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Regulatory Information Management System Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033
Regulatory Information Management System Global Market Report 2024
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According to The Business Research Company's, The regulatory information management system market size has grown rapidly in recent years. It will grow from $1.79 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to stringent regulatory compliance requirements, pharmaceutical industry growth, globalization of supply chains, increasing volume of regulatory data, emphasis on data security.
The regulatory information management system market size is expected to see rapid growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to integration with artificial intelligence (ai), increased complexity of regulatory landscape, expansion of rims in emerging markets, demand for cloud-based solutions, focus on real-time regulatory monitoring. Major trends in the forecast period include advancements in technology, collaboration and integration with external partners, blockchain technology for data integrity, mobile access and user-friendly interfaces, cross-functional collaboration platforms.
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Market Drivers and Trends:
The rising number of clinical trials is significantly contributing to the growth of the regulatory information management system market going forward. Clinical trials refer to studies in which people are used as test subjects for therapeutic, surgical, or behavioral interventions. The regulatory information management system is used for tracking, managing, and simplifying the growing regulatory requirements and complexities related to clinical trials. For instance, in February 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental agency responsible for international public health, the number of clinical trials in the Southeast Asia region increased from 10,966 in 2021 to 11,030 in 2022. Further, according to the World Health Organization, the number of clinical trials in Africa increased from 905 in 2020 to 1,078 in 2021. Therefore, rising clinical trials will drive the regulatory information management system market.
Product innovations are the key trend gaining popularity in the regulatory information management system market. Major companies operating in the regulatory information management system market are focusing on launching innovative products to sustain their position in the market. For instance, in February 2023, ArisGlobal, LLC, a US-based provider of life sciences solutions, launched the Investigational Product Regulatory Information Management System (RIMS), a product designed with the unique demands of life sciences and medical device firms in mind as they advance through the research and development stages of drug development. Investigational Product RIMS is the ideal pre-validated, turnkey solution for growing life sciences and medical device firms that still need to obtain marketing authorization for their goods. Key features include clinical trial authorization tracking to meet regulatory deadlines and speed up time to market, investigational submission and dossier planning with intelligent automation and activity triggers to drive efficiency, and health authority commitment management for end-to-end planning and tracking of interactions, commitments, and obligations.
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Major Key Players of the Market:
Deloitte Touche Tohmatsu Limited, DXC Technology Company, IQVIA Inc., Wipro Ltd, Parexel International Corporation, Korber Pharma, Veeva Systems Inc, Dovel Technologies Inc., Calyx, ArisGlobal LLC, DDi Inc., NNIT A/S, Freyr Software Services Private Limite, Navitas Life Sciences, MasterControl Solutions Inc., Sparta Systems Inc., Instem PLC, Phlexglobal Ltd., Ennov SA, LORENZ Life Sciences Group, Extedo GmbH, Gimmal, Dot Compliance Ltd., Kalypso LP, Rimsys Inc., Virtify Inc., Glemser Technologies Corporation, RegDesk, AmpleLogic, Ithos Global Inc.
Regulatory Information Management System Market 2024 Key Insights:
• The regulatory information management system market size is expected to see rapid growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Surge In Clinical Trials Drives Growth In The Regulatory Information Management System Market
• Innovative Products Drive Growth In The Regulatory Information Management System Market
• North America was the largest region in the regulatory information management system market in 2023
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