Increasing Digital Transformation Driving Pharmaceutical Quality Management Software Market
Pharmaceutical quality management software refers to a specialized class of software that focuses on quality maintenance and regulatory compliance during the drug manufacturing process in the research and development (R&D) facility. The pharmaceutical quality management software (QMS) systems offer services in various areas of quality such as corrective action preventive action (CAPA) management, document management, regulatory and compliances management, and supplier quality management, among others. The software-based quality management systems are implemented by end users such as pharmaceutical and biotechnology companies, contract research organizations, and academic institutions to monitor various areas of quality management processes.
The global pharmaceutical quality management software market was valued at $472.6 million in 2020 and is anticipated to grow to $3,717.7 million by the end of 2030 at a projected CAGR of 22.91% during the forecast period 2021–2030. The aforementioned growth is based on the realistic forecast, the most likely growth scenario based on current market conditions. This scenario assumes that there will be no visible impact of COVID-19 beyond 2030. The changes in the market during that timeline can build upon the developments of this decade.
The COVID-19 pandemic had a low-moderate impact on the market, i.e., the effects of the pandemic on the business have already started to fade, barring the key changes that took place during the pandemic. Furthermore, the COVID-19 had a positive impact on the adoption of pharmaceutical QMS systems. This is attributed to travel restrictions amidst lockdown and the emerging concept of working and connecting remotely. With the implementation of a cloud-based software system, pharmaceutical companies can manage and monitor various aspects of their workflow remotely instead of being present in person.
What is the addressable market size and forecast based on region?
The North America region has one of the most technologically advanced healthcare systems globally. North America is one of the most prominent regions for digital technology adoption in the pharmaceutical quality management software market. The rising use of cloud-based applications, growing demand to meet international standards, and presence of multiple established companies in the region are the primary propellers for the region’s growth.
The Europe region is one of the key markets with early adopters and is expected to remain among the top markets for pharmaceutical quality management software. While there is increasing technology integration in healthcare, digital transformation in the pharmaceutical sector is ongoing. Europe has a technologically advanced healthcare system with increasing digital adoption in the pharmaceutical industry.
The Asia-Pacific region is expected to be one of the prominently growing markets for pharmaceutical quality management software during the forecast period 2021–2030. The factors promoting the growth of the market include increasing cost of drugs manufacturing, constantly evolving regulations, and growing technology adoption in the pharmaceutical industry. The region is undergoing significant technological advancements along with improvements in healthcare systems.
What are the key trends of the global pharmaceutical quality management software market?
The global pharmaceutical quality management software market is influenced by various technological trends such as rising technology inclusion in data analysis, growing emphasis on personalized medication, moving from pen-paper to digitization, and growing cloud adoption.
What are the market shares of key competitors in the global pharmaceutical quality management software market?
The global pharmaceutical quality management software market is fragmented in nature, owing to the presence of various key companies. The major companies operating in the market include Antares Vision S.p.A, AssurX, Inc., AXSource, CLARIVATE PLC., ComplianceQuest, Dassault Systèmes, EtQ Management Consultants, Inc., Honeywell International, Inc., Ideagen Plc, IQVIA HOLDINGS INC., LogicGate, Inc., MasterControl, PTC Inc., Sarjen Systems Pvt. Ltd., Qualio, and Veeva Systems Inc., among others.
What has been the funding scenario for the global pharmaceutical quality management software market for the past four years, i.e., from 2018–2021?
The companies in the global pharmaceutical quality management software market have received funding from several investors from January 2018-August 2021. A potential increase in the number of start-ups expected to enter the market in the future is expected to boost funding activities in the global pharmaceutical quality management software market. The funding aids the companies in research and development activities, upgradation, and acceleration of the software. Strategic investments centered around innovation, scale-up, and branding are expected to be more common during the forecast period 2021–2030.
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