by Pharmaceutical manufacturing software helps streamline operations across various functions such as formulation, batch production records, lot traceability, label design and compliance. It provides real-time process visibility and documentation which helps eliminate errors and reduce compliance risks. Pharmaceutical manufacturers are incorporating advanced analytical tools for demand forecasting, quality control and compliance. The software automates repetitive tasks to improve productivity and allow reallocation of resources for value-added tasks. This has boosted the demand for pharmaceutical manufacturing software especially amid the COVID-19 pandemic where remote healthcare delivery models gained prominence.
The global Pharmaceutical Manufacturing Software Market is estimated to be valued at US$ 2987.06 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of cloud-based solutions has increased significantly among pharmaceutical manufacturers looking to optimize costs and improve flexibility. The cloud deployment model helps ensure data security and real-time collaboration from remote locations. Many vendors are offering SaaS-based pharmaceutical manufacturing software with features for demand planning, inventory management, batch record execution, label design and more. This is a major trend in the market. Secondly, pharmaceutical companies are increasing investment in advanced analytics capabilities of their manufacturing software to gain real-time insights for improving quality, reducing waste and complying with regulatory guidelines. Features like predictive maintenance, process monitoring and supply chain optimization are being incorporated which is positively impacting the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market is growing at a high pace. However, the capital requirement and the need to adhere to strict regulatory compliances pose a challenge for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a number of established players providing specialized software. However, different players provide unique features which give buyers some bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low as the industry players source generic components from various suppliers and are not dependent on any single one.
Threat of new substitutes: The threat of substitutes is low as pharmaceutical manufacturing software has no close substitutes and has specialized applications required to manage processes in pharmaceutical plants.
Competitive rivalry: The competitive rivalry is high among the key players to gain market share and leverage new technology additions to their existing software suites.
Key Takeaways
The Global Pharmaceutical Manufacturing Software Market Size is expected to witness high growth. The global Pharmaceutical Manufacturing Software Market is estimated to be valued at US$ 2987.06 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to continue dominating the market during the forecast period as well owing to stringent regulations mandating compliance with data integrity standards. Asia Pacific is anticipated to grow at the fastest pace during the forecast period supported by increasing outsourcing of pharmaceutical manufacturing to countries like India and China.
Key players:Key players operating in the Pharmaceutical Manufacturing Software market are Oracle Corporation (NetSuite Inc.), BatchMaster Software, Columbus Manufacturing, Aquilon Software, CompuTec S.A.(ProcessForce), Datacor Chempax, DESKERA, ERPAG, Fishbowl, Intellect, SAGE GROUP plc, and VAI – Vormittag Associates, Inc. BatchMaster Software, Oracle Corporation (NetSuite Inc.), and SAGE GROUP plc hold a major share of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
