QMS market to value nearly $4b by 2030
Posted: 18 July 2023 | Catherine Eckford (European Pharmaceutical Review) | No comments yet
Research predicts the pharma quality management systems (QMS) market will grow significantly in the next several years and is projected to value $3.97 billion by 2030.
A market report by Meticulous Research has reported that rising pressure to reduce overall process costs has meant many pharma and biotech manufacturers are focusing on streamlining their processes by using quality management systems.
According to the research, the pharmaceutical quality management systems market is projected to reach $3.97 billion by 2030.
Adoption of QMS within pharma and biopharma is increasing due to strict regulations, frequent changes in the manufacturing process and higher demand to increase production capacity.
Some pharmaceutical companies are increasing their R&D spending to increase product numbers. Yet the productivity of their R&D investment, compared to the number of drugs introduced to the market each year, is decreasing. This is affecting a considerable percentage of their total cost structure, the authors stated.
In 2023, the deviation management sector is expected to account for the largest share of the pharmaceutical quality management market. Key factors such as the growing emphasis on process deviation records by regulatory authorities to analyse overall process quality primarily are contributing this growth.
What is driving adoption of quality management systems in pharma?
The market report highlighted that the pharmaceutical industries in India and China have the largest manufacturers of generics and biopharmaceuticals. Most of the quality management systems providers are focusing on capturing these large pharmaceutical markets.
Since most pharmaceutical manufacturers export their products to North America and Europe, the need for documents such as process management, corrective and preventive actions (CAPA), deviations, training, quality management, and product release documents is vital.
Also noted in the report was the shift towards cloud-based systems. With major pharmaceutical companies implementing these approaches, this is a major contributing factor to rapid growth of this sector.
Additionally, an increase in the number of contract research organisations (CROs) has generated the demand for quality management systems in the Asia-Pacific region.
Key players in the global pharmaceutical quality management systems market include MasterControl, Inc., AssurX Inc, AXSource, CLARIVATE PLC, Dassault Systemes, EtQ Management Consultants Inc, Honeywell International Inc, Ideagen PLC, IQVIA HOLDINGS INC and LogicGate Inc.
