Pharmacovigilance and Drug Safety Software Market to hit USD 371.88M by 2032 at CAGR of 6.76%

The Pharmacovigilance and Drug Safety Software Market has witnessed significant growth, driven by the increasing complexity of drug safety monitoring, regulatory demands, and technological innovations. With more pharmaceutical products entering the market and patient safety becoming a top priority, the need for advanced pharmacovigilance systems to monitor adverse drug reactions (ADRs) has grown substantially. The global pharmaceutical R&D spending in 2022 exceeded USD 200 billion, resulting in a surge of new drugs requiring continuous post-market safety monitoring. This increasing number of drugs entering the market intensifies the need for robust pharmacovigilance solutions to manage ADR data and comply with regulatory guidelines. The FDA\'s REMS (Risk Evaluation and Mitigation Strategies) program, for instance, requires continuous post-market surveillance for certain high-risk drugs, highlighting the growing need for sophisticated safety systems.