Pharmacovigilance And Drug Safety Software Market to grow at a CAGR of 6.81% during 2024-2028
The Pharmacovigilance And Drug Safety Software Market is expected to grow at a CAGR of 6.81% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 69.1 million. In the life sciences and pharmaceutical sectors, the generation of pharmacovigilance data has witnessed significant expansion due to an influx of non-standardized sources such as articles, journals, and social media, in addition to non-standardized patents. This data explosion poses challenges for companies relying on legacy technology systems, which can become intricate to manage and error-prone. To address these concerns, pharmacovigilance and drug safety software vendors have incorporated Artificial Intelligence (AI) technologies into their solutions. By leveraging AI, these offerings can effectively process and analyze vast amounts of data from diverse sources, ensuring improved accuracy, productivity, and compliance with regulatory requirements.
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Technavio analysts predict that the Pharmaceutical and biotechnology companies subsegment will lead the End-user segment during 2024 and 2028 Pharmacovigilance and drug safety software play a pivotal role in the pharmaceutical and biotechnology industries, enabling companies to ensure patient and product safety through proactive monitoring both pre- and post-market. This crucial process involves signal generation and hypothesis testing to identify and quantify potential risks, inform safety labeling, and refute false safety signals. The global market for pharmacovigilance and drug safety software is experiencing significant growth, driven by increasing regulatory demands from authoritative bodies such as the US FDA, EMA, CFDA, and JFDA, as well as the expanding need for advanced safety monitoring solutions.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising incidence rates of adverse drug events
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Pharmacovigilance and Drug Safety Software Market: Ensuring Public Safety in Drug Development The Pharmacovigilance and Drug Safety Software Market play a crucial role in ensuring public safety during the development and post-marketing phases of drugs. This market includes advanced technologies and Pharmacovigilance services that facilitate Medical Monitoring, Drug Safety Monitoring, and Adverse Drug Reactions (ADR) reporting. Healthcare Providers, Hospitals, Biotechnology firms, and the Healthcare System as a whole rely on these solutions for monitoring Adverse Events, Drug Interactions, and Compliance issues. With the advent of Cloud-Based Delivery Mode, these software solutions offer real-time data collection, insights processing, and reporting, enabling swift response to emerging safety concerns. Advanced technologies like Artificial Intelligence (AI) and Analytical preference are increasingly being adopted to process disparate data and identify trends, reducing the risk of ADRs and ensuring Drug Safety. Software upgrades and Reporting norms ensure that the solutions remain compliant with evolving regulatory requirements. In conclusion, Pharmacovigilance and Drug Safety Software Market solutions are essential for the healthcare industry, offering advanced capabilities to manage Drug Development, Data Collection, and Insights Processing, ultimately contributing to improved patient safety and public health.
The Pharmacovigilance and Drug Safety Software Market encompasses the income derived from the sale of healthcare applications and IT systems, internet-based healthcare tools such as monitoring devices, telehealth technologies, digital health technologies, and IT consulting services to healthcare providers, clinics, hospitals, and businesses predominantly operating within the healthcare sector. According to Technavio, the global healthcare market size is determined by the consolidated revenue generated by manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, healthcare technology companies, and life sciences tools and services. The expansion of the healthcare technology market will be fueled by factors influencing both the healthcare industry and IT spending market. Key drivers include the continuous need to decrease costs, affecting both developed and emerging economies, and the increasing adoption of technology to enhance efficiency and patient care in the healthcare sector.
The Pharmacovigilance And Drug Safety Software Market is experiencing significant growth, fueled by the rising incidence rates of adverse drug events. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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