Middle East & Africa Pharmacovigilance and Drug Safety Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 214 | Report Code: TIPRE00022772 | Category: Technology, Media and Telecommunications
No. of Pages: 214 | Report Code: TIPRE00022772 | Category: Technology, Media and Telecommunications
The Middle East & Africa pharmacovigilance and drug safety software market was valued at US$ 6.50 million in 2023 and is expected to reach US$ 8.32 million by 2031; it is estimated to register a CAGR of 3.1% from 2023 to 2031.
Cloud-based platforms enable real-time monitoring of adverse events that allow pharmaceutical companies to detect and respond to safety signals more quickly. With real-time data access, companies can generate safety reports on demand, significantly reducing the time required for decision-making. This immediacy is crucial in preventing adverse events from escalating into serious public health issues. Also, one of the most significant advantages of cloud-based drug safety solutions is their scalability. As a company grows or as the volume of data increases, the cloud platform can scale accordingly without requiring additional infrastructure investments. This flexibility is essential in pharmacovigilance, where the volume of data can fluctuate significantly depending on the stage of the drug's lifecycle. Cloud-based systems are enabling the creation of global pharmacovigilance networks, where data can be shared across borders in real-time. These networks will enable more comprehensive drug safety monitoring, with insights and safety signals being shared worldwide, leading to faster identification and mitigation of risks.
Cloud-based platforms enable real-time monitoring of adverse events, permitting pharmaceutical companies to detect and respond to safety signals more quickly. With real-time data access, companies can generate safety reports on demand, significantly reducing the time required for decision-making. This immediacy is crucial in preventing adverse events from escalating into serious public health issues. Various companies are offering and launching cloud-based pharmacovigilance and drug safety software, such as Clinevo Technologies, Thermo Fisher Scientific Inc., and Sarjen Systems Pvt. Ltd. For instance, in December 2023, Thermo Fisher Scientific Inc. launched a cloud-based CorEvidence data lake platform to optimize pharmacovigilance case processing and drug safety data management. The new platform aimed to enhance CorEvitas clinical research offered by Thermo Fisher Scientific Inc.'s clinical research business. CorEvidence is the first cloud-based application to support improved pharmacovigilance workflow and deliverables management. It was designed to handle multiple adverse events and ensure safety events post-authorization of drug safety studies.
Therefore, cloud-based pharmacovigilance and drug safety software is expected to bring significant trends in the global pharmacovigilance and drug safety software market in the coming years.
The pharmacovigilance and drug safety software market in Middle East & Africa is segmented into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East and Africa. Digital transformation is a key goal in the Middle East as governments of various countries in the region recognize the need to adopt digital technologies for economic diversification and sustainability. The region is also experiencing enormous growth in the healthcare and pharmaceutical sectors. Saudi Arabia accounted for approximately 60% of the total healthcare expenditure of GCC countries in 2023. According to the US Department of Commerce's International Trade Administration, Saudi Arabia spent US$ 50.4 billion in investments in healthcare, pharmaceutical, and social development in 2023, which is ~17.0% of its 2023 budget. For instance, the government of Saudi Arabia plans to invest ~US$ 65 billion in building a well-developed healthcare and pharmaceutical infrastructure by 2030. Such investments in pharmaceutical and other sectors across the country are expected to boost the growth of digital infrastructure in the industry, which is expected to fuel the demand for pharmacovigilance and drug safety software from 2023 to 2031.
The Middle East & Africa pharmacovigilance and drug safety software market is categorized into offering, deployment, enterprise size, form, functionality, end user, and country.
Based on offering, the Middle East & Africa pharmacovigilance and drug safety software market is bifurcated into software and services. The software segment held a larger Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
In terms of deployment, the Middle East & Africa pharmacovigilance and drug safety software market is segmented into cloud and on premises. The cloud segment held a larger Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
By enterprise size, the Middle East & Africa pharmacovigilance and drug safety software market is divided into large enterprises and SMEs. The large enterprises segment held a larger Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
Based on form, the Middle East & Africa pharmacovigilance and drug safety software market is categorized into standard and customized. The standard segment held a larger Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
By functionality, the Middle East & Africa 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 Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
In terms of end user, the Middle East & Africa 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 Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
Based on country, the Middle East & Africa pharmacovigilance and drug safety software market is categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa pharmacovigilance and drug safety software market share in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.50 Million |
| Market Size by 2031 | US$ 8.32 Million |
| Global CAGR (2023 - 2031) | 3.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | Middle East and Africa
|
| 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 Middle East & Africa Pharmacovigilance and Drug Safety Software Market is valued at US$ 6.50 Million in 2023, it is projected to reach US$ 8.32 Million by 2031.
As per our report Middle East & Africa Pharmacovigilance and Drug Safety Software Market, the market size is valued at US$ 6.50 Million in 2023, projecting it to reach US$ 8.32 Million by 2031. This translates to a CAGR of approximately 3.1% during the forecast period.
The Middle East & Africa 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 Middle East & Africa Pharmacovigilance and Drug Safety Software Market report:
The Middle East & Africa 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 Middle East & Africa Pharmacovigilance and Drug Safety Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Pharmacovigilance and Drug Safety Software Market value chain can benefit from the information contained in a comprehensive market report.
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