The global Regulatory Information Management Systems Market
was valued at US$ 797.2 million in 2018 and is projected to reach US$ 2,442.9 million by 2027, exhibiting a CAGR of 13.7% over the forecast period, according to Regulatory information management system (RIMS) market Report, by Application (Registration, Submission, Publishing, e-Archiving, and Others), by Component (Software and Services), by Deployment (On-Premise and Cloud Based), by Enterprise Size (SMEs and Large Enterprises), by End Use (Pharmaceutical Industry, Biotechnology Industry, and Clinical Research Organizations), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) published by
Major factors driving growth of the regulatory information management system (RIMS) 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.
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Key Trends and Analysis of the Global Regulatory Information Management System (RIMS) Market:
- North America accounted for largest share in the Global Regulatory Information Management System (RIMS) 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.
- Regulatory information management system (RIMS) market in Asia Pacific is expected to exhibit a significant CAGR over the forecast period (2018 - 2026). The regulatory information management system (RIMS) 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 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.