Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Regulatory Information Management System Market Size, Share & Trends Analysis Report By End-use (Pharmaceutical Sector, Medical Device Sector), By Region, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global regulatory information management system market size is anticipated to reach USD 4.12 billion by 2030 and is projected to grow at a CAGR of 10.4% from 2024 to 2030. Increasing adoption of centralized RIMS among the pharmaceutical and medical device industry along with technological advancements would likely drive the market growth over the forecast period. 
The pharmaceutical sector's rapid expansion to meet global demand for innovative drugs increases regulatory complexity. To address this, companies are investing in RIM technology, leveraging automation and Artificial Intelligence (AI) to enhance regulatory workflows. Trends include outsourcing, reliance on business interaction, and the use of high-quality data for intelligent applications. For instance, in August 2022, Calyx's long-term client Krka expanded its investment in the Calyx RIM system for over 5 years, signalling a positive industry shift toward RIMS technology for effective regulatory compliance management.
The integration of advanced technologies offers a lucrative opportunity for market growth. Leveraging cutting-edge technologies, such as AI, ML, & predictive analytics, significantly bolsters risk assessment and mitigation strategies. These advanced tools enable the RIMS to rapidly analyze vast datasets, identifying patterns and potential risks that might go unnoticed through traditional methods.
Moreover, the automation capabilities of these technologies streamline processes, reducing the likelihood of human error and providing real-time insights into emerging risks. Integrating blockchain technology further enhances data security and transparency in risk management processes. For instance, IQVIA unveiled IQVIA RIM Smart, the industry's first fully integrated, comprehensive regulatory information management system which is cloud-based. Machine learning (ML) and artificial intelligence (AI) are being used more and more by businesses to enable intelligent management of a product portfolio's whole regulatory lifecycle.
Companies operating in the market are increasingly entering into strategic partnerships with RIMS solution providers to leverage their expertise & guidance in understanding global regulatory submission requirements. For example, in May 2023, LexisNexis Reed Tech, known for its analytic and data management solutions in the life sciences industry, expanded its collaboration with RegDesk, a well-known RIMS provider. Such ongoing strategic initiatives by market players are expected to fuel the adoption of RIMS.
Regulatory Information Management System Market Report Highlights
- Based on end-use, the pharmaceutical segment led the market with the largest revenue share of 42.8% in 2023. This is attributed to implementation of strict regulation and need for RIM systems with streamlined, encrypted, unified, and compatible platforms. The medical device segment is expected to grow at the fastest CAGR over the forecast period
- North America dominated the market with the revenue share of over 37.1% in 2023, owing to an increase in advancement in the field of pharmaceutical, MedTech, and related sectors of end-of-life care, and growing awareness and rising demand for the RIM systems to bring in a better product for the end consumers/manufacturer's
- With China, India, and Japan all expected to see rapid development throughout the forecast period, the Asia-Pacific region is expected to grow at the significant CAGR over the forecast period. These include rising rates of pharmaceutical-based products and medical devices and rising regulatory-related concerns. In addition, there has been an increase in the need for RIM-related software as a solution due to rising regulatory compliance and associated data maintenance requirements
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $2.02 Billion |
| Forecasted Market Value (USD) by 2030 | $4.12 Billion |
| Compound Annual Growth Rate | 10.4% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Research Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Regulatory Information Management System: Market Variables, Trends & Scope
3.1. Regulatory Information Management System Market: Market Dynamics
3.2. Regulatory Information Management System Market Lineage Outlook
3.2.1. Parent Market Outlook
3.3. Market Drivers Analysis
3.3.1. Enhanced Efficiency in RIM through Technologically Advanced Systems
3.3.1.1. Key Insights from Orion Systems Integrators, LLC Case Study
3.3.2. Rising Demand and Increasing Adoption Of Centralized RIMS among Medical Device Companies
3.4. Market Restraint Analysis
3.4.1. Data Security And Privacy Concerns
3.5. Unmet Needs/Opportunity Analysis
3.5.1. Implementing Product Bundling And Providing End-To-End Regulatory-Related Solutions
3.5.2. Integration of Advanced Technology In RIMS
3.5.3. Customization for Industry-Specific Needs
3.6. Regulatory Information Management System Market - Porter's Analysis
3.7. Regulatory Information Management System Market - PEST Analysis
3.8. Regulatory Framework
3.9. COVID-19 Impact On Regulatory Information Management System Market
Chapter 4. Regulatory Information Management System Market: End-use Estimates & Trend Analysis
4.1. Regulatory Information Management System Market: End-use Outlook And Key Takeaways
4.2. Regulatory Information Management System Market: End-use Movement Analysis
4.3. Pharmaceutical Sector
4.4. Medical Device Sector
4.5. Others (Biologics, Cosmetics, Foods)
Chapter 5. Regulatory Information Management System Market: Regional Estimates & Trend Analysis, By End-use
5.1. Regional Dashboard
5.2. Market Size & Forecasts and Trend Analysis, 2017 to 2030
Chapter 6. Regulatory Information Management System Market: Competitive Landscape
6.1. Company Categorization
6.2. Company Heat Map Analysis
6.3. Participants' Overview
6.4. Financial Performance
6.5. Product Benchmarking
6.6. Strategy Mapping
Chapter 7. Company Profiles
- Veeva system
- Kalypso
- DDI
- Korber
- ArisGlobal
- PhlexGlobal
- AmpleLogic
- Calyx
- Amplexor Life Sciences
- Ennov
- MastarControl
- Rimsys
- Ithos Global Inc
- Lorenz
For more information about this report visit https://www.researchandmarkets.com/r/jgq2w7
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