The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. According to our new research study on “Pharmacovigilance and Drug Safety Software Market Forecast to 2027 – COVID-19 Impact and Analysis – by software type, delivery mode and end user,” the market is expected to reach US$ 292.97 Mn in 2027 from US$ 160.67 Mn in 2019. The market is estimated to grow at a CAGR of 7.6% from 2020 to 2027.

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The increasing amount of data generated through adverse drug reaction report need to be handled and stored carefully. All these data come in different forms, language, location, etc. To arrange these uniformly the automation systems/software are helpful.

Adverse drug reactions (ADRs) is an important public health problem, signifying a significant cause of illness and death. Because all drugs have the potential for adverse drug reactions, a risk-benefit analysis is necessary whenever a drug is prescribed.

In 2016, 1,238,178 reports related to suspected adverse reactions were collected and managed in Eudra Vigilance, 339,544 of which originate from the European Economic Area (EEA). European database for adverse drug reaction reports, which Member State and the Agency use for monitoring the safety of authorized medicines on the EU market.

According to the Agency for Healthcare Research and Quality 2018, In the US, 3 to 7% of all hospitalizations are due to adverse drug reactions. ADRs occur from 10 to 20% of admissions; about 10 to 20% of these ADRs are severe. These statistics do not include the number of ADRs that occur in ambulatory and nursing home patients. Although the exact number of ADRs is not specified, ADRs represent a significant public health problem that is, for the most part, preventable.

Eudra Vigilance now holds 10.8 million reports referring to 6.7 million cases and therefore is one of the most significant adverse drug reaction databases in the world. ADR reported by a patient or healthcare professional adds to safety monitoring and thus to the safe and effective use of medicines.

AB Cube, United BioSource LLC, ARISGLOBAL LLC, Sparta Systems, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd., EXTEDO, ENNOV, Max Application and Anju Software, Inc. are among the leading companies operating in the pharmacovigilance and drug safety software market.

The report segments global pharmacovigilance and drug safety software market as follows:

By Software Type

•          Fully Integrated Software

•          Adverse Event Reporting Software

•          Drug Safety Audits Software

•          Issue Tracking Software

By Delivery Mode

•          Cloud-based

•          On-premise

By End User

•          Contract Research Organizations

•          Pharmaceutical and Biotech Companies

•          Business Process Outsourcing

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Pharmacovigilance and Drug Safety Software, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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