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Global Drug Safety and Pharmacovigilance Software Market 2022 - 2027: Rising Incidence of ADR and Drug Toxicity and Highly Regulated Pharmacovigilance Space Drives Growth

Research and Markets
·5-min read
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Global Drug Safety and Pharmacovigilance Software Market

Global Drug Safety and Pharmacovigilance Software Market
Global Drug Safety and Pharmacovigilance Software Market

Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Drug Safety and Pharmacovigilance Software Market (2022-2027) by Functionality, Delivery Mode, End -user, and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Drug Safety and Pharmacovigilance Software Market is estimated to be USD 7.06 Bn in 2022 and is expected to reach USD 11.43 Bn by 2027, growing at a CAGR of 10.11%

Market dynamics are forces that impact the prices and behaviors of the stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding growth and reducing risks.

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Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Drug Safety and Pharmacovigilance Software Market. Ansoff Matrix, also known as the Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Drug Safety and Pharmacovigilance Software Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Drug Safety and Pharmacovigilance Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.

  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.

  • The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.

  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.

  • The report also contains a competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.

Report Metrics:

Report Attribute

Details

No. of Pages

188

Forecast Period

2022 - 2027

Estimated Market Value (USD) in 2022

$7.06 Billion

Forecasted Market Value (USD) by 2027

$11.43 Billion

Compound Annual Growth Rate

10.1%

Regions Covered

Global

Market Dynamics

Drivers

  • Rising Incidence of ADR and Drug Toxicity

  • Increasing Need to Reduce Time Spent Reviewing Medical Literature for Aggregate Reports and Articles

  • Highly Regulated Pharmacovigilance Space

Restraints

  • Expensive Deployment of Pharmacovigilance & Drug Safety Software

Opportunities

  • Increasing Investment in Research and Development (R&D) by Healthcare Companies

  • Integration of AI and Machine Learning Models in Pharmacovigilance & Drug Safety Software

Challenges

  • Lack of Awareness, Training, and Underreporting of Adverse Drug Reactions (ADRs) in Developing Countries

Market Segmentation

The Global Drug Safety and Pharmacovigilance Software Market is segmented based on Functionality, Delivery Mode, End -user, and Geography.

  • By Functionality, the market is classified into Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software.

  • By Delivery Mode, the market is classified into On-premise Delivery Mode, and On-demand/Cloud based (SaaS) Delivery Mode.

  • By End -user, the market is classified into Pharma and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, and Other Pharmacovigilance Service Providers.

  • By Geography, the market is classified into Americas, Europe, Middle East & Africa, and Asia-Pacific.

Companies Mentioned

  • 4C Pharma Solutions

  • AB Cube

  • Accenture, PLC

  • Advera Health Analytics, Inc.

  • Anju Software, Inc.

  • ArisGlobal, LLC

  • Clinevo Technologies Pvt. Ltd.

  • Cognizant Technology Solutions Corp.

  • Ennov

  • Ergomed, PLC

  • Extedo GmbH

  • Indegene, Inc.

  • IQVIA, Inc.

  • Oracle Corp.

  • Sarjen Systems Pvt. Ltd.

  • Sparta Systems, Inc.

  • United BioSource, LLC

  • Wipro, Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/w7hedq-drug?w=12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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