2024 Global Pharmacovigilance And Drug Safety Software Market Report: Key Drivers, Size, and Leading Segments
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What is the Expected Growth Rate of the Pharmacovigilance And Drug Safety Software Market from 2024 to 2033?
The pharmacovigilance and drug safety software market has expanded rapidly, with growth from $2.00 billion in 2023 to $2.26 billion in 2024, marking a CAGR of 12.9%. Factors contributing to this growth include increased demand for safety software, higher healthcare spending, a rise in chronic disease cases, and demand for specialized software.
The pharmacovigilance and drug safety software market is expected to grow rapidly, reaching $3.68 billion by 2028 at a CAGR of 13.0%. Growth is attributed to the rising incidence of adverse drug reactions, the globalization of pharmacovigilance, complex drug safety regulations, the development of new drugs, and ADR increases. Trends include automation and AI integration, cloud solutions, technological innovations, and healthcare digitalization.
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What Key Factors Are Fueling the Growth of the Pharmacovigilance And Drug Safety Software Market?
The rising demand for personalized medicine is also expected to boost the pharmacovigilance and drug safety software market. These software solutions ensure the safety and efficacy of personalized treatments by integrating pharmacogenetics, real-time data, and post-marketing surveillance. The Personalized Medicine Coalition reported a significant rise in FDA-approved personalized therapies in 2023, driving the need for pharmacovigilance and drug safety software.
What Are the Major Segments of the Pharmacovigilance And Drug Safety Software Market?
1) By Software Type: Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, Fully Integrated Software
2) By Delivery Mode: On-premise, Cloud-based
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research Organizations, Business Process Outsourcing Firms, Other End Users
What New Trends Are Transforming the Pharmacovigilance And Drug Safety Software Market?
Companies in the pharmacovigilance and drug safety software market are introducing innovative technologies, such as cloud-based data lake platforms, to enhance patient safety, monitor adverse events, and improve regulatory compliance. A cloud-based data lake platform allows organizations to manage and analyze large amounts of data in real time, supporting advanced analytics and AI/ML workloads. In December 2023, Thermo Fisher Scientific Inc. launched CorEvidence, a proprietary cloud-based platform designed to improve pharmacovigilance processes and safety data management in clinical research registries.
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Which Regions Are Driving Growth in the Pharmacovigilance And Drug Safety Software Market?
North America was the largest region in the pharmacovigilance and drug safety software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacovigilance and drug safety software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pharmacovigilance And Drug Safety Software Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pharmacovigilance and drug safety software market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pharmacovigilance And Drug Safety Software Market Include
1. Pharmacovigilance And Drug Safety Software Market Executive Summary
2. Pharmacovigilance And Drug Safety Software Market Segments
3. Pharmacovigilance And Drug Safety Software Market Size And Template Market Growth Rate
4. Key Pharmacovigilance And Drug Safety Software Market Trends
5. Major Pharmacovigilance And Drug Safety Software Market Drivers
……
25. Key Mergers And Acquisitions In The Pharmacovigilance And Drug Safety Software Market
26. Top Pharmacovigilance And Drug Safety Software Companies
27. Pharmacovigilance And Drug Safety Software Market Opportunities And Strategies
28. Pharmacovigilance And Drug Safety Software Market, Conclusions And Recommendations
29. Appendix
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