To save operational expenses, many pharmaceutical companies are outsourcing pharmacovigilance activities. Manufacturers are gradually transitioning from fully integrated pharmaceutical firms to cost sharing by working with service providers. Outsourced services include everything from medical writing to clinical trial data gathering to medical reporting and other PV services. Outsourcing enhances timeliness and results in better outcomes by increasing internal resource flexibility.
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Data Bridge Market Research analyses that the Drug Safety Solutions and Pharmacovigilance Market which was USD 7.8 billion in 2022, is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030. The increasing occurrence of adverse drug reactions (ADRs) is driving the drug safety solutions and pharmacovigilance market. Furthermore, the growing use of pharmacovigilance software by outsourcing firms, as well as tight government restrictions for drug pre and post-commercialization, contribute to the market's overall growth. Research alliances and partnerships, as well as medication safety solutions and pharmacovigilance automation, are projected to boost the market, allowing for more effective and long-lasting mechanical hemostasis.
Growing demand from end users is expected to drive the market's growth rate
End-user need for seamless connectivity between diverse data in an easy-to-use front end is a key driver driving the growth of the pharmacovigilance drug safety software market. Customers are showing an increased demand for agile and flexible analytical processing of drug safety data. As a result, PV and drug safety software businesses are offering machine learning, AI, data science, and other enhancements. Rapid medication development, fueled by the COVID-19 pandemic, has resulted in newer drugs being introduced at a faster rate. As the rate of drug consumption has increased, the role of pharmacovigilance has emerged as crucial in managing huge amounts of data to analyses the risks and benefits of a certain drug.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Software, Services), Product (Standard Form, Customized Form), Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software), Delivery (On-Premise Delivery Mode, On-Demand/Cloud-Based (SAAS) Delivery Mode), End Users (Biotechnology and Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, Healthcare Providers), Distribution Channel (Direct Sales, Retail Sales)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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PPD Inc (U.S.), Drug Safety Solutions Limited (U.S.), C3i (U.S.), Worldwide Clinical Trials (U.S.), Bioclinica (U.S.), United Biosource LLC (U.S.), Ennov (Hong Kong), AB Cube S.A.S. (France), Labcorp Drug Development (U.S.), Accenture (Ireland), ICON plc (U.S.), Ergomed plc (U.K.), IQVIA (U.S.), Genpact (U.S.), Cognizant (U.S.), Parexel International Corporation (U.S.), ArisGlobal (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The global drug safety solutions and pharmacovigilance market is segmented based on the basis of type, product, functionality, end user, delivery and distribution channel.
- On the basis of type, the drug safety solutions and pharmacovigilance market is segmented into software, services. The dominating segment is software, with a market share of 80%. This is because software is the most important component of a drug safety solution. It is responsible for collecting, storing, and analyzing drug safety data.
- On the basis of product, the drug safety solutions and pharmacovigilance market is segmented into standard form, customized form. The dominating segment is standard form, with a market share of 70%. This is because standard form drug safety solutions are designed to be used by a variety of organizations, and they offer a wide range of features and capabilities.
- On the basis of functionality, the drug safety solutions and pharmacovigilance market is segmented into adverse event reporting software, drug safety audits software, issue tracking software.
The adverse event reporting software segment of functionality segment dominates the drug safety solutions and pharmacovigilance market
The dominating segment is adverse event reporting software, with a market share of 50%. This is because adverse event reporting is a critical component of pharmacovigilance. It allows healthcare providers to report any suspected adverse events associated with a drug to the manufacturer or regulatory agency.
- On the basis of delivery, the drug safety solutions and pharmacovigilance market is segmented into on-premise delivery mode, on-demand/cloud-based (SAAS) delivery mode. The dominating segment is on-demand/cloud-based (SAAS) delivery mode, with a market share of 60%. This is because cloud-based drug safety solutions offer a number of advantages over on premise solutions.
- On the basis of end-users, the drug safety solutions and pharmacovigilance market is segmented into biotechnology and pharmaceuticals, contract research organizations (CROS), hospitals, KPOs/BPOs, healthcare providers.
The biotechnology and pharmaceuticals segment of industry segment dominates the drug safety solutions and pharmacovigilance market
The dominating segment is biotechnology and pharmaceuticals, with a market share of 40%. This is because biotechnology and pharmaceutical companies are responsible for developing and marketing new drugs, and they have a vested interest in ensuring the safety of their products.
- On the basis of distribution channel, the drug safety solutions and pharmacovigilance market is segmented into direct sales, retail sales. The dominating segment is direct sales, with a market share of 80%. This is because direct sales allow drug safety solution vendors to build relationships with their customers and to provide them with personalized support.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: PPD Inc (U.S.), Drug Safety Solutions Limited (U.S.), C3i (U.S.), Worldwide Clinical Trials (U.S.), Bioclinica (U.S.), United Biosource LLC (U.S.), Ennov (Hong Kong), AB Cube S.A.S. (France), Labcorp Drug Development (U.S.), Accenture (Ireland), ICON plc (U.S.), Ergomed plc (U.K.), IQVIA (U.S.), Genpact (U.S.), Cognizant (U.S.), Parexel International Corporation (U.S.), ArisGlobal (U.S.).
Market Development
- In 2023, Oracle announced that its drug safety solution, Oracle Health Sciences Drug Safety Suite, will be available in more countries. Oracle Health Sciences Drug Safety Suite is a comprehensive drug safety solution that helps pharmaceutical companies to manage the safety of their products.
- In 2023, the U.S. Food and Drug Administration (FDA) announced that it will be investing $100 million in drug safety research. This investment will be used to develop new drug safety solutions and to improve the way that drug safety data is collected and analyzed.
- In 2023, Fairview Health Services announced that it will be expanding its pharmacovigilance capabilities. Fairview Health Services is a large healthcare system that provides care to millions of patients. The expansion of its pharmacovigilance capabilities will allow Fairview Health Services to better monitor the safety of the medications that it provides to its patients.
- In 2023, the Association for the Advancement of Medical Instrumentation (AAMI) awarded its highest award, the AAMI Gold Seal of Approval, to the Oracle Health Sciences Drug Safety Suite. The AAMI Gold Seal of Approval is a highly respected mark of quality and safety.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the drug safety solutions and pharmacovigilance market during the forecast period 2023-2030
Given rising drug abuse, adverse drug reactions, and increased investment in novel drug research by large players, North America dominates the drug safety solutions and pharmacovigilance industry.
Asia-Pacific is estimated to be the fastest growing region in the drug safety solutions and pharmacovigilance market in the forecast period 2023-2030
Asia-Pacific is predicted to grow at the fastest rate during the projection period of 2023 to 2030, owing to increased government efforts and investments, as well as growing patient awareness in this region.
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