The global drug safety and pharmacovigilance software market accounted for over US$ 148.4 Million in 2019. It is anticipated to grow at a CAGR of 6.3% from 2020 to 2030.
The growth of the drug safety and pharmacovigilance software market can be attributed to several factors such as the increasing adoption of pharmacovigilance software by outsourcing companies and the rising incidents of Adverse Drug Reactions (ARDs). Contract research organizations are actively participating in the research & development activities following the rising prevalence of chronic diseases across the globe, which is likely to boost the overall market growth. Additionally, rising patient safety issues and surging adverse effects resulting from certain drug consumption may boost the global drug safety and pharmacovigilance market. This may also have a direct correlation with the availability of clinical trial services and decreased medical spending, and hence the potential growth demand for the future. However, the lack of awareness and knowledge regarding ADRs and pharmacovigilance among healthcare professionals is restraining growth of the drug safety and pharmacovigilance software market.
Drug Safety & Pharmacovigilance Software Market Prominent Players:
Some of the key players operating in the drug safety & pharmacovigilance software market include ArisGlobal LLC, Anju software, AB-cube, Sarjen Systems Pvt. Ltd, United BioSource LLC, Umbra Global, 7Ennov, Oracle, Sparta Systems Inc, and EXTEDO, among others.
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