Middle East and Africa Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Software Type; Delivery Mode; End User, and Business Process Outsourcing Firms

Adverse Event Reporting Software Segment has the Largest Share of Software Type in the Middle East and Africa Pharmacovigilance and Drug Safety Software Market during 2020-2027

According to this research study titled “Middle East and Africa Pharmacovigilance and Drug Safety Software Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Software Type, Delivery Mode, and End User,” the market is expected to reach US$ 9.9 million by 2027 from US$ 6.1 million in 2019. The market is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The report provides trends prevailing in the Middle East and Africa pharmacovigilance and drug safety software market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising incidences of adverse drug reaction (ADR) and globalization of pharmacovigilance are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the expensive technology.

The Pharmacovigilance and Drug Safety Software market in this pandemic is on increasing due to the increased demand for treatments due to the outbreak of COVID-19. There is a current focus on drug safety in this area and how one can avoid counterfeit drugs from entering the supply chain. Methods for regional cooperation and expertise gained from more active projects should be improved. Technology must be used to improve the ability to report spontaneously and to make data available for processing. The countries mainly focused on the treatment of COVID-19 19 patients and hence the Pharmacovigilance and Drug Safety Software is facing impact. Based on the above-mentioned reason, the market of the Pharmacovigilance and Drug Safety Software is likely to impact.

The market for pharmacovigilance and drug safety software market is segmented into software type, delivery mode, and end user. In 2019, the adverse event reporting software accounted for the largest market share in the pharmacovigilance and drug safety software market. In pharmacovigilance high volume of adverse reaction report event data generated. These reports may not be in a uniform format which makes it difficult to classify the event manually. Manual processing and classification of adverse event reports is costly and time-consuming operation. To overcome these challenges companies are incorporating automated solutions. Thus, owing to above mentioned factors it is expected that the market is likely to increase significantly during the forecast period.

Veeva Systems, IQVIA Inc., ArisGlobal LLC, Sparta Systems, Oracle Corporation, Sarjen Systems Pvt. Ltd, and EXTEDO are among the leading companies in the Middle East and Africa pharmacovigilance and drug safety software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Veeva Systems today unveiled Veeva Vault Signal, the industry's first solution that offers quick access to risk-based signal management through a single interface. Vault Signal unites all signal processing operations so scientists can handle safety signals with greater clarity through the entire workflow.

The report segments the Middle East and Africa Pharmacovigilance and Drug Safety Software market as follows:

By Software Type

• Fully Integrated Software
• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software

By Delivery Mode

• Cloud-based
• On-premise

By End User

• Contract Research Organizations
• Pharmaceutical and Biotech Companies
• Business Process Outsourcing

By Country

• Middle East and Africa - UAE
• Saudi Arabia
• South Africa
• Rest of Middle East and Africa