Report : Europe Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Software Type (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software); Delivery Mode (On-premise, and Cloud-based); End User (Pharmaceutical and Biotech Companies, Contract Research Organizations (CROs), and Business Process Outsourcing (BPO) Firms)
Adverse Event Reporting Software Segment has the Largest Share of Software Type in the Europe Pharmacovigilance and Drug Safety Software Market during 2020–2027
According to a new market research study on “Europe Pharmacovigilance and Drug Safety Software Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Software Type, Delivery Mode, and End User,” is expected to reach US$ 71.1 million by 2027 from US$ 40.5 million in 2019. The market is estimated to grow at a CAGR of 7.1% from 2020 to 2027. The report provides trends prevailing in the Europe pharmacovigilance and drug safety software market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising incidences of adverse drug reaction (ADR) and globalization of pharmacovigilance are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the expensive technology.
Key medical organizations and agencies such as the European Medicines Agency and the UK Medicines and Health Regulatory Agency have provided guidelines for the execution of clinical trials and post-marketing monitoring during the COVID-19 pandemic. While these organizations understand the difficulties involved, patient safety is the focus and still should be performed as normal. The COVID-19 pandemic has caused various regulatory agencies to dramatically revise their standards, and have stressed the value of electronic reporting to ensure patient safety. Having a dedicated safety intelligence team allows an existing communication channel with authorities and the cooperation of local teams facilitates a timely and constructive communication with local authorities to plan alternative measures before it becomes necessary.
The market for pharmacovigilance and drug safety software market is segmented into software type, delivery mode, and end user. In 2019, the adverse event reporting software accounted for the largest market share in the pharmacovigilance and drug safety software market. In pharmacovigilance high volume of adverse reaction report event data generated. These reports may not be in a uniform format which makes it difficult to classify the event manually. Manual processing and classification of adverse event reports is costly and time-consuming operation. To overcome these challenges companies are incorporating automated solutions. Thus, owing to above mentioned factors it is expected that the market is likely to increase significantly during the forecast period.
Veeva Systems, IQVIA Inc., Ennov, AB Cube, United Biosource LLC, ArisGlobal LLC, Sparta Systems, Oracle Corporation, Sarjen Systems Pvt. Ltd, EXTEDO, Maxapplication, and Online Business Applications, Inc. are among the leading companies in the Europe pharmacovigilance and drug safety software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Veeva Systems today unveiled Veeva Vault Signal, the industry's first solution that offers quick access to risk-based signal management through a single interface. Vault Signal unites all signal processing operations so scientists can handle safety signals with greater clarity through the entire workflow.
The report segments the Europe Pharmacovigilance and Drug Safety Software market as follows:
By Software Type
- Fully Integrated Software
- Adverse Event Reporting Software
- Drug Safety Audits Software
- Issue Tracking Software
By Delivery Mode
By End User
- Contract Research Organizations
- Pharmaceutical and Biotech Companies
- Business Process Outsourcing
- Rest of Europe
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