Global Pharmaceutical Quality Management Software Market Size

Pharmaceutical Management Software Market Analysis

During the next few years, the pharmaceutical quality management software (QMS) market is expected to register a CAGR of 9.9%.

The COVID-19 pandemic impacted the growth of the pharmaceutical quality management software market. Due to government restrictions and a shift toward working remotely, the entire pharmaceutical sector was upended by faulty supply chains, altered production lines and procedures, and a move to remote employment. This increased the focus of the companies toward cloud-based quality management software. Also, as per an article published in Clinical Therapeutics in December 2021, it was observed that the management and operations of regulatory organizations and the pharmaceutical industries globally were impacted by the COVID-19 pandemic. In addition, as per the same source, the pharmaceutical authorities are now using a risk-based inspection approach and encouraging increased reliance on inspections to avoid burdening pharmaceutical companies with unnecessary and repetitive inspections. This has impacted the growth of QMS in the pharmaceutical industry during the pandemic. Hence, the COVID-19 pandemic initially had a favorable impact on the market; currently, as the pandemic has subsided and the market has lost some traction, the market is expected to have stable growth during the forecast period of the study.

Factors such as the increasing cost of drug manufacturing and growing technology adoption in the pharmaceutical industry are boosting market growth. For instance, according to the data published by the London School of Hygiene and Tropical Medicine and KU Leuven in March 2021, the average cost of bringing a new drug to market ranges between USD 1.3 billion and USD 2.6 billion, and the median cost is USD 985 million. Thus, software-based quality management systems lower the cost of drug development and present a lucrative market for pharmaceutical quality management software.

With the pharmaceutical industry using technology more and more, software-based systems are likely to be used by smaller companies.Cloud computing, analytics, and big data are just a few examples of new technologies that have made QMS more scalable, cost-effective, flexible, and independent of platforms.Because of this, industries that use QMS solutions like life sciences, manufacturing, pharmaceuticals, and biotechnology are adopting them quickly.

Also, the growth of the market is expected to be driven by the different strategies used by the major market players over the next few years.For instance, in July 2021, LogicGate raised USD 113 million in a Series C funding round. These funds will be used to help the company in every way, including making big improvements to its products, growing its network of partners, going global, and improving its security.

Therefore, owing to factors such as the rising technology adoption in the pharmaceutical industry and the increasing cost of drug manufacturing, the studied market is expected to grow over the forecast period. However, the security concerns about on-cloud deployment and the lack of regulations for pharmaceutical quality management software are likely to impede the growth of the pharmaceutical quality management software market over the forecast period.