Pharmaceutical Software Market Size, Share & Industry | 2031

Report Description

The pharmaceutical software market size was valued at USD 2.75 Billion in 2022 and the market is expected to expand at a CAGR of 8.6% from 2023 to 2031, reaching nearly USD 5.78 Billion by 2031. Growing population, rising spread of illnesses, increasing health concerns, and rising number of pharmaceutical companies around the world contribute to the growth of the global pharmaceutical software market.

Pharmaceutical software helps streamline processes and bring products to the market in a rapid and cost-effective manner, by meeting the FDA's stringent regulatory requirements. High consumer expectations and strict regulatory requirements threaten the pharmaceutical industry globally. Patients and regulators are striving for low cost and high service levels.

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Pharmaceutical Software Market Trends, Drivers, Restraints, and Opportunities

• The market is driven by the rising number of pharmaceutical companies around the world, due to the spread of illnesses and growing health concerns. Many pharmaceutical studies gained the trust of doctors and patients, thus increasing pressure on pharmaceutical companies.

• Rise of technologies such as cloud computing and big data, growing drug supply chains, and increased regulatory testing of drugs are expected to drive the global market.

• Increasing strict safety guidelines adopted by government agencies such as the FDA in the US and the European Medicines Agency boosted the market.

• Lack of regulations for pharmaceutical quality management software is expected to restrain the growth of the market.

• Growth of the global pharmaceutical manufacturing software market is hindered by its high manufacturing cost and errors associated with pharmaceutical software.

• Synergies between pharmaceutical quality management software developers and local end-users in terms of development of solutions based on platform-as-a-service business model is expected to create opportunities in the market.

• The global pharmaceutical software market is expected to be hampered, due to software hacking, limited knowledge regarding the usage of the software, specific standard set by countries for software, and high cost. However, strategic alliances for investment in research & development and technological advancement are expected to promote the growth of the market.  

Scope of Pharmaceutical Software Market Report

The report on the global pharmaceutical software market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Pharmaceutical Software Market Segment Insights

On-premises software segment is projected to hold a significant market share

In terms of deployment model, the market is segmented into on-premises and cloud-based. The on-premises software segment is projected to hold a significant share of the market. On-premise software is highly utilized in pharmaceutical companies and pharmacies, and includes various processes such as invoice input, expiry management, sales billing, inventory management, and reordering. On-premise software aids in automating day-to-day operations for pharmaceutical companies by providing quick data management solutions. Cloud technology is an efficient technology. It helps in fast transfer of files and handles a plethora of data within no time.

Clinical trials and regulatory management held substantial market share in 2021

Based on applications, the market is segmented into hospitality, clinical trial & regulatory management, media and entertainment, education, financial services, retail, manufacturing, government, and others. Pharmaceutical software is highly used in clinical trials and regulatory management to provide high-quality, reliable, and statistically sound data. This contributes to rapid drug development and marketing. Pharmaceutical software is adopted in Clinical Data Management (CDM) for all stages of clinical trials, which helps in smooth operations of CDM. Pharmaceutical software controls various procedures in CDM, such as scalability and flexibility software, to conduct clinical trial operations, thus allowing enterprises to manage and cooperate with their units and partners. Pharmaceutical software handles clinical duties such as reporting, storing contact information of participants, planning, and keeping track of deadlines. Pharmaceutical software aids pharmaceutical companies in improving product quality, ensuring compliance with regulations, and reducing time to market products.

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North America dominates the global market

In terms of regions, the global pharmaceutical software market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held a dominant share of the global pharmaceutical manufacturing software market in 2021. The region is expected to maintain its dominance throughout the forecast period, due to increased investment in medical information technology in the region, emergence of regulatory requirements to facilitate business development in the US, increased digitization, and growing government funding initiatives. Technological growth, high-quality services, presence of key players, and increased research in pharmaceutical industry are boosting the market in regions such as Europe and North America. The pharmaceutical software market in Asia Pacific is projected to expand at high CAGR during the forecast period, due to high adoption of cloud-based technology in terms of pharmaceutical software by market players in the region.

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