Global Pharmacovigilance Software Market - 2025-2033

The global pharmacovigilance software market reached US$ 218.95 million in 2024 and is expected to reach US$ 415.42 million by 2033, growing at a CAGR of 7.4% during the forecast period of 2025-2033.

Pharmacovigilance software is an essential tool in the healthcare industry, designed to monitor the safety of medications after they are released to the market. Its primary function is to identify and manage potential safety concerns that may arise once a drug is available for public use. This software facilitates the reporting of adverse events, detects safety signals, and analyzes data to ensure ongoing patient safety.

By streamlining processes related to drug safety, pharmacovigilance software enables pharmaceutical companies, healthcare providers, and regulatory bodies to focus on patient well-being while meeting necessary regulatory requirements. Key features include adverse event reporting, data integration from various sources, real-time analytics for identifying trends, and ensuring compliance with international regulations.

Market Dynamics: Drivers & Restraints

Growth of the Pharmaceutical and Biotechnology Industries

The growth of the pharmaceutical and biotechnology industries is a significant driver for the pharmacovigilance software market, largely due to increasing regulatory demands, rising incidences of adverse drug reactions (ADRs), and technological advancements. Technological innovations, such as cloud computing, natural language processing, and predictive analytics, are reshaping the pharmacovigilance landscape, offering scalable and agile safety monitoring solutions. The integration of technologies like artificial intelligence (AI) enhances signal detection, risk assessment, and reporting capabilities.

As the pharmaceutical sector expands, there's a greater need for robust pharmacovigilance systems to effectively monitor and manage drug safety. This expansion leads to a rise in data volume and complexity, necessitating sophisticated software for managing and analyzing data. The approval of 37 novel drugs by the US Food and Drug Administration (FDA) in 2022, with a significant proportion of these drugs (65%) being reviewed and approved through expedited pathways and over half (54%) targeting rare diseases, directly impacts the growth of the pharmacovigilance software market. As these novel drugs, particularly those for rare diseases, are introduced into the market, there is an increased need for robust and efficient pharmacovigilance to monitor their safety profiles in real-world settings. Expedited approval processes often mean that the drugs are brought to market faster, but this can sometimes limit the amount of pre-market safety data available, heightening the importance of post-marketing surveillance. Thus, the above factors are expected to drive market growth.

High Implementation Costs May Restrain the Market Growth.

Advanced pharmacovigilance systems offer benefits such as improved efficiency and enhanced patient safety, but these advantages must be weighed against the financial constraints faced by smaller healthcare providers. The cost of implementing pharmacovigilance software, especially advanced systems, can be high. Small and medium-sized hospitals and clinics may find it difficult to afford the software's licensing fees, integration costs, and hardware requirements.

Segment Analysis

The global pharmacovigilance software market is segmented based on functionality, delivery mode, end-user, and region.

Delivery Mode:

The cloud-based (SaaS) delivery model segment is expected to dominate the global pharmacovigilance software market share.

The cloud-based (SaaS) delivery model is poised to dominate the pharmacovigilance software market due to its numerous advantages, including cost-efficiency, scalability, and ease of access. By offering lower upfront costs through subscription-based pricing, this model allows pharmaceutical companies of all sizes, including small and medium enterprises, to utilize advanced safety monitoring tools without the burden of heavy investments in infrastructure.

Cloud-based solutions offer real-time data updates and enable seamless integration with other systems, ensuring faster decision-making and compliance with regulatory requirements. Companies are creating advanced cloud-based software solutions to optimize pharmacovigilance processing and safety data management. For instance, in December 2023, Thermo Fisher Scientific Inc. launched CorEvidence, a cloud-based data lake platform designed to enhance pharmacovigilance processes. This platform improves CorEvitas clinical research registries by streamlining workflow and deliverable management for pharmacovigilance. It effectively manages multiple data sources, simplifying the coding, classification, and reporting of adverse events for post-authorization safety studies.

Additionally, they enhance global collaboration among teams, improve data security through robust encryption, and ensure business continuity with disaster recovery features. These attributes make cloud-based pharmacovigilance solutions a highly attractive and practical choice for organizations aiming to streamline their operations and enhance patient safety effectively.

Geographical Analysis

North America is expected to hold a significant position in the global pharmacovigilance software market share

North America is expected to dominate the pharmacovigilance software market due to several key factors, including stringent regulatory requirements, a strong focus on patient safety, and the presence of major pharmaceutical and biotechnology companies. The region is projected to experience significant growth, driven by the increasing need for compliance with regulations set by authorities such as the FDA and Health Canada, which enforce rigorous safety monitoring and adverse event reporting standards.

Moreover, North America is at the forefront of technological advancements in pharmacovigilance, with companies adopting innovative solutions like artificial intelligence and machine learning to enhance signal detection and improve adverse event reporting accuracy. With this, the companies are developing innovative solutions. For instance, in December 2023, Thermo Fisher Scientific Inc. launched CorEvidence, a proprietary cloud-based data lake platform optimizing pharmacovigilance case processing and safety data management processes. The new platform enhances CorEvitas clinical research registries offered by Thermo Fisher's PPD clinical research business.

Competitive Landscape

The major global players in the pharmacovigilance software market include Ennov, Oracle, ArisGlobal, EXTEDO, Clinevo Technologies, IQVIA, Quanticate, Cloudbyz, Accenture, and Flex Databases, among others.

Key Developments

• In March 2024, Qinecsa Solutions (Qinecsa) announced its acquisition of Insife ApS (Insife), a well-established Danish-based software, technology, and consultancy firm specializing in developing revolutionary pharmacovigilance platforms.
• In October 2024, Ennov formed a strategic partnership with CognifAI to incorporate CognifAI's advanced AI-driven literature monitoring solution, CoVigilAI, into Ennov's comprehensive pharmacovigilance offering.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials and product pipelines and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyze product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: This covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyze competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Pharmacovigilance Software Market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2024

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.