Regulatory Information Management Market Technological Advancements, Growth Opportunity and Forecast 2018-2026

The regulatory information management market is expected to grow significantly, according to Regulatory Information Management Market Report, by Product Type (Software and Hardware), by End-user Industry (Pharmaceutical Industry, Biotechnology Industry, and Clinical Research Organizations), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.

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Major factors driving growth of the regulatory information management market is regular changes in regulations for pharmaceutical industry, which is propelling various companies in the industry to adopt competent regulatory information management software. The regulatory scenario tends to be complex in nature and is always changing. Therefore, in order to keep up with the updated regulatory norms set by the regulatory authorities and government periodically, key players are focusing on adopting such software, which is expected to aid in growth of the market. According to the European Union Drug Regulating Authorities Pharmacovigilance Medicinal Product Dictionary (EVMPD) regulations, all pharmaceutical companies are adopting updated regulations to manage the drug safety product information, with effect from July 02, 2012.

Development of novel products in the pharmaceutical industry is propelling growth of the market for regulatory information management

Development of novel products in the pharmaceutical sector has driven regulatory authorities to change their regulations accordingly. For instance, a newly found composition of drugs guarantees faster recovery from a particular disease and leaves less harmful effects on the body of the consumer, then the drug regulations are updated in accordance with the same. Also, various components of drugs are later found to be harmful and with major side effects, in such scenarios the drugs or a specific component of it needs to be banned for which regulations must be updated and as a result market for regulatory information management software is witnessing significant traction in various regions.

Key Trends and Analysis of the Global Regulatory Information Management Market:

North America accounted for largest share in the global regulatory information management market in 2017 and is expected to exhibit a significant CAGR during the forecast period. This growth is attributed to growing stringency and strict observance of the regulatory norms for pharmaceutical industries. For instance, The U.S. Food and Drug Administration strictly looks after accelerated approvals, biosimilars, compounding pharmacies, drug shortages, drug imports, and genetic medications among others. This depicts strict vigilance of the government over regulatory scenario in pharmaceutical industry in the U.S.

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Regulatory information management market in Asia Pacific is expected to exhibit a significant CAGR over the forecast period (2018 - 2026). The regulatory information management market in this region is projected to grow significantly by 2026. This is owing to multiple facts such as increasing pharmaceutical sales in countries in the region. For instance, the pharmaceutical sales amounts to 17% of total health expenditure or US$ 78 per person in China, as per International Trade Administration (ITA).

Major players operating in the global regulatory information management market include Acuta, Llc, Parexel, Computer Sciences Corp (CSC), Aris Global, Virtify, Ennov, Amplexor, Samarind Ltd, Dovel Technologies, Inc., and Informa.

The mobile phone accessories market was valued at US$ 72.9 billion in 2017, and is expected to increase to US$ 132.6 billion by 2026, registering a CAGR of 5.8% over the forecast period from 2018 to 2026. Increasing adoption of E-commerce websites and E-banking are responsible for high demand for smartphones worldwide, which is expected to further contribute to growth of the mobile accessories market. For instance, according to India Brand Equity Foundation Organization, in 2016, e-commerce industry in India, generated revenue of US$ 15 billion and is projected to reach US$ 188 billion by 2025.

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The factor responsible for increasing usage of E-commerce websites is high number of internet users and facility of E- commerce websites to offer shopping at anyplace and anytime. For instance, according to the Internet World Stats, total number of internet users in 2016 was 3.18 billion in 2015 and it increased to 3.42 billion in 2016.

Asia Pacific held a dominant position in the mobile accessories market and is expected to exhibit the highest CAGR during the forecasted period. Increasing number of smartphone users in the emerging economies is one of the key factors driving growth of the mobile phone accessories market. For instance, according to the Coherent Market Insights analysis, in China, the number of smartphone users in 2017 was 1.3 billion; while in India the number was close to 530 million. The factors such as high internet usage, switching from conventional brick store business model to e-commerce model, e-banking activities, and engaging in various digital endeavors, and others are responsible for increasing number of smartphone users.

Moreover, increasing trend of online shopping on smartphones is major factor responsible for high demand of smartphones in the U.S. For instance, according to the Coherent Market Insights analysis, in 2012, the U.S. consumers spent US$7.8 billion in retail purchases on their smartphones with an increase to US$60.2 billion in 2016, and is expected to reach US$175.4 billion in 2022. Therefore, such factors are expected to drive growth of the mobile phone accessories in the region over the forecast period.

The protective case segment is expected to witness significant growth with highest CAGR during the forecast period, owing to growing concern of consumers to protect mobile phones from scratches, cracks, water spill, heat, dust particles, and others. Furthermore, the mobile phone protective cases are launched regularly with wide variety of designs along with affordable price. Therefore, the increasing concern of consumers for protecting the mobile from damage will inadvertently force the smartphone manufacturing company to launch their own protective case for mobile. For instance, in May 2018, Oneplus launched a silicon-based mobile protective case for onplus6. Similarly, in August 2018, Nokia Corporation launched the new flip cover for the Nokia 2.1 simply called Nokia Entertainment Flip Cover. This protective case is made from polycarbonate material and offers maximum durability.

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Major players operating in the global mobile phone accessories market include, Samsung Electronics Co., Ltd, Sony Corporation , Panasonic Corporation, Apple Inc., JVC Kenwood Corporation, Plantronics, Inc., Bose Corporation, Griffin Technology , Otter Products, LLC, Sennheiser Electronics GmbH & Co. KG