Pharmacovigilance and Drug Safety Software broadly focuses on assessing, understanding, and preventing adverse effects or any other drug-related problem. From the past few years, the market has been witnessing significant growth in the demand for the software and it is being recognized as one of the essential aspects in the healthcare system. Today, it can be seen the number of casualties occurring due to medical errors is rising at an alarming rate, which needs to be controlled. However, it will come handy if software is enforced to prevent local patient hazards by improving public healthcare and monitoring drug safety.
Pharmacovigilance and drug safety software are generally used to identify the cause of withdrawal regarding drugs and helps in inhibiting unnecessary future adverse events. It is beneficial to everyone concerned with the medical process, including consumers, prescribers, and makers for increasing efficacy of the pharmacovigilance process coupled with increasing drug safety. Globally, around 142,000 people died in 2013 from adverse effects of medical errors, which were 94000 cases in 1990. Increasing prevalence of medical errors around the globe is supporting the growth of pharmacovigilance and drug safety software market.
BPO to Flourish Market Growth in Developing Countries
From the last few years, the market has been witnessing a significant growth in the demand for pharmacovigilance and drug safety software. To study the market, it can be broadly segmented by type and end-user.
By type, the market is further segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. Each product has its own pros and cons over each other, and it is chosen based on customers’ requirement and usage pattern.
Based on end-user, the market is segmented into pharma and biotech companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO), and other. Currently, these pharmacovigilance services are outsourced by a number of companies including Cognizant, TCS, Jubilant Biosys, and others.
Business Process Outsourcing (BPO) Firms are expected to experience the fastest growth, especially in developing countries, including China, Japan, India, and some of the Middle East & African countries. This can be attributed to growing investments of BPO firms in adopting pharmacovigilance processes for pharmaceutical & biotechnology companies. Moreover, growing research & development and clinical trial activities in the pharmaceutical sector are boosting the demand for BPO, which, in turn, is supporting the global pharmacovigilance and drug safety software market growth. The BPO segment was valued at USD 41.07 million USD in 2014 and is expected to reach USD 54.17 million by the end of 2019.
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India to Dominate Asia Pacific Pharmacovigilance and Drug Safety Software Market
Global Pharmacovigilance and drug safety software market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
North America is witnessing strong growth in the market due to robust research & development activities in drugs for treating severe and chronic diseases. Moreover, increased prevalence of chronic diseases during the last two decades has developed the demand for research & development to find a cure.
South America is expected to account for the least share of the global pharmacovigilance and drug safety software market due to poor growth of the pharmaceutical industry and lack of research & development laboratories in the region. Scarcity of skilled professionals performing effective pharmacovigilance studies through software and lack of awareness regarding public safety and government support are likely to hamper the market growth. The South America pharmacovigilance and drug safety software market was valued at USD 2.28 million in 2014 and is expected to reach USD 2.91 million by the end of 2019 at the CAGR of 5.45%.
Asia Pacific is witnessing significant growth in the global pharmacovigilance and drug safety software market. This can be attributed to rapidly expanding presence of pharma companies, rising geriatric population, and increasing prevalence of chronic diseases in the region. Moreover, India is dominating the pharmacovigilance and drug safety software market in this region as Indian companies are taking advantage of cheap labor for saving up to 80% cost than a developed nation and increase their profit margin. This is further supported by favorable government policies like 100% FDA. This has led many companies to conduct clinical trials in India, which also attracted global leaders to invest in pharmaceutical and biotechnology industries of the country. Moreover, increasing prevalence of adverse drug reactions, stringent government regulations, and increased awareness regarding public safety have positively influenced the market growth in the last few years. The Indian market was valued at USD 4.81 million in 2014, and it is expected to reach USD 7.53 million by the end of 2019.
ArisGlobal and Ennov Solutions Are Dominating the Pharmacovigilance and Drug Safety Software Market
ArisGlobal was established in the year 1987. Its LLC branch has a global customer base with more than 200 CRO’s, life science companies, and government health authorities. It focuses on expanding automation platform across the globe to attract biopharmaceutical companies. The company headquarters in the U.S. with other regional offices across Europe and the Asia Pacific. ArisGlobal’s total revenue in 2017 and 2018 was accounted for USD 4.23 million and USD 4.63 million respectively.
Ennov Solutions Inc. provides software solutions to over 150 biotechnology and leading pharmaceutical companies worldwide to 150,000 users. The company is focused on developing and improving software for content regulation and data & process management. It was established in the year 1999. The company has strong presence in Europe, North America, and Asia Pacific. In 2017, the company generated total revenue of USD 7.11 million
Some of the other leading players in the market are Sarjan Systems Pvt Ltd, Sparta Systems INC, United BioSource Corporation, Oracle Corporation, Online Business Application INC, and EXTEBO Gmbh.
Pharmacovigilance and Drug Safety Software Market Segmentation
By End - Users
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