The demand for regulatory information management market will increase at a CAGR of 11% through 2034. Furthermore, the regulatory information management system (RIMS) industry value is forecasted to reach US$ 6,119.9 million by 2034. Life sciences and medical device companies involved in the development of innovative equipment adopt RIMS solutions for marketing clearance for their products.
The regulatory information management market accrued revenue of around US$ 1,343.2 million in 2019. In the following years, the RIMS industry exhibited a robust growth rate of 9.7%, owing to a rise in drug development and new medication releases during the pandemic. This average growth rate continued till 2023, concluding the global market valuation at US$ 1,946.5 million.
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The adoption of RIMS solutions and services, in terms of value, is estimated to be around US$ 2,155.6 million in 2024. Several pharmaceutical and finance companies are inclined toward regulatory information management systems (RIMS) solutions as they enable easy access to information in real time.
Key Takeaways from the Regulatory Information Management Market Report:
- North America is predicted to dominate the regulatory information management market, accounting for over 40% of the share in 2024, followed by Asia.
- The United States leads the regulatory information management system market and is poised to advance further with a 7.9% CAGR through 2034.
- In Europe, Germany is estimated to remain the lucrative market for RIMS solution service providers and is expected to evolve with a 10.5% CAGR from 2024 to 2034.
- China is witnessing promising growth in its regulatory compliance solutions sector and will likely progress at 11.5% through the forecast period.
- Over the projected period, the Australian regulatory information management market is anticipated to see a lucrative growth rate of 14.5% per year.
Competitive Landscape:
The overall market is consolidated in North America and East Asia due to many pharmaceutical and financial institutions with huge consumer bases. However, strengthening regulatory protocols with pharmaceutical research and financial services advancement in other regions is anticipated to diversify the market soon.
Leading Key Players:
- ACUTA, LLC.
- Parexel
- Computer Sciences Corp (CSC)
- ArisGlobal
- Virtify
- Ennov
- Amplexor
- Samarind Ltd
- Dovel Technologies, Inc.
- Informa
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Recent Developments in the Regulatory Information Management Industry Players:
- In June 2021, Greenlight Guru Company revealed that it had secured around US$ 120 million in funding from investment firm JMI Equity. Greenlight Guru is a start-up company that assists medical device manufacturers, and suppliers in navigating regulatory obstacles in different territories.
- At an event in Spain in May 2022, Rimsys Company released a new RIM program named Rimsys 5. Rimsys is a developer and supplier of regulatory information management solutions (RIMS) and is based in the United States.
Regulatory Information Management Market Segmentation:
By Product Type:
- Software
- Hardware
By Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End User:
- Pharmaceutical Industry
- Biotechnology Industry
- Clinical Research organizations
- Other End-user Verticals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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