Regulatory Information Management System Market to be dominated by Solution type through 2027

Growing demand for reducing manual errors is expected to drive the growth of global regulatory information management system market in the forecast period, 2024-2028. 

According to TechSci Research report, “Regulatory Information Management System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The Global Regulatory Information Management System Market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing number of stringent regulatory norms by regulatory bodies for maintaining all the data related to clinical trials and rising demand from the pharmaceutical industry for managing the clinical data also in the biotechnology industry across the globe. Additionally, increasing stringent drug approval regulation in countries like UK, USA coupled with frequent changing drug and product approval regulations enhance the demand for advance management system which is expected to create lucrative opportunities for the market growth in coming years. Besides, technological advancements and improved data quality collection method for managing regulations is further expected to support the market growth. Similarly, growing demand for reducing manual errors in regulatory processes and easy access are further propelling the growth of the market over the years. Also, increasing complexity and new ways of managing registrations and sharing regulatory data is also a major driver for the growth of the market during the forecasted period.

However, high cost of software as compared to traditional method and lack of skilled professional to operate information management software specially in developing and underdeveloped countries may hamper the growth of global regulatory information management system market in the forecast period. Similarly, limitations related to using software may slow down the market growth.

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The Global Regulatory Information Management System Market can be segmented by component, deployment mode, application and by region. Based on component, The Global Regulatory Information Management System Market can be divided into Solution and Services. The solution segment dominates the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed by the need to cope up with ever changing regulatory scenario specially in the rising pharmaceutical sector and this has led organizations to opt for regulatory information management system.

Based on end user, the market can be segmented into Pharmaceutical, Medical Devices, and Others. The pharmaceutical industry segment is expected to dominate during the forecast period because increasing complicated rules that are always expanding and changing in the pharmaceutical sector, so companies are facing challenges resultant of high confusion and accumulation of huge data which is further demand for regulatory information management system in the forecast period.

Major companies operating in global regulatory information management system market are:

• ArisGlobal LLC
• Arivis AG
• DDi, Inc.
• Ennov SA
• Extedo Gmbh
• Glemser Technologies Corporation
• Instem Group
• MasterControl, Inc.
• Parexel International Corporation
• Samarind Ltd.
• Sparta Systems, Inc.
• Acuta LLC
• Virtify, Inc.
• Amplexor International SA
• Veeva Systems Inc.

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“The North America is expected to dominate in The Global Regulatory Information Management System Market on account due to the increasing well established and technologically advanced pharmaceutical enterprises as well as the expanding medical device sector. Also, the growing prevalence to deliver effective applications and proper planning in the procedures and increasing the number of new players are expected to create significant growth during the forecasted period. Similarly, rapidly evolving regulatory framework and evolving product approval requirements is expected to create significant growth during the forecasted period. Furthermore, growing investments by public and private organizations and increasing support from the IT sectors are anticipated to drive the growth of the market over the years. Also, rapid transformation of life sciences compliance without losing regulatory approval and growing burden of direct and indirect costs will further boost the market growth during the forecasted period. Besides, availability of skilled professionals to maintain the data management system and early adoption of advanced technology for managing the clinical database is further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Regulatory Information Management System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Component (Solution v/s Services), By Deployment Mode (On-Premises v/s Cloud), By Application (Registration Management, Regulatory Intelligence, Labelling Management, Submission Planning & Tracking Management, Publishing, Document Management, Others),  By End User (Pharmaceutical, Medical Devices, Others), By Region and Competition”, has evaluated the future growth potential of global regulatory information management system market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global regulatory information management system market.

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