An increase in clinical studies being conducted throughout the globe is one of the major factors anticipated to propel the market in the future years.
A compound yearly growth rate CAGR of 11.2% is predicted for the market for regulatory information management systems, which will reach US$ 1.78 billion in 2022 and reach US$ 5.09 billion by 2032.
The regulatory settings in industries like biotechnology, pharmaceuticals, and clinical research are extremely important and regularly change. As a result, capable regulatory information management software was created and is currently being used by corporate stakeholders. The continually changing regulatory environment in these industries is one of the main factors pushing the adoption of regulatory information management software.
The increased demand for real-time monitoring of rules in the clinical trial business is expected to boost the need for regulatory information management systems. Due to the expanding global demand for automated administration of the entire workflow of product operations in real time, the market for regulatory information management systems is anticipated to rise.
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Regulatory Information Management Market Restraint
The market is expected to experience difficulties during the forecast period, nonetheless, as a result of a scarcity of trained workers and the high price of regulatory information management systems. The reduction of human errors in regulatory process software paired with easy access is expected to lead to growth in the global regulatory information management market. The market for regulatory information management in North America is estimated to see the greatest CAGR during the forecasted period.
North America is anticipated to dominate the regulatory information management market as a result of the sizeable presence of pharmaceutical companies in countries like the United States and Canada, including Amgen, GlaxoSmithKline, Novartis, Johnson & Johnson, and Gilead Sciences. In addition, North America will account for 49.0% of worldwide pharmaceutical revenues in 2022, compared to Europe's 21.5%, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA).
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Regulatory Information Management Market: Drivers and Restraints
Pharmaceutical firms can profit from Regulatory Information Management Market in a variety of ways, including increasing data collection and sharing by regulatory agencies like the European Medicines Agency and the U.S. Food and Drug Administration (FDA).
In accordance with the EVMPD rule, which went into effect on July 2, 2012, all pharmaceutical businesses standardised the exchanged format to manage the drug safety product information. Over the projected period, regulatory bodies will be a prominent driver of the global market for regulatory information management.
Regulatory Information Management Market: Overview
Due to its efficiency and efficacy in the regulatory approval of medications, the Regulatory Information Management Market is becoming more and more popular among pharmaceutical and biopharmaceutical businesses. Companies that maintain regulatory information on the market might communicate updates about their products. Over the course of the forecast period, the worldwide Regulatory Information Management Market is anticipated to unleash the market's potential.
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Regulatory Information Management Market: Key players
Some of the key players are
The report covers exhaustive analysis on
Regulatory Information Management Market: Segmentation
Global Regulatory Information Management Market can be segmented as following types:
By Product:
By End User:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 03, 2023
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