Europe Pharmacovigilance and Drug Safety Software Market
Globalization of Pharmacovigilance Fuels Europe Pharmacovigilance and Drug Safety Software Market Growth
Pharmacovigilance is the process of monitoring and evaluating adverse drug reactions, and it is a major component of effective drug regulation systems, clinical practice, and public health programs. The globalization of pharmacovigilance fosters collaboration among stakeholders, including regulatory authorities, healthcare providers, and pharmaceutical companies. For instance, the European Medicines Agency (EMA) has placed a growing importance on collaborating with international pharmaceutical regulators in areas such as safety of medicines, inspections, and exchange of information on issues of mutual concern. Such a collaborative environment enhances data sharing and improves the overall understanding of drug safety profiles. As companies seek to leverage these global networks, the need for integrated pharmacovigilance solutions that can operate across the globe is becoming increasingly essential.
The globalization of pharmacovigilance encourages cross-border collaboration. Many European countries have shown an increased willingness to collaborate with an aim to expand access to medicines. BeNeLuxA, the Nordic collaborations, and the Valletta Declaration are a few initiatives that help enhance timely and efficient patient access to innovative therapies. The BeNeLuxA initiative, for instance, aims to leverage cooperation and the sharing of expertise on drug pricing and reimbursement between the Governments of Belgium, the Netherlands, Luxembourg, Austria, and Ireland by giving smaller countries greater negotiating power in discussing drug pricing, sharing policy expertise, information on products and markets, and reducing unnecessary duplication. These initiatives can lay the foundations of robust joint health technology assessments and horizon scanning processes as well as provide more transparency in the pharmaceutical market. The implementation of comprehensive pharmacovigilance systems that can efficiently manage and report adverse drug reactions (ADRs) on a global scale supports globalization. Thus, the increasing globalization of pharmacovigilance drives the Europe pharmacovigilance and drug safety software market.
Europe Pharmacovigilance and Drug Safety Software Market: Industry Overview
The Europe pharmacovigilance and drug safety software market is segmented on the basis of offerings, organization size, deployment, form, functionality, and end user. Based on organization size, the Europe pharmacovigilance and drug safety software market are bifurcated into large organizations and small and medium organizations. In terms of offerings, the market is divided into solutions/software and services. Based on form, the Europe pharmacovigilance and drug safety software market are bifurcated into standard and customized. By functionality, the Europe pharmacovigilance and drug safety software market are segmented into case management, signal and risk management, quality and compliance, audit support and training compliance, issue tracking and adverse event tracking, clinical safety management and clinical trial safety, medical writing, healthcare analytics, and others. Based on end user, the Europe pharmacovigilance and drug safety software market are segmented into pharmaceutical and biotechnology companies, contract research organizations, business process outsourcing firms, and other pharmacovigilance service providers.
In terms of revenue, Germany dominated the Europe pharmacovigilance and drug safety software market share, followed by rest of Europe. The strong presence of the healthcare industry boosts the requirement for pharmacovigilance and drug safety software in Germany. As per the report of The International Trade Administration, Germany became the third-largest medical technology market in the world after the US and Japan. It is the largest European market, twice the size of the French market and three times as large as those of the UK, Italy, and Spain. The medical device market in Germany is among the most profitable healthcare markets worldwide, accounting for ~US$ 42 billion annually, or 25% of the European market total. Furthermore, there are various healthcare organizations and associations in the country such as The German Medical Association, German Health Alliance, German Hospital Federation (DKGEV), etc. As the regulatory landscape evolves, healthcare organizations and pharmaceutical companies are investing in advanced pharmacovigilance and drug safety software solutions to manage their pharmacovigilance activities effectively. Therefore, the presence of health organizations and associations is expected to offer growth opportunities in the Germany pharmacovigilance and drug safety software market during the forecast period.
Europe Pharmacovigilance and Drug Safety Software Market: Competitive Landscape and Key Developments
ArisEurope, ICON plc, Syneos Health, Accenture, IQVIA, Genpact, Cognizant, Paraxel International Corporation, Laboratory Corporation of America Holdings, Max Application, Clinevo Technologies, Qinecsa Solutions, AB Cube, and Veeva Systems are among the leading players profiled in the Europe pharmacovigilance and drug safety software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The Europe pharmacovigilance and drug safety software market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- ArisGlobal, a market leader in global drug development technology solutions, announced that Medac, a German-based pharmaceutical manufacturer specializing in the fields of oncology and hematology, urology, and autoimmune diseases, chose LifeSphere Safety to modernize its drug safety processes. Precise, patient- and population-specific analysis is crucial for minimizing treatment risks for patients and thus supports the best possible treatment outcome.
(Source: ArisGlobal, Press Release, May 2023)
- IQVIA, a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry, announced a strategic collaboration with Argenx to advance treatment to patients with rare autoimmune diseases through innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions.
(Source: IQVIA, Press Release, January 2023)
