The Global Regulatory Information Management System (RIMS) market is expected to grow at a significant CAGR during the forecast period.

Regulatory information management software is a collection of software solutions tailored to the specific industry and nature of the business, with a focus on the pharmaceutical, biotechnology, and clinical research industries. The software enables manufacturers and personnel in the aforementioned industries to ensure strict adherence to complex regulations established by regulatory authorities in the respective regions.


Market Driver:

The regulatory environment in industries such as biotechnology, pharmaceuticals, and clinical research is highly critical and constantly changing. This has resulted in the development of competent regulatory information management software for industry players to use. This ever-changing regulatory environment in such industries serves as one of the major motivators for the adoption of regulatory information management software. Furthermore, the reduction of manual errors in software designed for regulatory processes, combined with easy access, is expected to contribute to the growth of the global regulatory information management system (RIMS) market.

Pharmaceutical industry is expected to hold largest market share by 2026

Regulatory information management software is available with a variety of features that assist organisations in adhering to updated regulations. The advancement and innovation in the field of software with improved processes to ensure effective regulatory information management, the software also ensures a reduction in turnaround time for any issues or malpractices in the system. Throughout the product development cycle, pharmaceutical companies are involved in the development, dissemination, and control of regulatory information. Because it effectively communicates regulations, regulatory information management is an important solution for pharmaceutical companies. Technology tools, product and service platforms, create opportunities for automating business practises, resulting in optimum business output with strict adherence to the industry's set norms by regulatory bodies and government. Regulatory information management software facilitates the robust application of product planning, viewing, publishing, registration, and management throughout its life cycle in the pharmaceutical industry. Additionally, the software enables effective compliant management of regulations and regulatory information. It offers benefits such as plan submission, e-submission viewer, and product registration and tracking. The software allowss tracking the periodic safety updated reports (PSUR) and real time access of regulatory information.

The global regulatory information management system (RIMS) market is expected to grow at a significant CAGR during the forecast period.

The regulatory information management system (RIMS) market in North America is expected to grow at the fastest rate during the forecast period.

Because of the high presence of pharmaceutical companies such as Amgen, GlaxoSmithKline, Novartis, Johnson & Johnson, and Gilead Sciences in countries such as the United States and Canada, North America is expected to dominate the regulatory information management system (RIMS) market. Furthermore, according to a report by the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America accounted for 49.0 percent of global pharmaceutical sales in 2016, while Europe accounted for 21.5 percent. According to IMS Health data (MIDAS May 2017), 64.7 percent of new medicines launched between 2011 and 2016 were sold in the United States, compared to 17.5 percent in the European market.

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