Market Size of Global Regulatory Reporting and Compliance Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 9.17 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Regulatory Reporting & Compliance Market Analysis
The regulatory reporting and compliance market studied is expected to register a CAGR of 9.17% over the forecast period.
The regulatory bodies remain strict and stick to their regulatory processes. The outbreak of the COVID-19 pandemic enabled flexibility in regulations to make treatment and cure rapidly accessible and developed in challenging times. The regulatory bodies, such as the Medicines and Healthcare products Regulatory Agency (MHRA), the United States Food and Drug Administration (USFDA), and European Medicines Agency(EMA), took proactive steps to support the industry. To accelerate the approval procedure, regularly updated guidelines on flexibility were issued to meet compliance, the routine inspection was postponed, and reporting was shifted to electronic mode. In April 2020, the United States Food and Drug Administration (USFDA) announced Coronavirus Treatment Acceleration Program(CTAP), under which till May 2021, 460+trials are reviewed by the FDA, and 620+ are in the planning stage of the drug development program. Thus, the COVID-19 pandemic is expected to show a positive impact on the regulatory reporting and compliance market, and it could be considered a catalyst for the growth of the market.
The studied market growth is attributed to the growing demand for a faster approval process, the continuously changing regulatory landscape, and the digitalization of the regulatory process. With the emergence of new diseases and new treatment fields, like precision medicine, targeted gene therapy, and specialty medicines, the need for a faster approval process is increasing to benefit the patients at the earliest. In January 2021, the United States Food and Drug Administration (USFDA) reported that in 2020, many innovative and advanced therapy drugs, like the first-ever therapy for Chaga's disease for pediatric patients of less than two years, a new therapy for Parkinson's disease for curing off episodes, was approved. The continuous change in the regulatory landscape, like different analytical criteria and inspection requirements across different regions, is a driver for the regulatory reporting and compliance market. Moreover, the difference in Good Manufacturing Practices (GMP) by different health authorities, like European Medicines Agency(EMA) and the United States Food and Drug Administration (USFDA), makes it difficult for global players to compliance with them. Most regulatory affairs functions rely on a manual process, which becomes unsustainable in the digitally transforming world. The digitalization and involvement of automated technological solutions will provide a significant reduction in time, cost, and efforts to achieve business goals. The unlock to intelligent automation technology will enable publishing, submissions, labeling, and approval notifications to configure to faster design improvement and governance of workflow in a transparent and trackable manner. Thus, the regulatory reporting and compliance market is expected to witness huge growth over the forecast period.
However, regulatory reporting and compliance are mandatory procedures for the healthcare industry. The lack of technologically advanced infrastructure in developing countries and complicated local and global regulatory norms may obstruct the growth of the market.
Regulatory Reporting & Compliance Industry Segmentation
As per the scope of the report, regulatory compliance means being adherence to the legal, ethical, and professional standards led down by regulatory agencies of that region and violation of which may lead to punishments and fines. Meeting these regulatory requirements is essential for players of the regulated industry like pharmaceuticals, medical devices, and other healthcare sectors. The regulations are drawn by regulatory agencies, like the United States Food and Drug Administration (USFDA), European Medicines Agency (EMA), and Health Canada (HC), to make sure the quality and safety of available products by organizations in the healthcare industry. Regulatory reporting is the submission of raw or summary data needed by regulators to evaluate an organizations' operations, thereby determining the status of compliance with the applicable regulatory provision. The regulatory reporting and compliance market are segmented by service type (regulatory consulting, product registration, and clinical trial application, legal representation, regulatory writing and publishing, and other regulatory services), service provider (in-house and outsourcing), end user (pharmaceutical companies, medical device companies, and biotechnology companies), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.
By Service Type | |
Regulatory Consulting | |
Product Registration and Clinical Trial Applications | |
Legal Representation | |
Regulatory Writing and Publishing | |
Others Regulatory Services |
By Service Provider Type | |
In-House | |
Out-Sourcing |
By End User | |
Pharmaceuticals Companies | |
Medical Devices Companies | |
Biotechnology Companies |
By Geography | ||||||||
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Global Regulatory Reporting and Compliance Market Size Summary
The regulatory reporting and compliance market is poised for significant growth, driven by the increasing demand for expedited approval processes and the ongoing digital transformation of regulatory frameworks. The COVID-19 pandemic acted as a catalyst, prompting regulatory bodies like the USFDA and EMA to adopt more flexible and electronic reporting methods, which have positively influenced market dynamics. The emergence of new treatment fields such as precision medicine and targeted gene therapy has further intensified the need for faster regulatory approvals to benefit patients promptly. However, the continuously evolving regulatory landscape, with varying Good Manufacturing Practices across regions, presents challenges for global compliance. The integration of automated technological solutions is expected to streamline processes, reducing time and costs, and enhancing transparency and governance in regulatory reporting.
North America leads the regulatory reporting and compliance market, bolstered by its advanced healthcare infrastructure and the presence of major regulatory authorities like the USFDA. The region's dominance is further supported by a large number of multinational pharmaceutical and biotechnology companies. The demand for advanced regulatory solutions is fueled by the need for faster approvals, especially as international pharmaceutical and medical device organizations seek to enter the US market. The market is moderately competitive, with major players such as Genpact Ltd, IQVIA Holdings Inc., and Certara LP dominating. The outsourcing segment is gaining traction due to the availability of technologically advanced solutions, which are expected to drive market growth over the forecast period.
Global Regulatory Reporting and Compliance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Demand For Faster Approval Process
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1.2.2 Continuously Changing Regulatory Landscape
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1.2.3 Digitalization of Regulatory Processes
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1.3 Market Restraints
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1.3.1 Lack of Technological Advanced Infrastructure in Developing Countries
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1.3.2 Complicated Local and Global Regulatory Norms
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Service Type
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2.1.1 Regulatory Consulting
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2.1.2 Product Registration and Clinical Trial Applications
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2.1.3 Legal Representation
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2.1.4 Regulatory Writing and Publishing
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2.1.5 Others Regulatory Services
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2.2 By Service Provider Type
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2.2.1 In-House
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2.2.2 Out-Sourcing
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2.3 By End User
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2.3.1 Pharmaceuticals Companies
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2.3.2 Medical Devices Companies
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2.3.3 Biotechnology Companies
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle-East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Regulatory Reporting and Compliance Market Size FAQs
What is the current Global Regulatory Reporting and Compliance Market size?
The Global Regulatory Reporting and Compliance Market is projected to register a CAGR of 9.17% during the forecast period (2024-2029)
Who are the key players in Global Regulatory Reporting and Compliance Market?
Genpact Ltd , IQVIA Holdings Inc , Certara, L.P. , Pharmaceutical Product Development, LLC (PPD) and Charles River Laboratories International, Inc are the major companies operating in the Global Regulatory Reporting and Compliance Market.