The regulatory information management market is expected to grow significantly, according to Regulatory Information Management Market Report, by Product Type (Software and Hardware), by End-user Industry (Pharmaceutical Industry, Biotechnology Industry, and Clinical Research Organizations), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
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Major factors driving growth of the regulatory information management market is regular changes in regulations for pharmaceutical industry, which is propelling various companies in the industry to adopt competent regulatory information management software. The regulatory scenario tends to be complex in nature and is always changing. Therefore, in order to keep up with the updated regulatory norms set by the regulatory authorities and government periodically, key players are focusing on adopting such software, which is expected to aid in growth of the market. According to the European Union Drug Regulating Authorities Pharmacovigilance Medicinal Product Dictionary (EVMPD) regulations, all pharmaceutical companies are adopting updated regulations to manage the drug safety product information, with effect from July 02, 2012.
Development of novel products in the pharmaceutical industry is propelling growth of the market for regulatory information management
Development of novel products in the pharmaceutical sector has driven regulatory authorities to change their regulations accordingly. For instance, a newly found composition of drugs guarantees faster recovery from a particular disease and leaves less harmful effects on the body of the consumer, then the drug regulations are updated in accordance with the same. Also, various components of drugs are later found to be harmful and with major side effects, in such scenarios the drugs or a specific component of it needs to be banned for which regulations must be updated and as a result market for regulatory information management software is witnessing significant traction in various regions.
Key Trends and Analysis of the Global Regulatory Information Management Market:
North America accounted for largest share in the global regulatory information management market in 2017 and is expected to exhibit a significant CAGR during the forecast period. This growth is attributed to growing stringency and strict observance of the regulatory norms for pharmaceutical industries. For instance, The U.S. Food and Drug Administration strictly looks after accelerated approvals, biosimilars, compounding pharmacies, drug shortages, drug imports, and genetic medications among others. This depicts strict vigilance of the government over regulatory scenario in pharmaceutical industry in the U.S.
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Regulatory information management market in Asia Pacific is expected to exhibit a significant CAGR over the forecast period (2018 – 2026). The regulatory information management market in this region is projected to grow significantly by 2026. This is owing to multiple facts such as increasing pharmaceutical sales in countries in the region. For instance, the pharmaceutical sales amounts to 17% of total health expenditure or US$ 78 per person in China, as per International Trade Administration (ITA).
Major players operating in the global regulatory information management market include Acuta, Llc, Parexel, Computer Sciences Corp (CSC), Aris Global, Virtify, Ennov, Amplexor, Samarind Ltd, Dovel Technologies, Inc., and Informa.