Regulatory Information Management Market is Anticipated to Grow at CAGR of 10% by 2029

The regulatory information management market registered a CAGR of nearly 8% during the period 2014 to 2018. This industry remains influenced by rapid transformations in regulation paradigms, from pharmaceuticals to medical devices verticals, thereby, witnessing an increased demand for software, such as regulatory information management.

While the attractiveness of RIM remains high for health authority management, the rapidly changing portfolios of drug manufacturers are compelling RIM service providers to align their regulatory training and management offerings with product specifications and regulations in the region of deployment.

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Small and Medium Enterprises Showcase Higher Inclination towards Regulatory Information Management

The report discourses that a prominent number of small and medium enterprises are applying a broad regulatory information management platform with a purpose to eliminate different data hand-offs and for improved overall data visibility and quality. As per acquired statistics, global deployment of regulatory information management concerning small and medium enterprises surpassed US$ 513 Mn in 2018, and is projected to experience a robust yearly growth in 2019.

Progressing Regulatory Framework Prompting NPDs
At present, compliance modernization doesn't exist as optional, since international authorities are continuously establishing new and often strenuous reporting requirements. Looking at the persistently changing regulatory standards, enterprises holding different verticals like pharmaceuticals, nutraceuticals and medical devices are expecting more from the software which assists them log and keep track of everything. This action has further augmented the trend of new product development (NPD) across the regulatory information management market.

Competitive Landscape:

The market for regulatory information management is highly fragmented with a wide pool of small scale companies operating in this industry. Companies, including
• Veeva/ Sparta Systems
• DXC Technology
• Parexel
• Aris Global

Are leading the market owing to their broader and best-in-industry portfolios, in addition to their robust geographical reach.

While the attractiveness of RIM remains high for health authority management, the rapidly changing portfolios of drug manufacturers are compelling RIM service providers to align their regulatory training and management offerings with product specifications and regulations in the region of deployment.

Promising product launches hold a competitive advantage in regulation information management market. For instance, IQVIA™ has recently launched IQVIA RIM Smart, the first fully integrated, cloud-based, complete regulatory information management solution for life sciences. Companies are increasingly leveraging artificial intelligence (AI) and machine learning (ML) to enable intelligent management of the complete regulatory lifecycle of a product portfolio.

Leading players in the RIM market are eying IDMP (Identification of Medicinal Products) regulatory changes as an opportunity for business improvement. Increased focus of market forerunners on establishing a data model and supporting system that allows seamless data sharing across manufacturing, registration, labeling, and submission domains, is likely to heighten the scope of sales.

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How will be insights and market estimations provided in the Fact.MR report on the Demand of Regulatory Information Management make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions

• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period

• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets

• Provides scrutiny of the industry trends that have shaped recent government policies

• Provides an account of major breakthroughs in all segments that might change the course of the market considerably

• Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Regulatory Information Management Market

• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future

• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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This release was published on openPR.