Pharmaceutical Quality Management Software Market Size, Share & Trends Analysis Report By Application (Data Management, Risk Management), By Deployment Mode (Cloud & Web-based, On-premise), By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Quality Management Software Market Size, Share & Trends Analysis Report By Application (Data Management, Risk Management), By Deployment Mode (Cloud & Web-based, On-premise), By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Quality Management Software Market Growth & Trends

The global pharmaceutical quality management software market size is expected to reach USD 3.9 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.58% over the forecast period. The market growth is being propelled by the increasing expenses associated with drug manufacturing, the ever-evolving regulatory landscape, and the expanding integration of technology within the pharmaceutical sector. A quality management system ensures that a company's products meet market expectations and industry standards. Quality assurance methods are employed to ensure there are no defects, and all actions taken to address issues are well-documented.

A robust pharmaceutical quality management system (QMS) offers several advantages to businesses, including ensuring product integrity, expediting the introduction of new products to the market, reducing the time and cost associated with document management, aiding in the identification and resolution of issues, verifying the quality of supplier processes, and enabling employee skill enhancement through effective training. The COVID-19 pandemic positively affected the market. It led pharmaceutical manufacturers to recognize the significance of maintaining stringent quality standards amidst unprecedented challenges in the global healthcare industry.

This heightened awareness drove a surge in demand for efficient QMS solutions to guarantee the effectiveness, quality, and safety of pharmaceuticals and medical products. In addition, the adoption of quality management systems aided businesses in enhancing their quality management procedures, implementing risk mitigation strategies, and ensuring adherence to regulatory requirements. Furthermore, the various strategies employed by the key market competitors over the next few years are likely to drive market expansion.

For instance, in 2021, Arena Solutions, Inc., partnered with Rimsys Inc., a company that offers regulatory information management (RIM) software systems, to create a comprehensive quality and product-focused regulatory solution. This collaboration allowed the organization to expand its product offerings. In addition, in April 2021, Medidata, a company under Dassault Systèmes, introduced Medidata Risk Management, a new addition to its Risk-Based Quality Management (RBQM) suite, which comprises a wide range of solutions aimed at speeding up the adoption of proactive oversight activities in clinical operations

Pharmaceutical Quality Management Software Market Report Highlight

The cloud & web-based deployment mode segment dominated the market in 2022 due to the high demand for cloud and web-based solutions as they enable organizations to readily adapt their software usage to evolving regulatory requirements and operational requirements

The data management application segment held the largest share of over 17% in 2022. The rising volume of inconsistent healthcare data and high demand from regulatory organizations for reports that adhere to exacting quality standards are the main factors influencing this growth

The regulatory and compliance management segment is anticipated to register the fastest CAGR during the forecast period due to factors, such as the increasing number of counterfeit drugs and the recall of drugs from the market

North America dominated the market in 2022. The growth of the region is driven by the factors, such as the growing need for better production & quality control standards and the increasing use of advanced technologies

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