Pharma Knowledge Management Software Market to Hit USD 5.15 Billion at a 18.2% CAGR by 2030 – Report by Market Research Future (MRFR) – GlobeNewswire
October 11, 2022 07:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Oct. 11, 2022 (GLOBE NEWSWIRE) — According to Market Research Future (MRFR),”Global Pharma Knowledge Management Software Market, By Software, By Deployment Type, By End-Users – Forecast 2030”, the global market is poised to touch USD 5.15 billion by 2030, registering an 18.2% CAGR throughout the assessment period (2020 -2030).
Pharma Knowledge Management Software Market Overview
Using pharma knowledge management software helps optimize manufacturing processes in real time. With the growing competition among pharma companies, knowledge management software is becoming increasingly critical to efficient and compliant product development. Rapid digitization and the use of advanced technologies & processes across pharmaceutical companies impact market growth positively.
Top Key Players leading the global pharma knowledge management software market are,
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Pharma knowledge management software features document management solutions for effective & collaborative workspaces connected through the internet and networked systems. It allows sharing of ideas, experience, and knowledge among team members, contractors, and associates. Over recent years, knowledge management solutions have become crucial for pharma companies to share scientific data and other R&D information securely. Pharma companies are boosting investments to deploy sophisticated knowledge management tools to enhance, retain, and transfer knowledge extracted from their R&D.
The global pharma knowledge management software market is expected to gain significant traction in the next few years. The growing demand for robust knowledge management platforms from pharma companies worldwide is a critical driving force. Besides, the spurring rise in healthcare and pharmaceutical industries boosts the market size. Pharmaceutical firms worldwide 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 during information sharing among various departments across the organization and partnering companies. With the rising demand for these solutions to increase productivity and improve the engagement & performance of employees, the market is projected to perceive significant growth over the past few years.
business continuity, eliminating commute times, expanding the talent pool, and encouraging diversity.
Pharma Knowledge Management Software Market Report Scope:
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Pharmaceutical and biotech companies need to handle large amounts of complex data extracted from their R&D processes and specialized researchers. The knowledge management system also helps salespersons with accurate information when pitching a specific drug and collects & stores the feedback and data accessed from physicians. AI-powered pharma knowledge management solutions are trending.
The pharma industry is vulnerable to cyber-attacks 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 pharma and biotech companies. Resultantly, the pharma industry is rapidly turning to knowledge management software to securely manage and share their critical data within the organization and with partnering companies during mergers & acquisitions and licensing deals.
Pharma research and drug development processes are extensively complex and require multiple clinical trials. Therefore, drug development companies need a robust system that can help them recognize unusual patterns in vast clinical trial data and ensure no critical information is overlooked. Pharma companies are increasingly adopting AI-powered knowledge management solutions to enhance their research processes.
Pharma Knowledge Management Software Market Segments
The pharma knowledge management software market report is segmented into software/solutions, deployment types, end-users, and regions. The software segment is sub-segmented into iOS, Android, Windows, and many others. The deployment type segment is sub-segmented into hybrid, cloud, and on-premise.
The end-user segment is sub-segmented into environmental biotechnology, animal biotechnology, medical biotechnology, forensics biotechnology, agricultural biotechnology, academics, and others. The region segment is sub-segmented into the APAC, Americas, MEA, Europe, and rest-of-the-world.
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Pharma Knowledge Management Software Market Regional Analysis
North America dominates the global pharma knowledge management software market. The growing adoption of pharma knowledge management software across pharma enterprises drives the pharma knowledge management software market growth. Besides, the early uptake of knowledge management systems in pharma companies of all sizes boosts the market size, supporting interaction & information sharing among scientists and pharma researchers.
The rapidly growing competition and vast demand for multi-disciplined processes among pharma firms in this region escalate the market demand. The growing need for integrating and delivering external & internal scientific data for decision-making and attaining organizational goals influences the market size. Additionally, increasing R&D investments in developing other related technologies, cloud solutions, and economic growth accelerates pharma knowledge management software market revenues.
Pharma Knowledge Management Software Market Competitive Advantage
The global pharma knowledge management software market appears highly competitive due to several notable players forming a competitive landscape. Industry players initiate strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology/product launches to gain a larger competitive share.
Also, they make significant investments to drive research & development activities and expansion plans. Technology providers employ continuous improvement strategies to analyze product updates, implement improvements, and launch new technologies to meet the changing consumer needs.
Software developers are increasingly collaborating with biopharma manufacturing to develop automation technologies. Such deals strengthen their position as crucial software & solutions providers. Pharma companies developing biologics, small molecule, and new drug modalities create significant market demand for well-developed knowledge management software to optimize biopharma manufacturing processes in real-time.
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For instance, on Sept. 29, 2022, TetraScience, a leading scientific data cloud company, announced a partnership with Scilligence, an industry leader in unified informatics solutions for small molecules and biologics, to enable its customers to access the Tetra Scientific Data Cloud to accelerate productivity and scientific outcomes. Scilligence is committed to helping customers use their scientific data more effectively.
Its proprietary technologies address three main areas of Life Science informatics needs, including knowledge management and collaboration. TetraScience primarily transforms the way scientific data is used, making it actionable and available for advanced analytics. The partnership will enable TetraScience to help customers gain operational efficiencies, more powerful insights, and better outcomes across the pharma value chain, leveraging the value of all their scientific data.
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