DUBLIN--(BUSINESS WIRE)--The "Regulatory Reporting and Compliance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Regulatory Reporting and Compliance market studied is expected to grow with a CAGR of 9.17%, over the forecast period.
Companies Mentioned
- Abbott Laboratories
- Smith & Nephew plc.
- Johnson & Johnson
- Boston Scientific Corporation
- C.R. Bard, Inc.
- Medtronic plc
- Wright Medical Group N.V
- Stryker Corporation
- Globus Medical Inc.
- DENTSPLY SIRONA Inc.
- Zimmer Biomet Holdings Inc.
Key Market Trends
Outsourcing Regulatory Reporting and Compliance Services Segment is Expected to Hold Significant Market Share Over the Forecast Period
Regulatory reporting and compliance outsourcing means contracting with a third party in form of an agreement or deal for handling those particular segments for the business. The regulatory functions are challenging in a highly regulated industry and hiring a third party to foresee these functions has become increasingly important to thrive in a competitive and innovative industry such as healthcare. The need to maintain compliance, obtain approval for new products, early release in the market, reporting publishing, and submissions requires large budgets.
The outsourcing regulatory reporting and compliance market have been fueled up by the availability of technologically aided solution like automated software, big data management software, etc. Further, in January 2021, Genpact Ltd announced that it has acquired 'Enquero', a data engineering and data-led digital transformation service organization. The acquisition will increase Genpact's ability to leverage data and cloud technologies to drive digital transformation services through advanced analytics. Moreover, organizations like Celegence, Freyr Solutions offers wide range regulatory services from publishing, labeling, compliance consulting, regulatory operation management and, so on to the life science organization with their software aided solutions to large organization. Since the integration of Information Technology for making regulatory reporting and compliance boosts the outsourcing segment the demand is expected to increase over the forecast period.
North America Holds Major Share in Market and Expected to Grow in the Forecast Period
North America with the United States has a very well-developed, advanced, and regulated healthcare infrastructure. North American region dominates the regulatory reporting and compliance market with the most prominent regulatory authority i.e. the United States Food and Drug Administration (USFDA). With the large presence of multinational pharmaceuticals, biotechnology, and medical device companies engaged in innovative products manufacturing and marketing. The need for advanced regulatory reporting and compliance solutions is increasing, making North America a preferable region by the players.
Moreover, According To World Trade Organization (WTO) Report April 2020, the United States was the largest importer of medical products in the period of 2017 to 2019 that accounts for 19% of the total world import of medical import. This implies that a larger portion of pharmaceuticals and medical devices organizations from other parts of the world are entering the United States, generating a need for faster regulatory approval from the United States Food and Drug Administration (USFDA) to gain a competitive edge. This ultimately would increase the demand for technologically advanced software solution services in the regulatory reporting and compliance market. Thus, a large pool of life science players and technologically advanced infrastructure encourages the players to enter the North American Regulatory Reporting and Compliance Market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand For Faster Approval Process
4.2.2 Continuously Changing Regulatory Landscape
4.2.3 Digitalization of Regulatory Processes
4.3 Market Restraints
4.3.1 Lack of Technological Advanced Infrastructure in Developing Countries
4.3.2 Complicated Local and Global Regulatory Norms
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Service Type
5.2 By Service Provider Type
5.3 By End User
5.4 By Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/u7kf1k
