The pharmaceutical quality management software market is still in its niche stage, the market is anticipated to grow rapidly owing to increasing technology adoption in the pharmaceutical industry, increasing cost of drug manufacturing, and evolving regulations. Currently, a few large pharmaceutical companies have adopted electronic quality management systems in order to automate their processes. With increasing technology adoption in the pharmaceutical industry, going forward, smaller companies are expected to implement software-based systems from the beginning itself.
The COVID-19 pandemic has further accelerated the digital transformation of the pharmaceutical industry. This positive impact is attributed to factors such as travel restrictions and the emerging concept of working and communicating remotely.
The global pharmaceutical quality management software market report highlights that the market was valued at $472.6 million in 2020 and is expected to reach $3,717.7 million by the end of 2030. The market is expected to grow at a CAGR of 22.91% during the forecast period from 2021 to 2030.
Figure: Global Pharmaceutical Quality Management Software Market, $Million, 2020 and 2030
Global Pharmaceutical Quality Management Software Market Drivers
The factors driving the growth of the market include the increasing cost of drug manufacturing, constantly evolving regulations, and growing technology adoption in the pharmaceutical industry. Pharmaceutical companies spend up to billions of dollars in the manufacture of a new drug, thereby increasing the demand for automating manufacturing processes. The benefits associated with paper-based quality management systems are overcome by software-based quality management systems, presenting a lucrative market for pharmaceutical quality management software.
Furthermore, increasing demand by pharmaceutical companies to comply with regulatory requirements in order to compete with other players in the market is another factor driving the growth of the market.
Global Pharmaceutical Quality Management Software Market Challenges
The factors restraining the growth of the global pharmaceutical quality management software include security concerns pertaining to on-cloud deployment and the lack of well-established regulations governing pharmaceutical quality management software systems. Data breach incidents cause the pharmaceutical industry to suffer both monetary losses as well as breaches of customer trust. Additionally, while emerging economies in Asia-Pacific and Rest-of-the-World present a huge potential for growth of the pharmaceutical quality management software market, currently, market penetration in the region is challenging owing to factors such as lack of technology integration in the pharmaceutical industry and high upfront costs associated with the purchase of software.
However, the COVID-19 pandemic has countered these challenges and thus, positively impacted the digital transformation of the pharmaceutical industry.
Global Pharmaceutical Quality Management Software Market Opportunities
Synergies between pharmaceutical QMS developers and local end users and the development of solutions based on platform-as-a-service business model hold immense potential for the growth of the global pharmaceutical quality management software market.
The development of solutions based on the platform-as-a-service model is a novel model for running applications such as quality management software wherein a third party maintains the hardware and software infrastructure and delivers it to users over the internet. The software developers are adopting the PaaS solutions due to their simplicity, scalability, and reliability.
Global Pharmaceutical Quality Management Software Market Segmentation
Key Market Players and Competition Synopsis
Some of the key players operating in the market include ANTARES VISION S.p.A, AssurX, Inc., AXSource, CLARIVATE PLC., ComplianceQuest, Dassault Systèmes, EtQ Management Consultants, Inc., Honeywell International Inc., Ideagen Plc., IQVIA HOLDINGS INC., LogicGate, Inc, MasterControl, PTC Inc., Sarjen Systems Pvt. Ltd., Qualio, and Veeva Systems Inc.
In the past few years, the global pharmaceutical quality management software market has witnessed several strategic and technological developments undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been partnerships followed by funding activities.
How This Report Can Add Value
Who should buy this report and why?
Assuming that the reader is a developer of pharmaceutical quality management software, they will be able to do the following –
• Understand their position as compared to some of the key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on the adoption of pharmaceutical QMS and the entry barriers as a result of it
• Gain insights into which regions to target globally based on factors such as the technology adoption in the pharmaceutical industry and government established regulations
• To gain insights into end-user perception with respect to the adoption of pharmaceutical QMS systems
• Identify some of the key players in the market and understand their valuable contribution
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Key Questions Answered in the Global Pharmaceutical Quality Management Market Report
• How did the COVID-19 pandemic impact the adoption of pharmaceutical quality management software by various pharmaceutical and life sciences companies?
• What is the outlook for the global pharmaceutical quality management software market during the forecast period 2021-2030?
• What are the key trends influencing the global pharmaceutical quality management software market? How will they influence the market in short-, mid-, and long-term duration?
• What is the end user perception toward pharmaceutical quality management software?
• How is the patent landscape for pharmaceutical quality software? Which country/cluster witnessed the highest patent filing from January 2014-June 2021?
• What are the key factors impacting the global pharmaceutical quality management software market? What will be their impact in short-, mid-, and long-term duration?
• What are the key opportunities areas in the global pharmaceutical quality management software market? What is their potential in short-, mid-, and long-term duration?
• What are the key strategies adopted by companies in the global pharmaceutical quality management software market?
• What are the key application areas of the global pharmaceutical quality management software market? Which application is expected to hold the highest growth potential during the forecast period 2021-2030?
• What is the preferred deployment model for the global pharmaceutical quality management software? What is the growth potential of various deployment models present in the market?
• Who are the key end users of pharmaceutical quality software? What is their respective share in the global pharmaceutical quality management software market?
• Which regional market is expected to hold the highest growth potential in the global pharmaceutical quality management software market during the forecast period 2021-2030?
• Which are the key players in the global pharmaceutical quality management software market?
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