South and Central America Pharmacovigilance and Drug Safety Software Market

Market Introduction

Pharmacovigilance (PV) plays an essential role in the healthcare system through assessment, monitoring, and finding of drug interactions and their effects in human. Pharmacovigilance helps companies to monitor any adverse drug reaction events during the trial phase and also during the post marketing period.

Thus, the globalization of pharmacovigilance are expected to create a significant demand for pharmacovigilance and drug safety software in the coming years, which is further anticipated to drive the pharmacovigilance and drug safety software market.

South and Central America have witnessed a growing number of cases of COVID-19 since its outbreak. COVID-19 is predicted to result in the region's worst recession, causing the region's GDP to contract by 9.1% in 2020. This is projected to increase the number of poor by 45 million and the highly poor by 28 million. The COVID‐19 pandemic is a vital test for the still overburdened and underfunded public health systems of South and Central America.

South and Central America Pharmacovigilance and Drug Safety Software Strategic Insights

Strategic insights for the South and Central America Pharmacovigilance and Drug Safety Software provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

South and Central America Pharmacovigilance and Drug Safety Software Report Scope

South and Central America Pharmacovigilance and Drug Safety Software Regional Insights

The geographic scope of the South and Central America Pharmacovigilance and Drug Safety Software refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The pharmacovigilance and drug safety software market in South and Central America is expected to grow from US$ 7.9 million in 2019 to US$ 13.2 million by 2027; it is estimated to grow at a CAGR of 6.5% from 2020 to 2027. Artificial Intelligence (AI) promises to be a revolution for pharmacovigilance. It will help to reduce the cost of case reporting and improving data quality. This will allow experts to focus on other value adding processes including signal detection in drug safety, pharmacovigilance analytics, and benefit-risk assessment. Artificial Intelligence (AI), where in the system can analyze the source documents and pick the appropriate content and perform case intake, seriousness assessment, case processing and medical review and case monitoring basis machine learning. Monotonous and routine manual tasks such as adverse event case reporting can be automated and tackled by AI in a very sophisticated and smooth way. By utilizing AI into the adverse event case processing and letting pharmacovigilance resources to focus on strategic activities, life sciences companies will gain better outcomes. That’s because safety units can work in smarter and faster way with reliable data available at their fingertips. Thus, the development in artificial intelligence in pharmacovigilance is likely to drive the market’s growth.

Key Market Segments

In terms of software type, the adverse event reporting software segment accounted for the largest share of the South and Central America pharmacovigilance and drug safety software market in 2019. In terms of delivery mode, the on-premise segment held a larger market share of the pharmacovigilance and drug safety software market in 2019. In terms of end user, the contract research organizations segment held a larger market share of the pharmacovigilance and drug safety software market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the Pharmacovigilance and drug safety software market in South and Central America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Veeva Systems

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• To understand the South and Central America pharmacovigilance and drug safety software market landscape and identify market segments that are most likely to guarantee a strong return
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• Obtain market revenue forecast for market by various segments from 2021-2028 in South and Central America region.

SOUTH AND CENTRAL AMERICA PHARMACOVIGILANCE AND DRUG SAFETY SOFTWARE MARKET SEGMENTATION

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

• South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America

Companies Mentioned

1. Veeva Systems    
2. IQVIA Inc.                   
3. Oracle Corporation