Market Trends of Global Pharmaceutical Quality Management Software Industry
Regulatory and Compliance Management Segment is Expected to Hold Significant Market Share Over the Forecast Period
Over the next few years, the regulatory and compliance management segment of the pharmaceutical quality management software market is expected to grow a lot. This is because of things like the growing number of fake drugs, the recalling of drugs from the market, and a greater focus on product quality.
The main thing that will drive the growth of regulatory and compliance in pharmaceuticals over the next few years is the growing number of fake drugs. Due to the COVID-19 pandemic, incidents of counterfeit products have increased. According to the World Health Organization report, in 2021, the number of cases of substandard and falsified (SF) medical items increased by 52% from 2020. Recently, most of the incidents involved COVID-19-related medical products, such as vaccines, medicines, COVID test kits, antibiotics, face masks, and sanitizers. Similarly, in 2021, the World Health Organization's worldwide surveillance and monitoring system for substandard and counterfeit medical products discovered fraudulent versions of the COVID-19 vaccine, Covishield, in India and Uganda. Such cases have forced the government to reframe drug quality and take strict measures to make QR codes mandatory on active pharmaceutical ingredients and products due to safety and tracking purposes.
Also, the strict rules for selling drugs have made it more likely that some drugs will be taken off the market. For instance, in March 2022, Pfizer recalled three prescription blood pressure medications: six lots of Accuretic tablets, one lot of quinapril and hydrochlorothiazide tablets, and four lots of quinapril HCl/hydrochlorothiazide tablets, due to the presence of elevated levels of a potentially cancer-causing impurity.
Also, the growing use of digital technologies makes it easier to manage large amounts of data, adds value to the organization, and makes compliance tasks easier, which helps businesses avoid unintended and unexpected results.Utilizing technology for data integration, analytics, and visualization, compliance activities are being digitalized to improve understanding. It also helps stop bad things from happening by using robots to automate processes and other cognitive technologies like machine learning and artificial intelligence.Because of these benefits, pharmaceutical companies are likely to use compliance management systems and platforms more. This will help the segment grow.
The growth of the segment is also helped by the fact that more and more companies are focusing on launching digital transformation services.For example, in April 2022, ComplianceQuest, one of the leading providers of 100% cloud-native, AI-powered enterprise clinical, quality, health, safety, and environmental management solutions, partnered with EZEN, a provider of digital transformation services to the life sciences and healthcare industries, to help its clients in the healthcare industry meet their digital transformation needs.
Because of things like more fake drugs, more drug recalls, and more business activities, the studied segment is expected to grow over the next few years.
North America Holds a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is expected to witness significant growth in the pharmaceutical quality management software market over the forecast period owing to the factors such as the increasing demand for improved production and quality management standards, and the rising adoption of advanced technologies, cloud-based solutions, and QMS softwarein the pharmaceutical industry.
The major players are employing a variety of strategies to grow their customer base, including expanding their services, collaborating, partnering, and merging are expected to fuel market growth. For Instance, in January 2021, Arena Solutions, Inc. partnered with Rimsys Inc., a developer of Regulatory Information Management (RIM) software platforms to provide secure cloud-based end-to-end quality and product-centric regulatory solutions. The collaboration is anticipated to improve both businesses' capacity to automatically track document modifications and notify users of reporting updates based on the location of the document.
Furthermore, the increasing product approvals in the region are also contributing to the market growth. For instance, in July 2022, Tealium launched a Customer Data platform that is designed to fully automate an improved customer experience for Pharma audiences while accounting for the industry's ever-evolving privacy and security regulations. Also, in April 2021, Medidata, a Dassault Systèmes company, launched Medidata Risk Management, a new addition to its Medidata's Risk-Based Quality Management (RBQM) suite, a comprehensive collection of solutions developed to speed up the adoption of proactive clinical operations oversight activities.
Therefore, owing to the factors, such as rising partnerships and increasing product launches, the studied market is expected to grow in the North America region over the forecast period.
