The global pharmacovigilance and drug safety software market has
been prophesied in a report by Transparency Market Research (TMR) to
witness the rise of best business tactics such as constant upgrade of
products, joint ventures, collaborations, and acquisitions. Companies
could adopt these tactics with a view to strengthen their position in
the market. Some of the leading players of the market are United
BioSource Corporation, AB Cube, and UMBRA Global LLC. Regional
expansion, software development, and new service launch could be other
tactics expected to be practiced in the market. Players could testify of
quick business opportunities owing to the implementation of such
strategies during their operation.
TMR has projected the global
pharmacovigilance and drug safety software market to rise at a 5.4% CAGR
between 2017 and 2022. In 2017, the market had earned revenue of
US$143.6 mn. By the completion of 2022, it could expand its valuation to
a US$187.0 mn. In terms of type of software, the market has been
foreseen to crown adverse event reporting software as a leading segment
rising at a 6.2% CAGR. By region, North America could grab a lion’s
share of the market, securing a US$79.2 mn by the final forecast year.
pharmacovigilance drug safety software marketCrucial Applications in Clinical Research Set Tone for Valuable Growth
Rising withdrawals of high-profile drugs
has been foretold to augment the employment of pharmacovigilance tools
in the near future. The usage of these tools could also gain growth
because of the swelling pressure on drug manufacturers to determine
early signs of adverse interactions due to drug consumption. The demand
in the world pharmacovigilance and drug safety software market could be
bolstered with advancement in technology.
There are several benefits associated
with the use of cutting-edge pharmacovigilance software such as ARISg
and Argus. In the coming years, players could see the adoption of
pharmacovigilance software boosted on the back of ease of access,
reduced data redundancy, and other benefits. Critical applications of
pharmacovigilance and drug safety software in clinical research have
been predicted to give a strong push to market growth in the foreseeable
future.
Ignorance about Benefits of Using Pharmacovigilance Tools Restricts Demand
Lack of pharmacovigilance professionals
and shortage of standard regulations could be among primary factors
inhibiting the growth of the international pharmacovigilance and drug
safety software market. Furthermore, poor awareness about the benefits
of pharmacovigilance software has been expected to dent market growth in
the near future.
However, there could be ample of scope
for securing growth in the international pharmacovigilance and drug
safety software market. This could be on account of rising complexity of
regulations related to drug safety. Escalating patient safety issues
and rising incidence of adverse side effects due to the consumption of
certain drugs or inappropriate dosages have increased the need for
stringent regulatory inspections to be implemented on a global scale.
Pharmacovigilance and drug safety software could be largely engaged to
make available clinical trial programs and reduce medical expenditure.
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