According to TechSci Research report, “Regulatory Information Management System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global market for regulatory information management systems will grow at an impressive rate during the forecast period 2018-2028. This is due to regulatory agencies increasingly imposing stricter standards for the retention of all clinical trial data and the increasing demand from the pharmaceutical industry for clinical data management in the biotechnology industry worldwide. Moreover, tightening regulatory framework for drug approvals in countries such as the UK and the US along with frequently changing drug and product approval rules is increasing the demand for the pre-administration system, creating lucrative opportunities for market growth in the coming years. . Additionally, advancements in technology and improved data collection methods for regulatory management are expected to further support market growth. Therefore, there is a growing need to reduce manual errors in regulatory processes and facilitate market access over the years.
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Growing sophistication and new ways of managing enrollments and sharing information between institutions is also a major source of market growth during the forecast period. However, during the forecast period, the growth of the global regulatory information management systems market may be hindered by the high cost of software compared to the traditional method and the lack of specialists with the skills to use information management software, especially in developing and underdeveloped countries Similarly, restrictions related to the use of software may restrain the growth of the market. The global regulatory information management system market can be segmented by component, deployment mode, application, and region. On the basis of component, the global regulatory information management system market can be segmented into solutions and services. The solution segment will dominate the market in 2022 and is expected to maintain its dominant position during the forecast period. This is due to the need to deal with ever-changing regulatory scenarios, especially in the evolving pharmaceutical sector, which has led organizations to prefer a regulatory information management system. On the basis of end-user, the market can be segmented into pharmaceuticals, medical devices, and others. During the forecast period, the pharmaceutical industry segment is expected to dominate due to increasingly complex regulations that are constantly expanding and changing in the pharmaceutical industry, so that companies face challenges due to high confusion and huge accumulation of data, which increases the demand for regulation. information management. system during 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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