LONDON, July 13, 2015 /PRNewswire/ — The global pharmacovigilance and drug safety software market is expected to grow at a CAGR of 6.5% from 2014 to 2019. North America region held the largest share of the pharmacovigilance and drug safety software market in 2014. However, Asian and Latin American countries symbolize high growth markets. This is owing to a rise in research outsourcing by pharmaceutical giants and growing public and private investments in pharmaceutical R&D in these emerging nations.
The growth of the global pharmacovigilance and drug safety software market is mainly driven by increasing incidence rates of adverse drug reactions (ADRs), growing adoption of pharmacovigilance software by outsourcing companies (such as CROs and BPOs), and huge pressure on pharma companies to develop novel and safe drugs.
However, the dearth of standard regulations and lack of pharmacovigilance professionals are some of the key factors restraining the growth of this market.
In this report, the global pharmacovigilance and drug safety software market has been classified into four segments on the basis of functionality, namely, adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. The global pharmacovigilance and drug safety software market is segmented into two segments on the basis of delivery mode, namely, on-premise delivery mode and on-demand/cloud based (SaaS) delivery mode. The global pharmacovigilance and drug safety software market is also segmented on the basis of end users including pharma and biotech companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and other pharmacovigilance service providers.
The global pharmacovigilance and drug safety software market comprises large number of small and mid-size software developers and service providers. As of 2014, the global pharmacovigilance and drug safety software market was dominated by Oracle Corporation (U.S.).
New service launches; agreements, and partnerships; software developments; and geographical expansions are some of the major strategies adopted by most of the market players to achieve growth in the pharmacovigilance and drug safety software market.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis —industry analysis (value chain analysis and Porter’s five force model), market share analysis of top ten players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the pharmacovigilance and drug safety software market, high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them to garner a greater market share. Firms purchasing the report could use any one or a combination of the below mentioned four strategies (market penetration, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
– Market Penetration: Comprehensive information on pharmacovigilance and drug safety software offered by the top 10 players in the pharmacovigilance and drug safety software market. The report analyzes the pharmacovigilance and drug safety software market on the basis of functionality, delivery mode, end user, and region.
– Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various pharmacovigilance and drug safety software across geographies.
– Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the pharmacovigilance and drug safety software market.
– Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the pharmacovigilance and drug safety software market.
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