Risk-Based Monitoring Software Market Worth USD 511 million by 2025 – Key Industry Insights, Current and Future Perspectives
This report aims to provide detailed insights into the Risk-Based Monitoring Software Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The key factors driving the growth of this risk based monitoring software market are the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials.
Expected Revenue Growth Analysis:
The Risk Based Monitoring Software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3%.
Enterprise RBM Software segment:
Based on type, the risk based monitoring software market is segmented into Enterprise RBM Software and Site RBM Software. In 2020, the Enterprise RBM Software segment is expected to command the largest share of the market. The large share of this segment can be attributed to the widespread adoption of enterprise RBM software by end-users as it allows all authorized professionals to have access to clinical trial data and metrics placed at a centralized location.
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Based on the component, the risk based monitoring software market is segmented into Software and Services. In 2020, the software segment is expected to command the largest share of the market. The large share of this segment can be attributed to the increasing R&D expenditure in the life science and clinical research industries, increasing number of clinical trials, and rising customer base.
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Based on delivery mode, the risk based monitoring software market is segmented into Web-based (On-demand), Licensed Enterprise (On-premise), and Cloud-based (SaaS). In 2020, the Web-based (On-demand) segment is expected to command the largest share of the 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.
Growing Demand in Pharmaceutical and Biopharmaceutical Companies:
Based on end user, the market is segmented into pharmaceutical and biopharmaceutical companies, CROs, medical device companies, and other end users. In 2020, the pharmaceutical and biopharmaceutical companies segment is expected to command the largest share of the RBM software market. The increasing R&D expenditure of pharmaceutical and biopharmaceutical companies is the major factor driving the growth of this end-user segment.
North America and Europe to Dominate the Industry:
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global risk based monitoring software market study. North America is expected to account for the largest share of the global market. The large share of North America is attributed to the to the increased adoption of RBM software solutions for clinical trials.
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The prominent players in the global RBM software market include 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), MedNet Solutions (US), ArisGlobal (US), Anju Software (US), MaxisIT (US), Techsol Corporation (US), OpenClinica (US), CRF Health (US), and Covance (US).
1. In 2018, Bioclinica (US) launched the SMART technology suite available with Medical Imaging, Electronic Data Capture (EDC), and Interactive Response Technology (IRT) combined.
2. 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.
3. 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.