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US & Canada, Nov. 18, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global pharmacovigilance and drug safety software market is observing significant growth owing to surge in drug development spending and cloud-based pharmacovigilance and drug safety software. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/pharmacovigilance-pv-and-drug-safety-software-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the pharmacovigilance and drug safety software market comprise a vast array of offerings, organization size, deployment, form, functionality, end user and geography which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Pharmacovigilance and Drug Safety Software Market Growth: According to an exhaustive report by The Insight Partners, the Pharmacovigilance and Drug Safety Software Market is experiencing significant growth, driven by implementation of unified solution. The market, valued at $214.39 million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% during 2023–2031.
Technological Innovations: Unlike traditional systems, cloud-based platforms offer real-time access to data from anywhere across Europe, enabling pharmaceutical companies to respond swiftly to emerging safety concerns. Cloud-based platforms enable real-time monitoring of adverse events that allow pharmaceutical companies to detect and respond to safety signals more quickly. With real-time data access, companies can generate safety reports on demand, significantly reducing the time required for decision-making. This immediacy is crucial in preventing adverse events from escalating into serious public health issues. Also, one of the most significant advantages of cloud-based drug safety solutions is their scalability. As a company grows or as the volume of data increases, the cloud platform can scale accordingly without requiring additional infrastructure investments. This flexibility is essential in pharmacovigilance, where the volume of data can fluctuate significantly depending on the stage of the drug's lifecycle. Cloud-based systems are enabling the creation of global pharmacovigilance networks, where data can be shared across borders in real-time. These networks will enable more comprehensive drug safety monitoring, with insights and safety signals being shared worldwide, leading to faster identification and mitigation of risks.
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Rise In Incidences of Adverse Drug Reactions: The cases of adverse drug reactions (ADRs) are increasing worldwide owing to the increasing prevalence of chronic diseases. As all drugs have the potential for adverse drug reactions, a risk-benefit analysis is necessary whenever a drug is prescribed. ADRs remain a challenge in modern healthcare, particularly given the growing complexity of therapeutics, an aging population, and rising multimorbidity across the globe. Pharmacovigilance software enables healthcare providers and pharmaceutical companies to collect, analyze systematically, and report data related to ADRs and overcome the challenges associated with it. The increasing prevalence of ADRs across the globe is propelling the demand for pharmacovigilance and drug safety software market growth. According to the database of ADRs available in the US Food and Drug Administration's Adverse Event Reporting System (FAERS), in 2022, more than 1.25 million severe adverse cases were reported, along with over ...
