Regulatory Information Management System (RIMS) Market
Regulatory information management software consists of software solutions suiting to the respective industry and nature of business, especially for pharmaceutical, biotechnology, and clinical research industries. The software allows manufacturers and respective personnel in the aforementioned industries to ensure strict observance of complex regulations set by regulatory authorities in the respective regions.
The regulatory scenario in the industries such as biotechnology, pharmaceuticals, and clinical research tend to be highly critical and keeps updating at frequent intervals. This has led to development of competent regulatory information management software to be adopted by industry players. This ever-changing regulatory scenario in such industries proves to be one of the important driving factors for adoption of regulatory information management software. Also, reduction in manual errors in the software designed for regulatory process coupled with easy access are further expected to contribute in growth of global regulatory information management system (RIMS) market.
Software segment accounted for largest market share in 2017
Among product type, software segment is expected to account for the largest market share by 2026. Need to cope up with ever-changing regulatory scenario, especially in the field of pharmaceuticals, is increasing and this has led organizations to opt for regulatory information management software. The software for regulatory information management is among the most feasible and easy way to keep track of the production and manufacturing scenario in accordance with the updated regulatory norms in the respective region.
Pharmaceutical industry is expected to hold largest market share by 2026
Regulatory information management software are offered with various features, which help organizations to follow updated regulations. The innovation and advancement in the field of software with improved process to ensure effective management of regulatory information, the software also ensures reduction in turnaround time for any issues or malpractices in the system. Pharmaceutical companies are involved in development, dissemination, and control of the regulatory information throughout the product development cycle. Regulatory information management is an important solution for pharmaceutical companies as it effectively communicates regulations. The technology tools, product & service platforms, creates opportunities for automating business practices resulting in optimum business output with rigid observance of the set norms in the industry by regulatory bodies and government. In pharmaceutical industries, regulatory information management software facilitates robust application of planning, viewing, publishing, registration, and management of products throughout its life cycle. The software also allows effective compliant management of regulations and regulatory information. It has advantages such as submission of plan, e-submission viewer, and product registration and tracking. The software enables tracking the periodic safety updated reports (PSUR) and real time access of regulatory information.
Global regulatory information management system (RIMS) market is anticipated to exhibit a significant CAGR during the forecast period
Figure: Global regulatory information management system (RIMS) market Key Impact Forces,
Source: Coherent Market Insights Analysis, 2018
North America regulatory information management system (RIMS) market is expected to exhibit the highest CAGR over the forecast period
North America is anticipated to be dominant in the regulatory information management system (RIMS) market, due to high presence of pharmaceutical companies such as Amgen, GlaxoSmith, Novartis, Johnson & Johnson, and Gilead Sciences among others in countries such as the U.S. and Canada. Furthermore, according to a report by European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2016, North America accounted for 49.0% of world pharmaceutical sales compared to 21.5% of Europe. According to IMS Health data (MIDAS May 2017), 64.7% of sales of new medicines launched during the period 2011-2016 were in the U.S. market, compared to 17.5% in the European market. This depicts the potential of North American as well as European markets for adoption of regulatory information management software. North America is followed by Asia Pacific in terms of market share in the regulatory information management system (RIMS) market, owing to growing pharmaceuticals industry in countries such as China and India. This is evident with the fact that, according to International Trade Administration, rising per capita income, aging population, greater access to healthcare, and regulatory reform are key drivers that will enhance the appeal of China's pharmaceutical market.
Major players operating in the global regulatory information management system (RIMS) market include Acuta, LLC, AMPLEXOR, ArisGlobal LLC, arivis AG, DDi, Inc., Ennov SA, Extedo Gmbh, GLEMSER TECHNOLOGIES CORPORATION, Samarind Ltd., Sparta Systems Inc., Veeva Systems, and Virtify, Inc.