale. Pharmacovigilance and drug safety software could be largely engaged to make available clinical trial programs and reduce medical expenditure.