USD 72.74 Mn growth opportunity in Pharmacovigilance and Drug Safety Software Market -- Driven by rising incidence rates of adverse drug events
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The "Pharmacovigilance and Drug Safety Software Market by End-user and Geography - Forecast and Analysis 2022-2026" report by Technavio expects the market size to increase by USD 72.74 million between 2021 and 2026, expanding at a CAGR of 7.11% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample Report Here
The market is analyzed across the following segments:
By end-user, the pharmaceutical industry exhibited high demand for pharmacovigilance and drug safety software in 2021. The software is used by pharmaceutical and biotechnology companies to ensure the safety of patients and products through pre-market and post-market monitoring as well as the study and identification of previously unrecognized adverse drug reactions and events. In addition, the increasing number of clinical trials and the growth in pharmaceutical spending has been crucial in driving the growth of the segment.
In terms of region, North America will emerge as the key market for pharmacovigilance and drug safety software over the forecast period. The growth of the regional market can be attributed to the increased focus on the development of cost-effective and advanced cloud-based solutions by vendors operating in North America. In addition, the increase in the number of product recalls has created a rising demand for drug safety testing, further driving the demand for pharmacovigilance and drug safety software in the region.
Key Market Dynamics:
The rising incidence rates of adverse drug events and favorable government regulations and policies are some of the key market drivers. However, factors such as the high cost of ownership, installation, and maintenance will challenge market growth.
The report offers detailed insights into the contribution of all the segments, regional growth opportunities, and the factors impacting the growth of the market in focus. View Sample Report Now
The global pharmacovigilance and drug safety software market is fragmented. The market is facing intense competition, which is creating pricing pressure on various global and local players. These players are focusing on software innovations and are increasing existing software capabilities to expand their presence and share in the market.
The leading vendors are focusing on inorganic growth strategies by acquiring small and local players to broaden their software portfolio and expand to emerging markets. They are also investing in R&D to enhance and upgrade their existing product portfolio and introduce innovative software with advanced technological features to have a competitive edge. The competition is expected to increase during the forecast period due to the entry of many new small and large players in the market. Technavio identifies the following as the dominant players in the market.
Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request Sample Report Now
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View original content to download multimedia:https://www.prnewswire.com/news-releases/usd-72-74-mn-growth-opportunity-in-pharmacovigilance-and-drug-safety-software-market--driven-by-rising-incidence-rates-of-adverse-drug-events-301602471.html