The global Pharmacovigilance And Drug Safety Software Market size
is expected to reach USD 207.7 million by 2024, according to a new report by
Grand View Research, Inc., presenting a CAGR of 6.5% during the forecast
period. Increasing number of adverse drug reactions (ADR) is a key factor for
market growth. ADR imposes a significant burden on research organizations and
companies. To curb this problem, pharmaceutical companies are opting for
contract outsourcing of these services.
Manufacturers are now striving
to identify various ways of cost reduction and minimizing operational expenses
by gradually shifting from being fully integrated pharmaceutical companies to
sharing costs by collaborating with service providers. Outsourcing helps
increase internal resource flexibility, improves timelines, and results in
better outcomes in short as well as long terms. Outsourcing also helps achieve
better pharmacovigilance (PV) through regulatory compliance, higher quality,
better productivity, and improved strategic outcomes.
PV service providers, in an
attempt to ensure sustainability, are providing customized and end-to-end
solutions to meet consumer needs. These firms are also incorporating integrated
technologies such as electronic data capture and hosting of PV warehousing for
aggregating cross industry data for benefit risk evaluation. Furthermore, the
fact that service providers are now operating via a flexible and variable
pricing structure and achieving operational excellence through constant product
updates is expected to boost usage rates over the forecast period.
Browse Details of Report @
Further key findings from the report suggest:
- By functionality, fully integrated software
solutions for pharmacovigilance are anticipated to reach USD 25.35 million
by 2024, at a CAGR of 7.0% from 2016 to 2024. The ADR reporting software
segment, on the other hand, is projected to ascend at a CAGR of 6.4% over
the forecast period
- Based on delivery mode, the on-demand segment
dominated the global pharmacovigilance software market with a share of
over 52.0% in 2015
- On the basis of end use, the CROs and BPO
segments are slated to witness lucrative growth owing to increasing
adoption by outsourcing companies to curb healthcare costs
- The U.S. PV software market is anticipated to
exceed USD 6.45 million by 2024. Asian countries, especially India and
China, are also expected to observe remarkable growth in the coming years
- The market is relatively competitive in nature
thanks to presence of global multinational players. It is also
consolidated to a certain extent
- Some of the key companies in the market are
United BioSource Corporation; Sparta Systems, Inc.; Oracle Corporation;
Ennov Solutions Inc.; Max Application; EXTEDO GmbH; AB Cube; Relsys;
Online Business Applications, Inc.; and ArisGlobal.
About
Grand View Research, Inc.:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: http://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: http://www.grandviewresearch.com
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