Pharmacovigilance and drug safety software market is projected to grow with increasing demand and AI integration
From GlobeNewswire: 2024-11-25 08:00:00
The Pharmacovigilance and Drug Safety Software Market is projected to grow from USD 206.68 million in 2023 to USD 371.88 million by 2032, with a CAGR of 6.76% from 2024 to 2032. Key drivers include increasing demand for drug safety monitoring and integration of advanced technologies like AI and ML for enhanced processes.
The market growth is fueled by rising drug approvals, ADR reporting, and regulatory scrutiny, leading to a need for robust pharmacovigilance systems. Adoption of AI and ML technologies is accelerating demand for smarter drug safety solutions, enabling faster data analysis and early risk detection.
Pharmacovigilance and drug safety software play a crucial role in monitoring drug safety, improving clinical trials, and maintaining compliance with regulations. Advancements in AI and big data analytics streamline data collection, signal detection, and risk assessment processes, meeting stringent ADR reporting requirements.
Case Data Collection and Management was the dominant segment in 2023, accounting for 45.0% of the market share. Signal Detection and Other Safety Risk Assessment is the fastest-growing segment, driven by advancements in AI and ML technologies. On-Premise delivery mode led the market, while the On-Demand model is the fastest-growing, offering cloud-based flexibility.
Pharma & Biotech Companies held the largest market share in 2023, driving demand for pharmacovigilance software. Contract Research Organizations (CROs) are the fastest-growing segment, adopting AI-powered solutions for clinical trials and post-market surveillance. North America leads the market, with the U.S. expected to witness consistent growth due to technological advancements. Major companies like IQVIA, Accenture, and Cognizant are expanding in North America to provide pharmacovigilance software solutions for drug safety monitoring. Europe is also a growing market for pharmacovigilance software, with increased regulatory requirements and investments in AI-driven systems for efficient data analysis and risk management.
IQVIA plans to cut pharmacovigilance costs by 50% using generative AI, while the FDA’s CDER introduced the Emerging Drug Safety Technology Meeting program to discuss AI’s role in enhancing pharmacovigilance practices. For more insights, check out the Pharmacovigilance and Drug Safety Software Market Analysis & Outlook Report 2024-2032 from SNS Insider, a leading market research and consulting agency globally.
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