Wide range of modern medicines are beneficial as well as cause adverse drug reaction (ADR) which may lead to permanent side effects, serious illnesses, paralysis and even death. Therefore, field of pharmacovigilance and drug safety evaluation are essential for monitoring public health and institutionalizing the safe use of medicine in humans. The major focus of pharmacovigilance and drug safety software market are to enhance patients care and safety to use of medicines and to support public health organization by proving reliable, accurate information regarding safety and effective assessment of the risk-benefit profile of medicines. Pharmacovigilance involves the safety monitoring of all medicines including herbal and complimentary remedies, vaccines and biological substances. Risk management plan in Europe and Risk evaluation and mitigation strategies (REMS) services in U.S. are the standard part of pharmacovigilance planning. The process carries out in pharmacovigilance software are the fetched data are process and review for safety, perform report assessment, adverse event reporting and store clinical trials data are submitted to regulators authority including US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) etc.
Increased incidence of adverse drug reactions is key factor driving the growth of pharmacovigilance and drug safety software market. Other factors include, increasing in patient pooling of chronic and nonchronic disease, growing disease burden and aging geriatric population, growing complexity regarding drug safety regulations are boosting the growth of pharmacovigilance and drug safety software market globally.
High cost of installation and maintenance of pharmacovigilance software, lack of pharmacovigilance professionals and non-aviability of standards regulation are the factors hindering the growth of pharmacovigilance and drug safety software market.
The Global Fund and the World Health Organization together with several pharmaceutical and biotechnology companies have developed ‘Global Pharmacovigilance Strategy’ and targeting at low-to-middle income countries for identifying the hazards associated with pharmaceutical products and with minimizing the risk of harm that come to patients. Proactive PV is ongoing trends in pharmacovigilance industry as the product is evaluated at each stage staring from the development phase before entering into market.
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The pharmacovigilance and drug safety software market is segmented into solution type, deployment type, end user and region. The region segments include, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market in North America dominates the global pharmacovigilance and drug safety software market due to increase in incidence of chronic and non-chronic disease in U.S. On the other hand, markets in Asia Pacific countries especially India and China are expected to grow at a high rate owing to growing healthcare and pharmaceuticals industries.
The key players in pharmacovigilance and drug safety software market includes, United BioSource Corporation, Sparta Systems, Inc., ArisGlobal LLC., Extedo GmbH., Oracle International Corporation, Ennov Solutions, Inc., Sarjen Systems Pvt. Ltd., Online Business Applications, Inc., AB Cube, and Relsys International, Inc.