REGULATORY INFORMATION MANAGEMENT MARKET ANALYSIS

Regulatory Information Management MarketSize and Trends

The global regulatory information management market size was valued at US$ 1,680.0 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030.

Regulatory information management software consists of software solutions suiting the respective industry and nature of business, especially for pharmaceutical, biotechnology, and clinical research industries. The software allows manufacturers and respective personnel in the aforementioned industries to ensure strict observance of complex regulations set by regulatory authorities in the respective regions.

Global Regulatory Information Management Market Trends:

Increasing focus on data governance and data integrity

Regulatory authorities are placing greater emphasis on data governance and data integrity in industries such as pharmaceuticals, healthcare, and financial services. Regulatory information management solutions that offer robust data management capabilities, data validation, audit trails, and data integrity checks are in high demand to ensure the accuracy, reliability, and traceability of regulatory information. In July 2021, Pharmaceutical Inspection Cooperation Scheme (PIC/S) entitled Good Practices for Data Management and Integrity in Regulated GMP/GDP Environments. This article will give an overview of the whole guidance document and review specific requirements for computerized systems.

Adoption of artificial intelligence and automation

The adoption of artificial intelligence and automation technologies is gaining momentum in regulatory information management market. AI-powered regulatory information management solutions can automate manual tasks, improve data processing efficiency, enhance compliance analytics, and enable predictive capabilities. Automation reduces human errors, saves time, and enables organizations to focus on strategic regulatory initiatives.