Asia Pacific Pharmacovigilance and Drug Safety Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 227 | Report Code: TIPRE00022770 | Category: Technology, Media and Telecommunications
No. of Pages: 227 | Report Code: TIPRE00022770 | Category: Technology, Media and Telecommunications
The Asia Pacific pharmacovigilance and drug safety software market was valued at US$ 44.40 million in 2023 and is expected to reach US$ 68.66 million by 2031; it is estimated to register a CAGR of 5.6% from 2023 to 2031.
Artificial intelligence (AI), machine learning (ML), Natural Language Processing (NLP), and other technologies are transforming resource-intensive pharmacovigilance workloads, ensuring a more informed, more efficient approach. Pharmacovigilance and drug safety software platforms are mostly equipped with advanced analytics and AI capabilities that enhance the detection of safety signals. These tools can analyze vast amounts of data, identifying correlations and patterns that traditional methods might overlook. AI-driven predictive analytics can also forecast potential safety issues, allowing companies to take proactive measures. ML models are leveraged to predict potential adverse events associated with drug consumption. For instance, pharmacovigilance campaigns use ML to sift through vast datasets, detecting patterns that might indicate a risk of adverse drug reactions. ML algorithms are particularly adept at handling unstructured data, such as social media and patient records, to forecast safety concerns.
Several major players in the market are offering automated AI-based monitoring tools to promote drug development for pharmaceutical companies. For instance, in May 2021, Clarivate launched the AI-based pharmacovigilance literature monitoring software platform—DialogML. This software uses artificial intelligence and automation for pharmacovigilance literature monitoring. This automation platform helps in end-to-end medical literature monitoring solutions such as reducing aggregate reports and Safety Signal reviewing. In January 2024, PubHive Ltd., a provider of AI-powered literature and safety information workflows, launched a groundbreaking centralized summary of product characteristics (SmPC) management platform with AI-powered pharmacovigilance workflows for life science, pharmaceutical companies, clinical research organizations (CROs), and their pharmacovigilance and drug safety's divisions. This software streamlines processes, simplifies compliance requirements, and empowers pharmacovigilance teams to work faster and more effectively. AI systems are being progressively used to advance real-time drug safety monitoring. This proactive surveillance includes clinical trial data, scanning medical literature, and patient registries for adverse events (AEs); it can also enhance the accuracy and speed of ADR detections. Further, utilizing NLP, AI systems can extract relevant information, such as drug names and symptoms, from vast textual datasets, enabling accurate and rapid adverse event reporting. This accelerates the identification of unknown or new drug safety issues, thereby significantly enhancing the advancements in pharmacovigilance efforts. Various companies offer AI-based pharmacovigilance and drug safety software, including ArisGlobal. Thus, the integration of pharmacovigilance and drug safety software with AI, ML, and NLP is expected to create lucrative opportunities for market growth during the forecast period.
The Asia Pacific pharmacovigilance and drug safety software market is segmented into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. The region is witnessing growing digitization in its healthcare and pharmaceutical sectors. The Government of India has launched various initiatives, such as Ayushman Bharat Digital Mission, Aarogya Setu, e-Sanjeevani, CoWIN App, and e-Hospital, to expand the reach of healthcare facilities and services in the country. Australia is also taking initiatives toward the digitalization of various sectors. In March 2022, the Australian government announced an investment of US$ 74.91 thousand (AU$ 107.2 thousand) to modernize the country's healthcare and pharmaceutical sectors.
There has been a rise in the integration of artificial intelligence in pharmacovigilance and drug safety software, which is utilized in pharmaceutical companies to monitor, collect, analyze, and manage data pertaining to drug safety. With the increasing mandate for pharmacovigilance across the region, there has been a significant shift towards the use of advanced software systems. These solutions are widely used in various phases of drug development, including pre-marketing surveillance, post-marketing surveillance, and clinical trials. Therefore, the growing number of pharmaceutical digitalization initiatives and rising usage of pharmacovigilance and drug safety software are expected to boost the pharmacovigilance and drug safety software market growth in Asia Pacific.
The Asia Pacific pharmacovigilance and drug safety software market is categorized into offering, deployment, enterprise size, form, functionality, end user, and country.
Based on offering, the Asia Pacific pharmacovigilance and drug safety software market is bifurcated into software and services. The software segment held a larger Asia Pacific pharmacovigilance and drug safety software market share in 2023.
In terms of deployment, the Asia Pacific pharmacovigilance and drug safety software market is bifurcated into cloud and on premises. The cloud segment held a larger Asia Pacific pharmacovigilance and drug safety software market share in 2023.
By enterprise size, the Asia Pacific pharmacovigilance and drug safety software market is divided into large enterprises and SMEs. The large enterprises segment held a larger Asia Pacific pharmacovigilance and drug safety software market share in 2023.
Based on form, the Asia Pacific pharmacovigilance and drug safety software market is categorized into standard and customized. The standard segment held a larger Asia Pacific pharmacovigilance and drug safety software market share in 2023.
By functionality, the Asia Pacific pharmacovigilance and drug safety software market is segmented into signal and risk management, issue tracking and adverse event tracking, case management, clinical safety management and clinical trial safety, quality and compliance, medical writing, audit support and training compliance, healthcare analytics, and others. The signal and risk management segment held the largest Asia Pacific pharmacovigilance and drug safety software market share in 2023.
In terms of end user, the Asia Pacific pharmacovigilance and drug safety software market is categorized into pharmaceutical and biotechnology companies, contract research organizations, business process outsourcing (BPO) firms, and others. The pharmaceutical and biotechnology companies segment held the largest Asia Pacific pharmacovigilance and drug safety software market share in 2023.
Based on country, the Asia Pacific pharmacovigilance and drug safety software market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific pharmacovigilance and drug safety software market share in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 44.40 Million |
| Market Size by 2031 | US$ 68.66 Million |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | Asia Pacific
|
| Market leaders and key company profiles |
Veeva Systems Inc, IQVIA Holdings Inc, AB Cube S.A.S., ArisGlobal LLC, Oracle Corp, Max Application, ICON Plc, Cognizant Technology Solutions Corp, Accenture Plc, Syneos Health Inc, Genpact Ltd., Laboratory Corp of America Holdings, Parexel International Corp, Qinecsa Solutions, and Clinevo Technologies are some of the leading companies operating in the pharmacovigilance and drug safety software market.
The Asia Pacific Pharmacovigilance and Drug Safety Software Market is valued at US$ 44.40 Million in 2023, it is projected to reach US$ 68.66 Million by 2031.
As per our report Asia Pacific Pharmacovigilance and Drug Safety Software Market, the market size is valued at US$ 44.40 Million in 2023, projecting it to reach US$ 68.66 Million by 2031. This translates to a CAGR of approximately 5.6% during the forecast period.
The Asia Pacific Pharmacovigilance and Drug Safety Software Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Pharmacovigilance and Drug Safety Software Market report:
The Asia Pacific Pharmacovigilance and Drug Safety Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Pharmacovigilance and Drug Safety Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Pharmacovigilance and Drug Safety Software Market value chain can benefit from the information contained in a comprehensive market report.
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