Risk-Based Monitoring Software Market Is Set To Reach $511 Million With The Companies Like Oracle (US), Medidata Solutions (US) And Parexel (US)
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- In 2018, Bioclinica (US) launched the SMART technology suite available with Medical Imaging, Electronic Data Capture (EDC), and Interactive Response Technology (IRT) combined.
- In 2019, Veeva Systems (US), acquired Crossix Solutions (US), a provider of privacy-safe US patient data and best-in-class analytics platform to help maximize media and marketing effectiveness.
- In 2019, Parexel International Corporation (US), partnered with Datavant (US) to enable the connection of real-world data across all clinical trials conducted by Parexel.
Growth in the risk based monitoring software market can primarily be attributed to factors such as the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials. However, the high implementation cost of RBM solutions is expected to restrain the growth of this market during the forecast period.
RBM Software Market Dynamics: Impact Analysis
1. Increased outsourcing of clinical trial processes to CROs
2. Cost and time efficiency of RBM solutions
3. Increasing government funding and grants to support clinical trials
4. Increased pharmaceutical R&D spending
5. Initiatives to boost digital health to propel market growth
The risk-based monitoring (RBM) software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3%
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Risk-based Monitoring Software Market
The software segment is expected to command the largest share of the RBM software market. The large share of this segment can be attributed to can be attributed to the increasing R&D expenditure in the life science and clinical research industries, an increasing number of clinical trials, and rising customer base.
Web Based (On Demand) Delivery Mode:
The Web-based (On-demand) segment is expected to command the largest share of the RBM software market. The large share of this segment can be attributed to the advantages offered by web-based software, such as easy access, improved productivity, time efficiency, and cost-efficiency.
The pharmaceutical and biopharmaceutical companies segment is expected to command the largest share of the RBM software market.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global RBM Software Market?
2. What are the drivers, restraints, opportunities, and challenges in the RBM Software Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of RBM Software Industry in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
Regional Growth Analysis:
North American market is expected to account for the largest share of the global RBM software market. The Asia Pacific market is expected to grow at the highest CAGR in the forecast period.
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Risk-based Monitoring Software Market
Oracle (US), Medidata Solutions (US), and Parexel (US). Other prominent players in the market are Bioclinica (US), Bio-Optronics (US), IBM Corporation (US), DATATRAK (US), Veeva Systems (US), DSG (US), MasterControl (US), ERT (US), Forte Research Systems (US).
The study involved four major activities in estimating the current size for the risk-based monitoring (RBM) software market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
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