Pharmaceutical Software Market Set to Surge Past US$ 5,691.73 Million by 2031 – Growth Plus Reports

Newark, New Castle, USA, April 20, 2023 (GLOBE NEWSWIRE) -- A recent report by Growth Plus Reports estimated the global Pharmaceutical Software Market to be worth US$ 2,742.7 million in 2022. From 2023 to 2031, market revenue is expected to grow at a CAGR of 8.45%, reaching US$ 5,691.73 million. The most successful strategies, market trends, the competitive environment, significant drivers and opportunities, statistical data, market size, and revenue are all included in the report. 

Key Takeaways: 

• The use of digital technology in the healthcare sector is driving market revenue growth.
• Revenue share is increasing as demand for pharmaceutical software in drug development increases.
• Increasing collaborations between pharmaceutical manufacturing companies and providers of healthcare software are boosting market revenue expansion. 

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                               Pharmaceutical Software Market Scope

Market Drivers: 

The rising demand for pharmaceutical products drives the global pharmaceutical software market revenue growth. Furthermore, due to increased requirements for effective management of drug development processes, clinical trials, and regulatory compliance, there is an increase in the need for pharmaceutical software.

Market Segmentation: 

Growth plus reports have analyzed the global pharmaceutical software market from perspectives such as deployment, enterprises, application, and region.

Deployment Segmentation: 

Based on deployment, the global pharmaceutical software market is segmented into cloud-based and on-premises. 

The cloud-based segment dominates the global pharmaceutical software market. This large revenue share is attributed to the accessibility of operations and data securely and centrally. Additionally, it can streamline inventory management, regulatory compliance, and team collaboration processes, revolutionizing drug development through seamless collaboration between teams.

Enterprises Segmentation: 

Based on enterprises, the global pharmaceutical software market is segmented into large enterprises and small & medium-sized enterprises.

The large enterprise segment dominates the global pharmaceutical software market with the largest revenue share. This large revenue share is attributed to their data-driven decisions through real-time visibility into their operations and optimization of the process.  

Application Segmentation: 

Based on application, the global pharmaceutical software market is segmented into quality assurance, procurement, sales & distribution, inventory management, sales & distribution, production planning & control, and others. 

The quality assurance segment dominates the global market with the largest revenue share due to ensuring compliance with regulatory standards and minimum risk of errors or contamination. 

Regional Growth Dynamics: 

Based on the region, the global pharmaceutical software market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.

North America accounts for the largest revenue share in the global market. This dominance is attributed to the increasing pharmaceutical R&D activities in North America, the presence of key players, and the adoption of advanced technologies. 

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Competitive Landscape:

The prominent companies operating in the global pharmaceutical software market are: 

• Sage Group plc
• Vormittag Associates, Inc.
• Oracle
• ERPAG, Inc.  
• BatchMaster Software

Companies are becoming significant players on the international scene because of their effective penetration across important geographies. This dominance by top market players is reinforced by their recent product launches and mergers & acquisitions. 

Recent Developments:

• In March 2022, the leading pharmaceutical and biotech companies in the world worked with the Spanish business Aggity, which specializes in corporate digital transformation, and is the creator of enterprise AI software Aizon to speed up the digital transformation of industrial processes.
• In March 2022, Siemens Ltd. and Triastek, Inc. worked together on digital technology for the pharmaceutical industry. Innovative approaches to pharmaceutical research and manufacturing are produced by Triastek's leading 3D printing and digital pharmaceutical technology and Siemens' substantial worldwide knowledge in automation and digitalization. 

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022)
   3. Regulatory Landscape
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL PHARMACEUTICAL SOFTWARE MARKET - ANALYSIS & FORECAST, BY DEPLOYMENT
   1. Cloud-Based
   2. On-Premise    
6. GLOBAL PHARMACEUTICAL SOFTWARE MARKET - ANALYSIS & FORECAST, BY ENTERPRISES
   1. Large Enterprises
   2. Small and Medium-Sized Enterprises (SMEs)
7. GLOBAL PHARMACEUTICAL SOFTWARE MARKET - ANALYSIS & FORECAST, BY APPLICATION
   1. Quality Assurance
   2. Procurement 
   3. Sales & Distribution 
   4. Inventory Management 
   5. Sales & Distribution 
   6. Product Planning & Control 
   7. Others

PHARMACEUTICAL SOFTWARE MARKET TOC

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