Global Pharmacovigilance and Drug Safety Software Market

Pharmacovigilance and Drug Safety Software Market Size, Share, Growth Analysis, By Functionality (Adverse Event Reporting Software, Drug Safety Audits Software), By Deployment Mode (On Premise, Cloud), By End User (Pharma and Biotech Companies, BPO), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35G2302 | Region: Global | Published Date: November, 2024
Pages: 207 | Tables: 88 | Figures: 71

Pharmacovigilance and Drug Safety Software Market News

  • In August 2024, In the latest update of Oracle Argus Safety 8.0, Oracle Corporation has improved its pharmacovigilance and drug safety software by incorporating advanced AI and machine learning capabilities. This enhancement ensures that reporting on adverse events is made easier, data analysis accuracy is improved, and there is swifter compliance with changing regulations.
  • In June 2024, Veeva’s Tower reports about Veeva Vault Safety, an advanced platform that offers real-time analytics and automated risk assessment. It provides complete insights as well as streamlined workflows for managing adverse events and safety data for proper drug monitoring and adherence to rules.
  • In April 2024, ArisGlobal released its LifeSphere Safety 7.2, introducing state-of-the-art natural language processing tools. Thus, this will make it easier to extract data from unstructured data sources and hence improve the efficiency of adverse event reporting and regulatory compliance. In addition, this update includes options for advanced integration with other clinical and safety systems.
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Global Pharmacovigilance and Drug Safety Software Market size was valued at USD 182.3 Million in 2022 poised to grow from USD 194.33 Million in 2023 to USD 324.04 Million by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031). 

At the international arena several notable organizations are witnessed in terms of competition within global pharmacovigilance and drug safety software market. They are typified by Oracle whose pharmacovigilance solutions are strong; Veeva Systems known for its all-inclusive drug safety administration systems; ArisGlobal which provides sophisticated pharmaceuticals safety applications as well as clinical trial programs. Through improving technology field, integrating facilities and compliance functionalities these firms stimulate invention causing an increase in rivalry thus determining how the sector operates. 'Oracle Corporation  ', 'Veeva Systems Inc. ', 'AB-Cube ', 'ArisGlobal  ', 'SAP SE  ', 'Parexel International Corporation  ', 'Accenture plc  ', 'PharmaLex GmbH  ', 'Cognizant Technology Solutions  ', 'Ennov  ', 'Lachman Consultants  ', 'PAREXEL International Corporation  ', 'Qualogy  ', 'Roche  ', 'IBM Corporation  ', 'IQVIA ', 'United BioSource (UBC) ', 'Laboratory Corporation of America Holdings ', 'ICON Plc. ', 'Capgemini'

Increasing demand for pharmacovigilance and drug safety software is driven by strict global regulations from agencies like FDA, EMA, etc. Adverse event reporting and drug safety monitoring have become mandatory for pharmaceutical firms to be compliant; thereby creating an undying need for reliable and scalable software solutions that eases managing the regulatory requirements.

Integration of AI and Machine Learning: AI and machine learning technologies are being increasingly incorporated into the global pharmacovigilance and drug safety software market. These developments contribute to better data analysis, automation of adverse event reporting, and enhanced predictive analytics, which results in improved efficiency and accuracy in drug safety management and compliance.

The reason that North America continues to maintain its industry leadership position in the global pharmacovigilance and drug safety software market is due to its vigorous pharmaceutical sector, strict regulations, and sophisticated healthcare delivery systems. Leading producers of medicines and biological products are in the region where there are highly progressive bodies such as The Food and Drug Administration (FDA), which promote high pharmacovigilance solution requirement levels. Additionally, North America’s focus on technological innovation, including AI, cloud-based platforms, and real-time drug safety monitoring, enhances the efficiency of drug safety practices. The high volume of clinical trials, coupled with a growing emphasis on patient safety and regulatory compliance, further solidifies the region’s leadership in the market.

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Global Pharmacovigilance and Drug Safety Software Market

Report ID: SQMIG35G2302

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