Global Pharmaceutical Manufacturing Software Market, by Product Type (On-cloud and On-premise), by Application (Large Enterprises and SMEs), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,532.7 Mn in 2021 and is expected to exhibit a CAGR of 8.6% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players are focusing on inorganic strategies such as agreements and partnerships, which is expected to increase adoption of software (such as on-cloud and on-premise), thereby driving the market growth. For instance, in June 2021, Andaman7, a Belgian-American e-Health company, and Afrisda, Inc. (African Sustainable Development Advisors) announced a partnership agreement to support the implementation of Digital Health, a digital care program that will enhance the efficiency of healthcare delivery and make medicine more precise and personalized in Africa.
Global Pharmaceutical Manufacturing Software Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected a lot of industries and companies. One of the biggest challenges is supplying the raw materials required to manufacture drugs due to irregularities in the transportation system. Additionally, due to the increasing number of patients suffering from COVID-19 and other life-threatening illnesses, product distributors are seeing erratic demand for products from retailers.
Key players are shifting to digital communication solutions to carry out communication between outgoing and incoming teams with ease. For instance, Roche Pharma, in 2020, used an interactive shift handover software (Eschbach's digital communication solution) to manage team communication in production site. Outgoing teams are virtually connected to incoming teams and perform digital handovers seamlessly. During shift operations, external operators can record real-time observations via mobile devices and share them with board members and their superiors through an end-to-end communication platform, without human contact.
Several leading pharmaceutical and technology companies worked with the U.S. government to accelerate clinical development of vaccines for COVID-19 infection in the U.S. For instance, in July 2020, clinical services company IQVIA, and pharmaceutical company Astra Zeneca announced their collaboration with the U.S. government on the Operation Warp Speed project. The project is focused on promoting clinical trials of the vaccine in the U.S. and includes a large-scale technical study that started with the enrolment of participants and will take advantage of virtual study solutions from IQVIA, including the Study Hub.
Browse 26 Market Data Tables and 25 Figures spread through 143 Pages and in-depth TOC on “Global Pharmaceutical Manufacturing Software Market”- Forecast to 2028, Global Pharmaceutical Manufacturing Software Market, by Product Type (On-cloud and On-premise), by Application (Large Enterprises and SMEs), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing launches of new software by the key players is also expected to aid in growth of the global pharmaceutical manufacturing software market over the forecast period. For instance, in November 2020, Oracle Corporation, an American multinational computer technology corporation and Tony Blair Institute (TBI), a non-profit organization, launched Africa Vaccine Management system with the capability of cloud technology. TBI and Oracle are in discussions with more than thirty countries in Asia, North America, Africa, and Europe that are assessing their Covid-19 vaccination programs using the same cloud system
Key Takeaways of the Global Pharmaceutical Manufacturing Software Market:
- The global pharmaceutical manufacturing software is expected to exhibit a CAGR of 8.6% during the forecast period due to the increasing use of artificial intelligence by the key players, which is expected to boost growth of the market over the forecast period. For instance, in March 2020, Novartis AG, a global healthcare company, announced that it has around 2 million patient-years of data in its system. Novartis is running a project called data42, which focuses on fine-tuning the data and creating a huge data lake.
- Among product type, on-cloud segment is estimated to account for the largest market share in global pharmaceutical manufacturing software market growth in 2021. For instance, in July 2020, Carromex, a mathematical research-based innovation company headquartered in Australia, presented a new pharmaceutical software platform based on cloud known as Pharma Leads. This software is meant to assist in the advancements of the pharmaceutical and healthcare industries.
- Among region, North America is expected to exhibit highest CAGR in the global pharmaceutical manufacturing software market growth during the forecast period, owing to the increasing investments in the healthcare information technology sector in the region, the emergence of legal requirements to promote business development in the U.S., and increased government funding and digitization initiatives. For instance, according to the U.S. Department of Health & Human Services (HHS.gov), the Office of the National Coordinator for Health Information Technology (ONC) of the United States Department of Health and Human Services (HHS), in June 2021, announced the formation of a US$ 80 million Public Health Informatics and Technology Workforce Development Program (PHITWorkforce Program) to strengthen public health informatics and data science in the U.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.
