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North America Pharmacovigilance and Drug Safety Software Market Report 2021-2031 by Scope, Segmentation, Dynamics, and Competitive Analysis

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SHW 25.10.01

The North American pharmacovigilance and drug safety software market was valued at approximately $100.03 million in 2023 and is projected to grow to about $182.72 million by 2031, reflecting a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2023 to 2031.

Increasing Incidence of Adverse Drug Reactions

The rise in adverse drug reactions (ADRs) is a significant factor driving the growth of the pharmacovigilance and drug safety software market in North America. The prevalence of chronic diseases is on the rise, leading to an increase in the number of medications prescribed, which in turn raises the potential for ADRs. Given that all medications can cause adverse reactions, conducting a thorough risk-benefit analysis is crucial whenever a drug is prescribed. ADRs pose a considerable challenge in contemporary healthcare, especially with the increasing complexity of treatment regimens, an aging population, and the prevalence of multiple chronic conditions.

Pharmacovigilance software plays a vital role in enabling healthcare providers and pharmaceutical companies to systematically collect, analyze, and report data related to ADRs. This software is essential for addressing the challenges posed by ADRs, as evidenced by the data from the US Food and Drug Administration's Adverse Event Reporting System (FAERS), which reported over 1.25 million severe adverse cases and more than 175,000 deaths in 2022 alone.

The interaction of certain medications, such as theophylline with macrolide antibiotics and increased vitamin K consumption, has been linked to ADRs. As the number of reported ADRs continues to rise, there is increasing pressure on pharmaceutical companies, healthcare providers, and regulatory bodies to enhance drug safety monitoring and reporting processes. Pharmacovigilance and drug safety software streamline the detection, assessment, and prevention of adverse effects, facilitating quicker response times and more accurate risk assessments. Consequently, the growing incidence of ADRs is a key driver of market growth in pharmacovigilance and drug safety software.

Overview of the North American Market

The North American pharmacovigilance and drug safety software market is segmented into the United States, Canada, and Mexico. North America is recognized as an early adopter of regulations concerning pharmaceutical and drug safety. Additionally, the region is witnessing a surge in digitization within the pharmaceutical sector. According to Canada Health Infoway, pharmaceutical companies in Canada are increasingly adopting digital health services, which is expected to drive demand for pharmacovigilance and drug safety software in the coming years. The growing digitization in the pharmaceutical industry is anticipated to enhance the need for effective monitoring of pharmaceutical drugs, thereby increasing the demand for pharmacovigilance solutions.

As the volume of reported adverse events rises, pharmacovigilance and drug safety professionals face greater challenges in accurately and efficiently evaluating this data. The implementation of advanced technologies is crucial to alleviate the workload of these professionals while ensuring precise and systematic analysis of adverse event data.

Market Segmentation Analysis

The North American pharmacovigilance and drug safety software market can be categorized based on various factors, including offering, deployment, enterprise size, form, functionality, end user, and country.

1. Offering: The market is divided into software and services, with the software segment holding a larger share in 2023.

2. Deployment: The market is further segmented into cloud-based and on-premises solutions, with cloud solutions dominating the market share in 2023.

3. Enterprise Size: The market is categorized into large enterprises and small to medium-sized enterprises (SMEs), with large enterprises holding a significant share in 2023.

4. Form: The software is available in standard and customized forms, with the standard form being more prevalent in the market.

5. Functionality: The market includes various functionalities such as signal and risk management, issue tracking, case management, clinical safety management, quality and compliance, and healthcare analytics, with signal and risk management being the largest segment in 2023.

6. End User: The primary end users include pharmaceutical and biotechnology companies, contract research organizations, and business process outsourcing firms, with pharmaceutical and biotechnology companies leading the market share.

7. Country: The market is segmented into the US, Canada, and Mexico, with the US dominating the market in 2023.

Key Players in the Market

Several prominent companies are active in the North American pharmacovigilance and drug safety software market, including Veeva Systems Inc., IQVIA Holdings Inc., AB Cube S.A.S., ArisGlobal LLC, Oracle Corp, Max Application, ICON Plc, Cognizant Technology Solutions Corp, Accenture Plc, Syneos Health Inc., Genpact Ltd., Laboratory Corp of America Holdings, Parexel International Corp, Qinecsa Solutions, and Clinevo Technologies. These companies are at the forefront of developing innovative solutions to enhance drug safety and pharmacovigilance practices in the region.

Table Of Contents

1. Introduction

  • 1.1 Report Guidance
  • 1.2 Market Segmentation

2. Executive Summary

  • 2.1 Key Insights
  • 2.2 Market Attractiveness

3. Research Methodology

  • 3.1 Secondary Research
  • 3.2 Primary Research
    • 3.2.1 Hypothesis formulation:
    • 3.2.2 Macroeconomic factor analysis:
    • 3.2.3 Developing base number:
    • 3.2.4 Data Triangulation:
    • 3.2.5 Country-level data:
  • 3.3 Assumptions and Limitations

4. North America Pharmacovigilance and Drug Safety Software Market Landscape

  • 4.1 Overview
    • 4.1.1 Software/Service Providers:
    • 4.1.2 System Integrators:
    • 4.1.3 Regulatory Bodies:
    • 4.1.4 End-Users:
  • 4.2 List of Vendors in the Value Chain

5. North America Pharmacovigilance and Drug Safety Software Market - Key Market Dynamics

  • 5.1
  • 5.1 Market Drivers
    • 5.1.1 Rise in Incidences of Adverse Drug Reactions
    • 5.1.2 Globalization of Pharmacovigilance
    • 5.1.3 Surge in Drug Development Spending
  • 5.2 Market Restraints
    • 5.2.1 High Installation and Maintenance Costs
  • 5.3 Market Opportunities
    • 5.3.1 Integration of Software with AI, ML, and NLP
  • 5.4 Future Trends
    • 5.4.1 Cloud-Based Pharmacovigilance and Drug Safety Software:
  • 5.5 Impact of Drivers and Restraints:

6. North America Pharmacovigilance and Drug Safety Software Market - Analysis

  • 6.1 North America Pharmacovigilance and Drug Safety Software Market Revenue (US$ Thousand), 2021-2031
  • 6.2 North America Pharmacovigilance and Drug Safety Software Market Forecast Analysis

7. North America Pharmacovigilance and Drug Safety Software Market Analysis - by Offering

  • 7.1 Software
    • 7.1.1 Overview
    • 7.1.2 Software: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 7.2 Services
    • 7.2.1 Overview
    • 7.2.2 Services: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

8. North America Pharmacovigilance and Drug Safety Software Market Analysis - by Deployment

  • 8.1 Cloud
    • 8.1.1 Overview
    • 8.1.2 Cloud: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 8.2 On Premises
    • 8.2.1 Overview
    • 8.2.2 On Premises: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

9. North America Pharmacovigilance and Drug Safety Software Market Analysis - by Enterprise Size

  • 9.1 Large Enterprises
    • 9.1.1 Overview
    • 9.1.2 Large Enterprises: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 9.2 SMEs
    • 9.2.1 Overview
    • 9.2.2 SMEs: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

10. North America Pharmacovigilance and Drug Safety Software Market Analysis - by Form

  • 10.1 Standard
    • 10.1.1 Overview
    • 10.1.2 Standard: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 10.2 Customized
    • 10.2.1 Overview
    • 10.2.2 Customized: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

11. North America Pharmacovigilance and Drug Safety Software Market Analysis - by Functionality

  • 11.1 Signal and Risk Management
    • 11.1.1 Overview
    • 11.1.2 Signal and Risk Management: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.2 Issue Tracking and Adverse Event Tracking
    • 11.2.1 Overview
    • 11.2.2 Issue Tracking and Adverse Event Tracking: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.3 Case Management
    • 11.3.1 Overview
    • 11.3.2 Case Management: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.4 Clinical Safety Management and Clinical Trial Safety
    • 11.4.1 Overview
    • 11.4.2 Clinical Safety Management and Clinical Trial Safety: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.5 Quality and Compliance
    • 11.5.1 Overview
    • 11.5.2 Quality and Compliance: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.6 Medical Writing
    • 11.6.1 Overview
    • 11.6.2 Medical Writing: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.7 Audit Support and Training Compliance
    • 11.7.1 Overview
    • 11.7.2 Audit Support and Training Compliance: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.8 Healthcare Analytics
    • 11.8.1 Overview
    • 11.8.2 Healthcare Analytics: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 11.9 Others
    • 11.9.1 Overview
    • 11.9.2 Others: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

12. North America Pharmacovigilance and Drug Safety Software Market Analysis - by End User

  • 12.1 Pharmaceutical and Biotechnology Companies
    • 12.1.1 Overview
    • 12.1.2 Pharmaceutical and Biotechnology Companies: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 12.2 Contract Research Organizations
    • 12.2.1 Overview
    • 12.2.2 Contract Research Organizations: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 12.3 Business Process Outsourcing (BPO) Firms
    • 12.3.1 Overview
    • 12.3.2 Business Process Outsourcing (BPO) Firms: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
  • 12.4 Others
    • 12.4.1 Overview
    • 12.4.2 Others: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)

13. North America Pharmacovigilance and Drug Safety Software Market - Country Analysis

  • 13.1 North America
    • 13.1.1 North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast Analysis - by Country
      • 13.1.1.1 North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast Analysis - by Country
      • 13.1.1.2 United States: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
        • 13.1.1.2.1 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by Offering
        • 13.1.1.2.1 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by Deployment
        • 13.1.1.2.2 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by Enterprise Size
        • 13.1.1.2.3 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by Form
        • 13.1.1.2.4 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by Functionality
        • 13.1.1.2.5 United States: North America Pharmacovigilance and Drug Safety Software Market Share - by End User
      • 13.1.1.3 Canada: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
        • 13.1.1.3.1 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by Offering
        • 13.1.1.3.2 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by Deployment
        • 13.1.1.3.3 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by Enterprise Size
        • 13.1.1.3.4 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by Form
        • 13.1.1.3.5 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by Functionality
        • 13.1.1.3.6 Canada: North America Pharmacovigilance and Drug Safety Software Market Share - by End User
      • 13.1.1.4 Mexico: North America Pharmacovigilance and Drug Safety Software Market - Revenue and Forecast, 2021-2031 (US$ Thousand)
        • 13.1.1.4.1 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by Offering
        • 13.1.1.4.2 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by Deployment
        • 13.1.1.4.3 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by Enterprise Size
        • 13.1.1.4.4 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by Form
        • 13.1.1.4.5 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by Functionality
        • 13.1.1.4.6 Mexico: North America Pharmacovigilance and Drug Safety Software Market Share - by End User

14. Competitive Landscape

  • 14.1 Heat Map Analysis by Key Players
  • 14.2 Company Positioning and Concentration

15. Industry Landscape

  • 15.1 Overview
  • 15.2 Market Initiative
  • 15.3 Partnerships and Collaborations

16. Company Profiles

  • 16.1 ArisGlobal LLC
    • 16.1.1 Key Facts
    • 16.1.2 Business Description
    • 16.1.3 Products and Services
    • 16.1.4 Financial Overview
    • 16.1.5 SWOT Analysis
    • 16.1.6 Key Developments
  • 16.2 Max Application
    • 16.2.1 Key Facts
    • 16.2.2 Business Description
    • 16.2.3 Products and Services
    • 16.2.4 Financial Overview
    • 16.2.5 SWOT Analysis
    • 16.2.6 Key Developments
  • 16.3 Oracle Corp
    • 16.3.1 Key Facts
    • 16.3.1 Business Description
    • 16.3.2 Products and Services
    • 16.3.3 Financial Overview
    • 16.3.4 SWOT Analysis
    • 16.3.5 Key Developments
  • 16.4 Veeva Systems Inc
    • 16.4.1 Key Facts
    • 16.4.2 Business Description
    • 16.4.3 Products and Services
    • 16.4.4 Financial Overview
    • 16.4.5 SWOT Analysis
    • 16.4.6 Key Developments
  • 16.5 IQVIA Holdings Inc
    • 16.5.1 Key Facts
    • 16.5.2 Business Description
    • 16.5.3 Products and Services
    • 16.5.4 Financial Overview
    • 16.5.5 SWOT Analysis
    • 16.5.6 Key Developments
  • 16.6 ICON Plc
    • 16.6.1 Key Facts
    • 16.6.2 Business Description
    • 16.6.3 Products and Services
    • 16.6.4 Financial Overview
    • 16.6.5 SWOT Analysis
    • 16.6.6 Key Developments
  • 16.7 Cognizant Technology Solutions Corp
    • 16.7.1 Key Facts
    • 16.7.2 Business Description
    • 16.7.3 Products and Services
    • 16.7.4 Financial Overview
    • 16.7.5 SWOT Analysis
    • 16.7.6 Key Developments
  • 16.8 Accenture Plc
    • 16.8.1 Key Facts
    • 16.8.2 Business Description
    • 16.8.3 Products and Services
    • 16.8.4 Financial Overview
    • 16.8.5 SWOT Analysis
    • 16.8.6 Key Developments
  • 16.9 Syneos Health Inc
    • 16.9.1 Key Facts
    • 16.9.2 Business Description
    • 16.9.3 Products and Services
    • 16.9.4 Financial Overview
    • 16.9.5 SWOT Analysis
    • 16.9.6 Key Developments
  • 16.10 Genpact Ltd.
    • 16.10.1 Key Facts
    • 16.10.2 Business Description
    • 16.10.3 Products and Services
    • 16.10.4 Financial Overview
    • 16.10.5 SWOT Analysis
    • 16.10.6 Key Developments
  • 16.11 AB Cube S.A.S.
    • 16.11.1 Key Facts
    • 16.11.2 Business Description
    • 16.11.3 Products and Services
    • 16.11.4 Financial Overview
    • 16.11.5 SWOT Analysis
    • 16.11.6 Key Developments
  • 16.12 Laboratory Corp of America Holdings
    • 16.12.1 Key Facts
    • 16.12.2 Business Description
    • 16.12.3 Products and Services
    • 16.12.4 Financial Overview
    • 16.12.5 SWOT Analysis
    • 16.12.6 Key Developments
  • 16.13 Parexel International Corp
    • 16.13.1 Key Facts
    • 16.13.2 Business Description
    • 16.13.3 Products and Services
    • 16.13.4 Financial Overview
    • 16.13.5 SWOT Analysis
    • 16.13.6 Key Developments
  • 16.14 Qinecsa Solutions
    • 16.14.1 Key Facts
    • 16.14.2 Business Description
    • 16.14.3 Products and Services
    • 16.14.4 Financial Overview
    • 16.14.5 SWOT Analysis
    • 16.14.6 Key Developments
  • 16.15 Clinevo Technologies
    • 16.15.1 Key Facts
    • 16.15.2 Business Description
    • 16.15.3 Products and Services
    • 16.15.4 Financial Overview
    • 16.15.5 SWOT Analysis
    • 16.15.6 Key Developments

17. Appendix

  • 17.1 About Us
  • 17.2 List of Abbreviations
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