New York, United States, Oct. 11, 2022 (GLOBE NEWSWIRE) — According to Market Research Future (MRFR), “Global Pharmaceutical Knowledge Management Software MarketBy Software, By Deployment Type, By End Users – 2030 Forecast”, the global market is expected to reach USD 5.15 billion by 2030, registering a CAGR of 18.2% throughout the assessment period (2020 -2030).
Pharmaceutical Knowledge Management Software Market Overview
Using pharmaceutical knowledge management software helps optimize manufacturing processes in real time. With increasing competition among pharmaceutical companies, knowledge management software is becoming increasingly essential for the development of efficient and compliant products. Rapid digitization and use of advanced technologies and processes in pharmaceutical companies are positively impacting the growth of the market.
Major Key Players of Global Pharmaceutical Knowledge Management Software Market are,
- Oracle Inc. (USA)
- SAP SE (Germany)
- SuiteRx (US)
- eXo Platform (USA)
- MangoApps Inc. (USA)
- Callidus Software Inc. (USA)
- Lucidea (Canada)
- Nuance Communications Inc. (USA)
- Theum AG (Germany)
- Altair Engineering Inc. (USA)
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Pharmaceutical knowledge management software offers document management solutions for efficient and collaborative workspaces connected via the Internet and networked systems. It enables the sharing of ideas, experiences and knowledge between team members, contractors and associates. In recent years, knowledge management solutions have become crucial for pharmaceutical companies to securely share scientific data and other R&D information. Pharmaceutical companies are increasing their investments to deploy sophisticated knowledge management tools to improve, retain and transfer the knowledge extracted from their R&D.
The global pharmaceutical knowledge management software market is expected to gain popularity over the coming years. The growing demand for robust knowledge management platforms from pharmaceutical companies around the world is a key driver. Also, the rise of healthcare and pharmaceutical industries is increasing the market size. Pharmaceutical companies around the world are increasingly embracing automation.
Today, most pharmaceutical companies and research institutes use these systems to protect the knowledge extracted from their R&D activities and manufacturing professionals when sharing information between different departments of the organization and companies. partners. With the growing demand for these solutions to increase productivity and improve employee engagement and performance, the market is expected to perceive significant growth over the past few years.
business continuity, eliminating commuting times, expanding the talent pool and encouraging diversity.
Scope of Pharmaceutical Knowledge Management Software Market Report:
|Market size by 2030||$5.15 billion|
|CAGR during 2022-2030||18.2%|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Key market opportunities||Increase in the deployment of disruptive technologies to enhance the capability of pharmaceutical knowledge management tool throughout the review period may drive the expansion of the market in the region.|
|Key Market Drivers||The adoption of advanced technologies such as artificial intelligence, machine learning and the Internet of Things has taken knowledge management in the pharmaceutical industry to the next level.|
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Pharmaceutical and biotechnology companies must manage large amounts of complex data extracted from their R&D processes and their specialized researchers. The knowledge management system also helps sellers get accurate information when introducing a specific medicine and collects and stores comments and data viewed by doctors. AI-based pharmaceutical knowledge management solutions are all the rage.
The pharmaceutical industry is vulnerable to cyberattacks due to the involvement of vast innovations, massive R&D investments and intellectual property on patient health data. The risk of intellectual data theft is significantly higher in pharmaceutical and biotechnology companies. As a result, the pharmaceutical industry is rapidly turning to knowledge management software to securely manage and share their critical data within the organization and with partner companies during mergers and acquisitions and licensing agreements.
Pharmaceutical research and drug development processes are extremely complex and require multiple clinical trials. Therefore, drug development companies need a robust system that can help them recognize unusual patterns in large clinical trial data and ensure that no critical information is overlooked. Pharmaceutical companies are increasingly adopting AI-based knowledge management solutions to improve their research processes.
Pharmaceutical Knowledge Management Software Market segments
The Pharmaceutical Knowledge Management Software Market report is segmented into Software/Solutions, Deployment Types, End Users and Regions. Software segment is sub-segmented into iOS, Android, Windows and many others. The deployment type segment is sub-segmented into hybrid, cloud, and on-premises.
The end-user segment is sub-segmented into environmental biotechnology, animal biotechnology, medical biotechnology, forensic biotechnology, agricultural biotechnology, academics and others. The regional segment is sub-segmented into APAC, Americas, MEA, Europe and Rest of the World.
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Pharmaceutical Knowledge Management Software Market Regional analysis
North America dominates the global pharmaceutical knowledge management software market. The increasing adoption of pharmaceutical knowledge management software in pharmaceutical companies is driving the growth of the pharmaceutical knowledge management software market. Furthermore, the early adoption of knowledge management systems in pharmaceutical companies of all sizes is increasing the size of the market, promoting interaction and sharing of information between scientists and pharmaceutical researchers.
Rapidly growing competition and vast demand for multidisciplinary processes among pharmaceutical companies in this region is increasing the demand for the market. The growing need to integrate and provide external and internal scientific data for decision making and achievement of organizational goals is influencing the market size. Additionally, increasing R&D investment in developing other related technologies, cloud solutions and economic growth is accelerating the pharmaceutical knowledge management software market revenue.
Competitive Advantage of Pharmaceutical Knowledge Management Software Market
The global Pharmaceutical Knowledge Management Software market looks highly competitive due to several notable players forming a competitive landscape. Industry players are initiating strategic approaches such as mergers and acquisitions, collaborations, expansions, and technology/product launches to gain greater competitive share.
Also, they are making significant investments to boost research and development activities and expansion plans. Technology vendors employ continuous improvement strategies to analyze product updates, implement enhancements, and release new technologies to meet changing consumer needs.
Software developers are increasingly collaborating with biopharmaceutical manufacturing to develop automation technologies. Such agreements strengthen their position as providers of essential software and solutions. Pharmaceutical companies developing biologics, small molecules, and new drug modalities are creating significant demand in the market for well-developed knowledge management software to optimize biopharmaceutical manufacturing processes in real time.
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For example, on September 29, 2022, TetraScience, a leading data science cloud company, announced a partnership with Scilligence, an industry leader in unified computing solutions for small molecules and biologics, to enable its customers Access the Tetra Scientific Data Cloud to accelerate productivity and scientific results. Sciligence is committed to helping its customers use their scientific data more effectively.
Its proprietary technologies address three main areas of life science computing needs, including knowledge management and collaboration. TetraScience primarily transforms the way scientific data is used, making it actionable and available for advanced analysis. This partnership will enable TetraScience to help its customers gain operational efficiencies, gain more powerful insights and achieve better results across the pharmaceutical value chain, leveraging the value of all their scientific data.
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