Computer software in pharmaceutical science field has made it possible to understand complex processes and efficiently handle resources, manpower, and money. Computer software can help in daily documentation such as clerical duties, reducing errors, increasing accuracy in data storage and transmission, improving productivity, developing uniform standards, and other processes. Pharmaceutical IT services can be used by small to large-scale companies to overcome the challenges faced during drug development. Pharmaceutical software solutions can be implemented quickly and help industries fulfill their requirements effectively.
The global pharmaceutical manufacturing software market is estimated to be valued at US$ 2,532.7 million in 2021 and is expected to exhibit a CAGR of 8.6% during the forecast period (2021-2028).
Figure 1.Global Pharmaceutical Manufacturing Software Market Share (%) in Terms of Value, by Product Type, 2021
Increasing adoption of pharmaceutical manufacturing software by pharmaceutical companies is expected to drive the market growth during the forecast period.
Pharmaceutical companies are actively adopting and deploying pharmaceutical manufacturing software, which is expected to propel the market growth over the forecast period. For instance, in March 2020, ESKAYEF Pharmaceuticals Limited, a fully owned subsidiary of Transcom Limited, one of the leading and fastest-growing diversified business houses in Bangladesh, adopted the BatchMaster Enterprise (BME) software of BatchMaster Software Pvt. Ltd., a company that focuses on offering enterprise software solutions for the process manufacturing industries to meet its growing compliance needs as well as the need of integration with its existing finance software.
Pharmaceutical Manufacturing Software Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 2,532.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.6%||2028 Value Projection:||US$ 4,524.7 Mn|
Oracle Corporation (NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon Software, CompuTec S.A.(ProcessForce), Datacor Chempax, DESKERA, ERPAG, Fishbowl, Intellect, SAGE GROUP plc, and VAI - Vormittag Associates, Inc.
|Restraints & Challenges:||
Figure 2.Global Pharmaceutical Manufacturing Software Market Share (%), By Application, 2021
Increasing launches of new ERP systems by key players is expected to drive the market growth during the forecast period.
Market players are focusing on launching new and advanced enterprise resource planning (ERP) systems, which is expected to fuel growth of the global pharmaceutical manufacturing software market over the forecast period. For instance, in March 2020, Yuyu Pharma, a pharmaceutical company, introduced a new enterprise resource planning (ERP) system to identify real-time management conditions and enhance system management for more efficient decision-making.
Global Pharmaceutical Manufacturing Software Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic is the most recent outbreak, which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. In such a situation, softwares are a good means to share information to the public by data sharing files and articles. For instance, the Internet of Things (IoT) provides a platform that can help public-health agencies to access data required for monitoring the COVID-19 pandemic. For example, Worldometer is a website that provides a real-time update on the number of individuals who are known to have COVID-19 worldwide, including daily new cases, severity of disease, and disease distribution by country.
The use of various artificial intelligence (AI-based triage systems) will help to decrease the clinical load of doctors. For instance, an online medical ‘chat bot’ can help patients recognize early signs and symptoms, refer people for medical treatment if symptoms worsen, and educate people on the importance of taking required precautions and maintaining hygiene, which will prevent acquiring infection. Moreover, phone-based software application such as ‘COVID symptom tracker’, collects data from both symptomatic and asymptomatic individuals and tracks how the disease progresses by recording self-reported health information regularly, including symptoms, reverse-transcription PCR (RT-PCR) test outcomes, hospitalization, demographic information and pre-existing medical conditions. This may avoid unnecessary hospital consultations for individuals with mild symptoms.
Global Pharmaceutical Manufacturing Software Market: Restraint
The major factor that hinder growth of the global pharmaceutical manufacturing software market include drawbacks of pharmaceutical manufacturing software such as high manufacturing cost, lack of regulations for pharmaceutical quality management software, and errors associated with software’s
Major players operating in the global pharmaceutical manufacturing software market include Oracle Corporation (NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon Software, CompuTec S.A. (ProcessForce), Datacor Chempax, DESKERA, ERPAG, Fishbowl, Intellect, SAGE GROUP plc, and VAI - Vormittag Associates, Inc.
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