Regulatory Information Management Market To Make Great Impact In Near Future
The technological advancements and novel methods in the regulatory information management has unlocked potential for the companies, which are striving to provide regulatory information management software. The regulatory information management software has developed with new technologies, and improved process to ensure effective management of regulatory information. The pharmaceutical companies involved in the development, dissemination, capture, and control the regulatory information through the product development cycle. Regulatory information management is a solution for pharmaceutical companies in terms of efficient value communication of regulations. The technology tools, product & service platforms, creates the opportunities for the automating business practices. RIM is enables deliver powerful submission of planning, viewing, publishing, registration and management of products throughout the life cycle. RIMS allows ensure effective, compliant management of regulations and regulatory information. It has advantages such as submission of plan, e-submission viewer, and product registration and tracking. It enables track the periodic safety updated reports (PSUR) and real time access of regulatory information. Global Regulatory Information Management Market is anticipated to exhibit a significant CAGR coupled with annual growth rates over the forecast period.
Regulatory Information Management Market: Drivers and restraints
Regulatory Information Management Market provides wide range of benefits to pharmaceutical companies, increased amount of data to be collected and provided by regulatory bodies such as U.S. Food and Drug Administration (FDA), European Medicines Agency. According to the EVMPD regulation, all pharmaceutical companies harmonized exchanged format to manage the drug safety product information, which effected on July 02, 2012. The regulatory bodies are majorly fuelling the global regulatory information management market over the forecast period. Pharmaceutical companies are always fond of advanced technologies such as regulatory information management system, which enables easy access of information any time possible, thus most of the pharma companies are inclined towards the regulatory information management market. The reduction in manual errors in regulatory process coupled with easy access are further expected to contribute in the growth of global regulatory information management market
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However, there are some disadvantages in the use of Regulatory Information Management system that includes the need to train the sales professionals to manage advanced technologies. Also Regulatory Information Management is costlier than conventional method. These factors can act as major road blocks for the growth Regulatory Information Management Market.
Regulatory Information Management Market: Segmentation
Global Regulatory Information Management Market can be segmented as following types
By End User
- Pharmaceutical Industry
- Biotechnology Industry
- Clinical Research organizations
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Regulatory Information Management Market: Overview
The demand of Regulatory Information Management Market is increasing in pharmaceutical and biopharmaceutical companies due to its efficiency and effectiveness in regulatory approval of pharmaceuticals. Through regulatory information management market companies can share their product updates. The global Regulatory Information Management Market is expected to unlock the potential of market over the forecast period.
Regulatory Information Management Market: Region-Wise Outlook
Regulatory Information Management Market is segmented into seven key regions: Those are North America, Latin America, Eastern Europe, Western Europe, and APEJ, Japan, Middle East and Africa. North America is anticipated to dominate the regulatory information management market due to the presence of pharmaceutical stalwarts in the countries like US and Canada. North America is followed by Asia Pacific in terms of market share of regulatory information management market owing to the rise of pharmaceuticals industry in the countries like China and India. Europe is growing at a modest CAGR in the global regulatory information management market. Latin America and Middle East and Africa are at a nascent stage in the global regulatory information management market and is expected to have a significant contribution in the market in the forecast period.
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Regulatory Information Management Market: Key players
Some of the key players are
- ACUTA, LLC.
- Computer Sciences Corp (CSC)
- Aris Global
- Samarind Ltd
- Dovel Technologies, Inc.