Pharmacovigilance And Drug Safety Software Market
Pharmacovigilance and Drug Safety Software Market Forecasts to 2030 - Global Analysis By Functionality (Adverse Event Reporting Software, Drug Safety Audits Software and Other Functionalities), By Mode of Delivery (On-Premise and On-Demand/Cloud-Based (SaaS)) End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $202.6 MN |
|
Projected Year Value (2030) |
US $365.8 MN |
|
CAGR (2023-2030) |
8.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Pharmacovigilance and Drug Safety Software Market is accounted for $202.6 million in 2023 and is expected to reach $365.8 million by 2030 growing at a CAGR of 8.8% during the forecast period. Pharmacovigilance involves monitoring, assessing, and ensuring the safety of pharmaceutical products post-market approval. Drug Safety Software refers to specialized technology aiding in this process by collecting, managing, and analyzing adverse event data associated with medications. These software solutions streamline reporting, facilitate compliance with regulatory requirements, and enable efficient signal detection, contributing to the continual evaluation and enhancement of drug safety profiles.
According to the National Care Institute 1.7 million new cases of cancer were registered in the U.S. in 2018.
Market Dynamics:
Driver:
Growing complexity of drugs
As drug formulations become more intricate, involving biologics, personalized medicines, and combination therapies, the risk of adverse events intensifies. Advanced pharmacovigilance software plays a pivotal role in managing this complexity by enabling comprehensive monitoring, signal detection, and streamlined adverse event reporting. The software's capacity to handle vast and intricate data sets, coupled with its analytical capabilities, ensures enhanced drug safety surveillance, regulatory compliance, and proactive risk management. Consequently, the growing complexity of drugs propels the demand for sophisticated pharmacovigilance and drug safety software solutions.
Restraint:
High implementation costs
The initial expenses associated with software integration, customization, data migration, and staff training can be substantial. These costs, which include licensing fees and infrastructure investments, can strain budgets, particularly for smaller pharmaceutical companies or healthcare entities with limited resources. Moreover, ongoing maintenance and upgrades further contribute to the total cost of ownership, deterring some organizations from adopting advanced pharmacovigilance software solutions, which further limits the market growth.
Opportunity:
Increasing drug approvals and clinical trials
With an expanding pharmaceutical landscape and a burgeoning number of clinical trials globally, there's a heightened need for robust safety measures and efficient data management. Advanced software solutions offer streamlined adverse event reporting, signal detection, and risk assessment, supporting quicker approvals and ensuring stringent safety compliance. The demand for these software tools is propelled by the industry's focus on accelerating drug development, enhancing patient safety, and complying with evolving regulatory mandates, presenting a ripe opportunity for innovation and adoption within this market.
Threat:
Lack of awareness regarding the benefits of pharmacovigilance software
The lack of awareness regarding the advantages of pharmacovigilance software poses a significant threat to the market. Limited understanding among pharmaceutical companies and healthcare entities about the software's capability to streamline adverse event monitoring, enhance drug safety protocols, and expedite regulatory compliance impedes its adoption. Additionally, insufficient awareness hampers the realization of its potential in reducing risks, improving patient safety and optimizing drug development processes.
Covid-19 Impact:
The COVID-19 pandemic significantly influenced the pharmacovigilance and drug safety software markets. The global urgency for rapid vaccine development and drug approvals prompted heightened regulatory scrutiny and increased pharmacovigilance activities. This surge in demand for robust safety monitoring systems, adverse event tracking, and streamlined reporting mechanisms amplified the adoption of advanced software solutions. Additionally, remote work setups during the pandemic emphasized the need for cloud-based and remote-accessible platforms, accelerating the market's shift towards innovative, scalable, and AI-powered pharmacovigilance software solutions.
The pharmaceuticals & biotechnology companies segment is expected to be the largest during the forecast period
The pharmaceuticals and biotechnology companies segment is anticipated to dominate the pharmacovigilance and drug safety software market due to its substantial investment in research, development, and drug manufacturing. These companies prioritize regulatory compliance and patient safety, necessitating robust pharmacovigilance systems. As the industry faces escalating pressure for enhanced drug safety monitoring and stringent regulatory requirements, these entities increasingly adopt advanced software solutions. These technologies streamline adverse event reporting, signal detection, and risk management, which are crucial in ensuring drug safety, compliance, and efficiency, consequently propelling the pharmaceutical and biotechnology market.
The on-demand/cloud-based (SaaS) segment is expected to have the highest CAGR during the forecast period
The on-demand/cloud-based (SaaS) segment is projected to exhibit the highest CAGR in the pharmacovigilance and drug safety software market. This surge is fueled by the industry's growing preference for flexible, scalable, and cost-effective solutions. Cloud-based platforms offer accessibility, real-time collaboration, and reduced infrastructure costs, aligning well with the evolving needs of pharmaceutical companies. As the demand intensifies for streamlined data management, rapid deployment, and remote accessibility, the SaaS model stands out, driving its remarkable growth.
Region with largest share:
North America is poised to secure the largest market share during the forecast period. This prominence is attributed to the region's robust healthcare infrastructure, substantial investments in technology, and stringent regulatory frameworks mandating stringent drug safety measures. The presence of prominent pharmaceutical companies and a proactive approach toward adopting advanced software solutions further contribute to North America's dominance. With a heightened focus on ensuring patient safety, compliance, and efficient adverse event management, the region emerges as a pivotal hub driving the growth and adoption of pharmacovigilance software solutions.
Region with highest CAGR:
The Asia Pacific region is anticipated to witness the highest growth in the pharmacovigilance and drug safety software market during the forecast period. This upsurge is fueled by the region's expanding pharmaceutical and biotechnology sectors and rapid advancements in healthcare infrastructure. Additionally, increased outsourcing of clinical trials, rising investments in research and development, and a growing focus on healthcare digitization drive the demand for robust pharmacovigilance solutions. With a mounting emphasis on enhancing drug safety, the Asia-Pacific region emerges as a pivotal region for significant market expansion.
Key players in the market
Some of the key players in Pharmacovigilance And Drug Safety Software Market include Accelovance, ArisGlobal LLC, Cognizant, DXC Technology, Ennov, EXTEDO, FMD K&L Inc., ICON plc, IQVIA, Novartis AG, Oracle Corporation, Parexel International Corporation, Sarjen Systems Pvt. Ltd., SAS Institute Inc., Sparta Systems, Veeva Systems and Wingspan Technology, Inc.
Key Developments:
In October 2023, Ennov is pleased to announce a strategic partnership with ION Pharma. This alliance marks the beginning of a collaborative effort that merges over two decades of expertise in electronic Quality Management Systems (eQMS) with the shared goal of advancing patient outcomes in the Life Sciences sector.
In October 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.
In April 2023, Ennov, a leading provider of regulated content and data management software for the Life Sciences industry, is happy to announce that it has acquired UK-based Samarind from its parent company Instem.
Functionalities Covered:
• Adverse Event Reporting Software
• Drug Safety Audits Software
• Fully Integrated Software
• Issue Tracking Software
• Other Functionalities
Mode of Delivery Covered:
• On-Premise
• On-Demand/Cloud-Based (SaaS)
End Users Covered:
• Pharmaceuticals & Biotechnology Companies
• Business Process Outsourcing (BPOs)
• Contract Research Organizations (CROs)
• Research Institutions
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Pharmacovigilance and Drug Safety Software Market, By Functionality
5.1 Introduction
5.2 Adverse Event Reporting Software
5.3 Drug Safety Audits Software
5.4 Fully Integrated Software
5.5 Issue Tracking Software
5.6 Other Functionalities
6 Global Pharmacovigilance and Drug Safety Software Market, By Mode of Delivery
6.1 Introduction
6.2 On-Premise
6.3 On-Demand/Cloud-Based (SaaS)
7 Global Pharmacovigilance and Drug Safety Software Market, By End User
7.1 Introduction
7.2 Pharmaceuticals & Biotechnology Companies
7.3 Business Process Outsourcing (BPOs)
7.4 Contract Research Organizations (CROs)
7.5 Research Institutions
7.6 Other End Users
8 Global Pharmacovigilance and Drug Safety Software Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Accelovance
10.2 ArisGlobal LLC
10.3 Cognizant
10.4 DXC Technology
10.5 Ennov
10.6 EXTEDO
10.7 FMD K&L Inc.
10.8 ICON plc
10.9 IQVIA
10.10 Novartis AG
10.11 Oracle Corporation
10.12 Parexel International Corporation
10.13 Sarjen Systems Pvt. Ltd.
10.14 SAS Institute Inc.
10.15 Sparta Systems
10.16 Veeva Systems
10.17 Wingspan Technology, Inc.
List of Tables
1 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Region (2021-2030) ($MN)
2 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
3 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
4 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
5 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN)
6 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
7 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
8 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
9 Global Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
10 Global Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
11 Global Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
12 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
13 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
14 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
15 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
16 Global Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
17 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Country (2021-2030) ($MN)
18 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
19 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
20 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
21 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN)
22 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
23 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
24 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
25 North America Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
26 North America Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
27 North America Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
28 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
29 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
30 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
31 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
32 North America Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
33 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Country (2021-2030) ($MN)
34 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
35 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
36 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
37 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN)
38 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
39 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
40 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
41 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
42 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
43 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
44 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
45 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
46 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
47 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
48 Europe Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
49 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Country (2021-2030) ($MN)
50 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
51 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
52 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
53 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN)
54 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
55 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
56 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
57 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
58 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
59 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
60 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
61 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
62 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
63 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
64 Asia Pacific Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
65 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Country (2021-2030) ($MN)
66 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
67 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
68 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
69 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN)
70 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
71 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
72 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
73 South America Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
74 South America Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
75 South America Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
76 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
77 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
78 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
79 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
80 South America Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
81 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Country (2021-2030) ($MN)
82 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Functionality (2021-2030) ($MN)
83 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Adverse Event Reporting Software (2021-2030) ($MN)
84 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Drug Safety Audits Software (2021-2030) ($MN)
85 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Fully Integrated Software (2021-2030) ($MN) 86 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Issue Tracking Software (2021-2030) ($MN)
87 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Other Functionalities (2021-2030) ($MN)
88 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Mode of Delivery (2021-2030) ($MN)
89 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By On-Premise (2021-2030) ($MN)
90 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By On-Demand/Cloud-Based (SaaS) (2021-2030) ($MN)
91 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By End User (2021-2030) ($MN)
92 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
93 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Business Process Outsourcing (BPOs) (2021-2030) ($MN)
94 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Contract Research Organizations (CROs) (2021-2030) ($MN)
95 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Research Institutions (2021-2030) ($MN)
96 Middle East & Africa Pharmacovigilance and Drug Safety Software Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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