The regulatory information management market value is estimated to be around USD 2,155.6 million in 2024. The adoption of regulatory information management solutions is increasing in pharmaceutical and biopharmaceutical companies due to their efficiency and effectiveness in approving new formulations.
According to market estimates for 2024 to 2034, demand for regulatory information management systems is likely to register a compound annual growth rate of 11%. The report also predicts the net valuation of the regulatory information management industry to reach up to USD 6,119.9 million by 2034 end.
Market Trends & Analysis
Report Attribute | Details |
---|---|
Market Revenue (2024) | USD 2,155.6 million |
Market Anticipated Forecast Value (2034) | USD 6,119.9 million |
Market Projected Growth Rate (2024 to 2034) | 11% |
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As per the numbers mentioned in an earlier report, the net worth of the market for regulatory information management solutions was around USD 1,343.2 million in 2019. In the following years, the overall market was figured out to expand at an impressive CAGR of 9.7% on average for five years.
The need for regulatory information management systems increased enormously in 2020 and 2021 with the growing demand for real-time monitoring and regulations of the clinical trials for the COVID-19 vaccine. By 2023 end, the total valuation was observed to have reached USD 1,946.5 million.
Attributes | Details |
---|---|
Regulatory Information Management Market Size (2019) | USD 1,343.2 million |
Market Value (2023) | USD 1,946.5 million |
Market (CAGR 2019 to 2023) | 9.7% |
Regulatory data repositories and management solutions are extremely important in the pharmaceutical, biotechnology, and clinical research industries, which are constantly updated. Consequently, the demand for regulatory information management systems is likely to rise with the expansion of the pharmaceutical industries during the forecast period.
The relevance of regulatory compliance solutions is likely to improve further with the growing complexity of information tracking and planning requiring increased data exchange. Moreover, new methods of handling registrations and the ongoing models of regulatory consulting are anticipated to fuel the development of RIM software solutions further.
The table below indexes the CAGR for some top-performing countries in the broad geographical regions of North America, Europe, and Asia Pacific. North America is anticipated to dominate the regulatory information management market due to the presence of pharmaceutical stalwarts in countries like the United States and Canada.
North America is followed by Asia Pacific regarding market share in the regulatory information management industry owing to rapidly industrializing countries like China, Japan, South Korea, and India.
Regional Market Comparison | CAGR (2024 to 2034) |
---|---|
United States | 7.9% |
Germany | 10.5% |
China | 11.5% |
Japan | 12.2% |
Australia | 14.5% |
The market for regulatory information management systems in the United States is predicted to follow a modest CAGR of 7.9% between 2024 and 2034. Central factors that are projected to retain the dominance of the country through the forecast years include:
Australia is at a nascent stage in the regulatory information management market and is expected to follow a 14.5% CAGR through the forecast period. Some of the key reasons that are expected to drive the Australian regulatory document management market in the upcoming years include:
Though the hardware segment has made a significant contribution to establishing the RIMS market, in terms of revenue, the software segment is estimated to account for 81% of the share in 2024.
Attributes | Details |
---|---|
Top Product Type or Segment | RIM Software |
Market Share in 2024 | 81% |
The market segment for RIM software is anticipated to retain its dominance through the projected years for the following reasons:
Large enterprises are expected to account for 31.1% of the total share in 2024, based on the size of the enterprises requiring regulatory management solutions.
Attributes | Details |
---|---|
Top End User Vertical Segment | Large Enterprises |
Market Share in 2024 | 31.1% |
Some underlying factors that are expected to keep the players focused on the large enterprises market segment through the forecast years include:
BFSI institutions involved in the dissemination of new financial services find adopting regulatory information solutions advantageous through the product development cycle.
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The prominent players mainly hold a greater share of the total services in demand, resulting in consolidation of the regulatory information management system (RIMS) market. However, the advent of cloud-based regulatory information management systems, affordable tools, and product & service platforms have created more opportunities for regional businesses to provide lenient regulatory compliance practices.
Recent Developments in the Regulatory Information Management Industry
Attribute | Details |
---|---|
Estimated Market Size (2024) | USD 2,155.6 million |
Projected Market Size (2034) | USD 6,119.9 million |
Anticipated Growth Rate (2024 to 2034) | 11% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | USD million or billion for Value and Units for Volume |
Key Regions Covered | North America; Latin America; Europe; the Middle East & Africa (MEA); East Asia; South Asia and Oceania |
Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
Key Segments Covered | By Product Type, By End User Verticals, and By Region |
Key Companies Profiled | ACUTA, LLC.; Parexel; Computer Sciences Corp (CSC); ArisGlobal; Virtify; Ennov; Amplexor; Samarind Ltd; Dovel Technologies, Inc.; Informa |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
The global regulatory information management market is to grow at 11% during the forecast period.
The regulatory information management market is predicted to be valued at USD 6,119.9 million by 2034.
The regulatory information management market was valued at USD 1,946.5 million in 2023.
The RIM software segment to account for nearly 81% share of the revenue in 2024.
Australia to witness a CAGR of 14.5% in the adoption of regulatory information management solutions through 2034.
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