PUNE, India, Feb. 25, 2020 /PRNewswire/ –The global healthcare market is getting progressively multifaceted due to a myriad of factors like growing and longer-living populations, incidence of more complex diseases and new developments in medical research and technology amongst others. Fundamentally, it remains closely allied to individual health, well-being and survival. This makes it a very sensitive field, and combines all the companies in it to an irrevocable liability of redeeming people’s lives and taking care of their health and well-being. This is a huge concern and as such puts massive pressure on the companies to not commit errors, as the room for error is high and the consequences can be shocking. In order to diminish mistakes and rework the safety framework various rules, regulations, standards and practices should be enabled. Pharmaceutical companies and drug manufacturers too have regulations and standards. They have to strictly adhere to rules & standards that helps in achieving meticulous business practices. They have to ensure that there are no mistakes in the manufacturing process, all equipment is up-to-date and functioning well, and the entire manufacturing site is highly sanitized. Asset management software enable pharmaceutical companies and drug manufacturers to ensure that they are consistently compliant with the rules and regulations and to help them control any lapses.
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Pharmaceutical companies are navigating through a variety of complex regulations in order to withstand competitiveness in the global market. Most established companies are providing reliability-based maintenance application and software solutions that are compliant with standard regulations. In addition, new initiatives taken by the companies have wide application in pharmaceutical related enterprise asset management (EAM) system process. GenesisSolution (ABS Group) primarily help companies who are dealing in sectors such as biotech, medical device and pharmaceutical to acquire knowledge both in current and future state through the Enterprise Asset Management (EAM) assessment. The companies are also offering customized solutions that include gap assessment and business case development models, CMMS upgrades and support across multiple manufacturing sites, and a full suite of EAM service offerings to meet the pharmaceutical requirement. The major factor that drives the market is the awareness regarding asset health from organizations.
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In terms of revenue, global pharmaceutical asset management software market was valued at US$ 380.72 Mn in 2018 and is expected to reach US$ 1153.51 Mn by 2027, growing at an estimated CAGR of 13.2% over the forecast period (2019 – 2027). The detailed research study provides qualitative and quantitative analysis of pharmaceutical asset management software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes majorly on the different geographical regions world wide
Key suggestions from the report:
- In terms of geographical locations, North America held highest Pharmaceutical Asset Management Software Market share in 2018 owing to the presence of established companies operating in the region. There are many players in the United States operating in pharmaceutical asset management sector. The availability of advanced technologies along with the cooperation of the asset management companies creates huge potential for software’s in the market.
- Cloud based deployment segment held the largest market share and is currently valued at US$ 214.05 Mn in 2018 among the deployment category owing to low maintenance cost and reduced time.
- Standalone/focused software segment held the largest market share and is currently valued at 262.83 Mn in 2018 among the function category owing to their unique ability in damage controlling.
- Some of the players operating in the pharmaceutical asset management software market are ABB Asea Brown Boveri Ltd, Aspen Technology, Inc., AVEVA Group plc, Flowserve Corporation, Perigord Life Science Artwork Solutions, Emerson Electric Co., Schneider Electric SE, Yokogawa Electric Corporation, Siemens AG, Honeywell International Inc and other market participants.
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Global Pharmaceutical Asset Management Software Market:
- By Deployment Mode
- Cloud Based
- By Function
- Integrated Asset Management Software Suite
- Standalone/Focused Software
- Asset Design
- Asset Optimization and Analytics
- Asset Maintenance
- By End Users
- Pharmaceutical Companies
- Research Labs
- Medical Device Manufacturers
- By Region
- North America
- The UK
- Nordic Countries
- Benelux Union
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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