Pharmacovigilance (PV) is the process of identifying risks associated with drugs, medical devices, and biologics to prevent adverse drug reaction (ADR) events in patients. This is responsible for the increasing demand for software applications required by companies to maintain huge clinical research data and reduce maintenance costs. The market is evolving due to increasing incidence of ADR reporting.
PV softwares used during the study comprise ARISg, Argus, and Pvnet. The softwares used for post marketing surveillance include VigiBase and VigiFlow. These are used by Contract Research Organizations (CROs), sponsor sites, hospitals, and ADR monitoring centers. The demand for PV softwares from CROs is increased due to the benefits associated with its usage.
"Adoption of PV softwares due to the related benefits"
PV softwares are accessible from anywhere and at anytime with internet access. Increasing globalization of pharmacovigilance with widespread availability of internet is expected to boost the usage rates in the coming years. In addition, the rising health information technology market will strengthen the usage of PV softwares over the forecast period as it helps in improving patient health through the development of safe and efficacious medication, which reduces medical expenditures.
Moreover, increasing pressure to follow safety guidelines from government authorities such as European Medicines Agency and the U.S. FDA is contributing toward the growing adoption of pharmacovigilance systems, which is to soar in the next 7 years. Many pharmaceutical companies are moving toward outsourcing pharmacovigilance activities to curb operational costs.
"Addressable PV software’s market"
Pharmacovigilance softwares have transformed the traditional way of ADR reporting and management. The introduction of advanced data integration software and cost effective nature of this PV system is anticipated to spur the demand over the forecast period.
The market is highly competitive in nature due to many healthcare information technology companies, such as Wipro, TCS, and Cognizant focusing toward the establishment of a separate clinical research data management and pharmacovigilance division as it involves huge data safety management activities. Some of the players dominating this industry are Oracle Corporation, ArisGlobal, AB Cube, Max Application, Relsys, Sparta Systems, Inc., United BioSource Corporation, EXTEDO GmbH, Online Business Applications, Inc., and Ennov Solutions, Inc.
In-depth report on global pharmacovigilance software market by Grand View Research: