South and Central America Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Software Type (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integr

South and Central America Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Software Type (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software); Delivery Mode (On-premise, and Cloud-based); End User (Pharmaceutical and Biotech Companies, Contract Research Organizations (CROs), and Business Process Outsourcing (BPO) Firms)

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 6.6% 2019-2027. The emerging markets in South and Central American countries are creating lucrative opportunities for the key market players to expand their business, which would drive the market growth during the coming years. Various players in the pharmaceutical industry are investing a significant amount of their revenue in research and development activities for the development of better medicines. Therefore, the pharmacovigilance and drug safety software market in South and Central America is foreseen to witness the fastest growth during the forecast period.

Improving economies and high-quality standards in clinical trial management in Latin America are the reasons attracting large pharmaceutical and biopharmaceutical companies for a clinical trial. For example, Argentina is one of the preferred countries by pharmaceutical companies for a clinical trial because of low cost, conducive regulatory environment, and substantial patient population. Investments in clinical trials are increasing in South and Central America owing to the easy availability of patient pool, the presence of advanced research infrastructure, as well as less stringent regulatory framework. Several government bodies in the region have simplified the approval processes of conducting clinical trials, foreseeing the advantages of competitive clinical trials. As a result, the demand for pharmacovigilance and drug safety software is rising in the region. Also, the rising number of advancements in emerging countries are likely to drive the growth of the South and Central America pharmacovigilance and drug safety software market and are anticipated to provide lucrative growth opportunities to the market players during the forecast period.

The South and Central America pharmacovigilance and drug safety software market is segmented on the bases of software type, delivery mode, and end user. In 2019, the adverse event reporting software accounted for the largest market share in the market. In pharmacovigilance, the high volume of adverse reaction report event data is generated. These reports may not be in a uniform format. Therefore, it becomes 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. Therefore, the market growth is expected to bolster during the forecast period.

South and Central America has been witnessing a growing number of COVID-19 confirmed cases since its outbreak. The crisis 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.

The overall South and Central America pharmacovigilance and drug safety software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South and Central America pharmacovigilance and drug safety software market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South and Central America pharmacovigilance and drug safety software market. Veeva Systems, IQVIA Inc., and Oracle Corporation are among the players operating in the market.

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