LONDON--(BUSINESS WIRE)--The global pharmacovigilance and drug safety software market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A surge in approvals of new molecular entities and biosimilars to promote the demand for safety monitoring during pre- and post-marketing phases have been observed. However, this mandates the requirement of drug safety monitoring in the pre and post-market launch of any new molecular entity or biosimilar. Currently, the pharmaceutical market is experiencing a rise in approvals of new molecular entities and biosimilars. Thus, this rise in approval of new molecular entities and biosimilars as well as registered activities of clinical trials globally has resulted in a surge in the adoption of pharmacovigilance and drug safety software, which is promoting strong market growth.
As per Technavio, the outsourcing pharmacovigilance and drug safety research to CROs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pharmacovigilance and drug safety software market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global pharmacovigilance and drug safety software market: Outsourcing pharmacovigilance and drug safety research to CROs
Expansion strategies, drug discovery and research, product development, and consolidation are the primary focus of pharmaceutical companies, which have resulted in a significant pressure of workload and considerable consumption of human resources. This has resulted in the outsourcing of tasks of clinical research, drug designing, drug safety testing, and pharmacovigilance to CROs, which has become a standard practice across the world. Owing to the lack of harmonization of pharmacovigilance-based regulations globally, the pharmaceutical market is observing a trend toward the dissemination of country-specific regulations. Thus, a significant number of organizations in the market are outsourcing functional services in the pharmacovigilance operations to CROs and BPOs, which has provided new business perspectives of pharmacovigilance and drug safety services, ranging from clinical to post-marketing phases. For instance, are outsourcing pharmacovigilance and drug safety operations to developing economies such as India, China, and the Philippines to reduce the cost of services. This is expected to provide new opportunities to software companies in emerging regions, which is promoting the growth of the global pharmacovigilance and drug safety software market
“Currently, several governments across the world have imposed stringent regulations and compliance standards related to drug safety to ensure that drug manufacturers follow the pre-market and post-market monitoring procedures, and the drugs meet the minimum safety requirements. Although several drug manufacturers and healthcare practitioners may find the implementation complex, it helps promote a strong demand for pharmacovigilance and drug safety software systems, which facilitates compliance toward global regulations as well as the implementation, management, and maintenance of caseloads with set standards and procedures,” says a senior analyst at Technavio.
Global pharmacovigilance and drug safety software market: Segmentation analysis
This market research report segments the global pharmacovigilance and drug safety software market by end-user (pharmaceuticals and biotechnology companies, contract research organization, business process outsourcing) and geographical regions (North America, Europe, Asia, and ROW)
The North American region led the market in 2018, followed by Europe, Asia, and ROW, respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the growth of contract research and outsourcing service providers in the region.
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