Global Pharmacovigilance and Drug Safety Software Market To Grow At 6.2 % CAGR Over 2016-2020
Date : 2017-01-05
Increasing incidence rates of adverse drug reactions , growing adoption of pharmacovigilance software by outsourcing companies , and huge pressure on pharma companies to develop novel and safe drugs will foster the Pharmacovigilance and Drug Safety Software market , according to research , the global Pharmacovigilance and Drug Safety Software market is expected to grow at CAGR of 6.2 % over 2016-2020 .
Geographically , The North America accounted the largest share of global Pharmacovigilance and Drug Safety Software market , region followed by Europe , Europe is expected to register a CAGR of 6.1 % for the forecast period . In addition , Asian and Latin American countries symbolize high growth markets . This is owing to a rise in research outsourcing by pharmaceutical giants and growing public and private investments in pharmaceutical R & D in these emerging nations .
Now more than ever , manufacturers must be prepared to adapt to evolving regulatory guidelines and initiatives for drug safety .
That makes broad access to real world evidence vital , and tools that effectively identify and evaluate drug safety issues key to optimizing lifecycles .
Many current methods of signal validation and refinement require costly , labor intensive analyses , leaving manufacturers unprepared to rapidly respond to regulatory inquiries with real world evidence .
Global leading players are ArisGlobal , Ennov Solutions Inc ., EXTEDO GmbH , Online Business Applications , Inc ., Oracle Corporation , Sarjen Systems Pvt . Ltd , Sparta Systems , Inc ., and United BioSource Corporation among others .
Global Pharmacovigilance and Drug Safety Software market share by region as following :