Drug safety management tool or software, that aids in reviewing, classifying, creating and other pharmacovigilance data is termed as PV software (or Pharmacovigilance software).
The software also helps in the creation of adverse event reports. Furthermore, the PV software is majorly used by BPOs, contract research organizations (CROs ) and major pharmacovigilance solution providers.
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There are several drivers, restraints and opportunities shaping the future of the market. Important factors including growing incidences of ADRs have played a major role in driving the pharmacovigilance and drug safety software market.
Furthermore, rising adoption rate of such software by many outsourcing companies too have kept the future of the market bright. On the other hand, government entities including FDA, EMEA and others, has increased the pressure on the biotechnology and pharmaceutical brands to manufacture safe drugs.
The aforesaid factor has also added to the increasing market share of the industry. However, lack of awareness about the benefits associated with the pharmacovigilance and drug safety software market has hampered its market growth.
Regions such as Asia Pacific and Latin America are likely to create greater opportunities for the market.
The market is segmented based on functions, delivery model, end-customers and geography. Based on function the market segments discussed in the report consists of issue tracking solution, fully integrated solution, adverse event reporting solution.
The mode of delivery assessed in the market research report includes on -demand and on premise delivery. The major end-customers examined during the study are pharma companies, CROs, BPOs and others.
Geographies promising growth includes North America, Asia Pacific, Europe and LAMEA.
A closer look at the competitive landscape reveals that major IT brands are busy launching pharmacovigilance and drug safety software and generating clients in the same month itself. Prominent market players are also seen acquiring new companies or local market players to maintain their competitive edge.
Other business strategies favored by the companies include constant upgradation, joint ventures and collaborations. Prominent market players discussed in the market research report are Oracle Corporation, Online Business Applications, Inc., Sparta Systems, Inc., United BioSource Corporation and others.
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