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.
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.
Life sciences and medical device companies involved in the development of innovative equipment adopt RIMS solutions for marketing clearance for their products. Over the next ten years, the demand for regulatory information management systems 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.
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“One of the key elements instrumenting the fast development and advancement of regulatory information management software is the rapidly transforming regulatory environment in the healthcare sector. However, the market expansion is anticipated to remain limited in comparison due to a lack of qualified people and the high cost of regulatory information management systems,” – opines Sudip Saha, managing director at Future Market Insights (FMI) analyst
Key Takeaways from the Market Study 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 Australia 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.
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.
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Key Players Profiled in Regulatory Information Management Industry Report
- ACUTA, LLC.
- Parexel
- Computer Sciences Corp (CSC)
- ArisGlobal
- Virtify
- Ennov
- Amplexor
- Samarind Ltd
- Dovel Technologies, Inc.
- Informa
Key Segments Covered by Regulatory Information Management Industry Survey Report
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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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