Unsurprisingly, the report identifies AI as the largest technology segment within the market, with natural language processing expected to experience the fastest growth. These technologies are enabling systems to automatically extract safety data from literature, physician notes and electronic health records to dramatically reduce the manual effort involved in processing.

Cloud-based deployment is also accelerating adoption, enabling PV teams around the globe to access shared safety data in real time and streamline regulatory reporting across multiple regions. Perhaps the clearest indication that the industry has reached a tipping point is that the report estimates more than 90% of large pharmaceutical companies now use digital adverse event reporting systems connected to automated safety databases.

Overall, this report predicts the rapid expansion and maturation of automation and AI systems in pharmacovigilance will indeed continue to boost industry growth and could result in very promising results not only financially but in terms of drug safety and patient outcomes. Though human oversight, validation and governance will always be necessities, automation is rapidly becoming a competitive necessity in this rapidly growing, innovating industry.

“Rising adoption of AI-powered pharmacovigilance platforms, increasing adverse event reporting requirements, and growing demand for automated drug safety monitoring solutions are accelerating market growth worldwide.” SNS Market Insider Report