From GlobeNewswire: 2024-11-18 09:10:00

The global pharmacovigilance and drug safety software market is on the rise due to increased spending on drug development and the adoption of cloud-based software. Market analysis reveals growth opportunities in various sectors and regions, with a projected market value of $359.30 million by 2031. Key players are focusing on technological innovations and collaboration to stay competitive in the market.

Technological advancements such as AI and machine learning are driving automation in pharmacovigilance and drug safety software, with companies integrating these technologies to streamline processes. Government investments in AI-based solutions are also fueling market growth, with regulatory bodies like the US FDA promoting the use of AI in drug development. Collaboration and innovation are key to success in this evolving market landscape.

The market is segmented based on organization size, offerings, deployment, form, functionality, and end user, with North America leading in market dominance. Europe and Asia Pacific are also significant contributors to the market, with Asia Pacific expected to record the highest CAGR. Companies are leveraging global networks to enhance data sharing and improve drug safety monitoring on a global scale.

Key players in the pharmacovigilance and drug safety software market include ArisEurope, ICON plc, Syneos Health, and Accenture, among others. These companies are focusing on new product launches, joint ventures, and geographical expansions to maintain their competitive edge. Recent developments include strategic collaborations and innovative solutions to advance drug safety processes and treatment outcomes in various therapeutic areas.

The rise in adverse drug reactions globally is propelling the demand for pharmacovigilance and drug safety software, with over 1.25 million severe adverse cases reported in 2022. The globalization of pharmacovigilance is fostering collaboration among stakeholders to improve drug safety monitoring and enhance data sharing. Integrated solutions that can operate across the globe are becoming increasingly essential in the industry.



Read more at GlobeNewswire: Pharmacovigilance and Drug Safety Software Market