The new report by Expert Market Research titled, ‘Global Risk-based Monitoring Software Market and Forecast 2022-2027’, gives an in-depth analysis of the global risk-based monitoring software market, assessing the market based on its segments like type, component, delivery mode, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Value (2021): USD 316 Million
- Forecast CAGR (2022-2027): 6%
- Forecast Market Value (2027): USD 679 Million
In the coming years, the risk-based monitoring software sector is expected to increase due to ongoing clinical trials and a consistent demand for more scientific investigations. This can be attributable to governments’ increasing capital expenditures to support clinical trials and enhance healthcare systems around the world. Furthermore, the increasing prevalence of chronic illnesses around the world is driving need for the creation of important pharmaceuticals and antidotes, resulting in a higher demand for scientific trials of various medicines for general use. In this case, risk-based monitoring software aids in the development process’s safety. Furthermore, the business is projected to benefit from significant technical improvements. In the foreseeable term, these factors are expected to have a beneficial impact on market growth. The high cost of software, on the other hand, is expected to limit industry expansion.
Market Segmentation
Risk-based monitoring software assists in the process of discovering, assessing, and tracking any potential hazards in order to manage the risks that may affect or harm a current study or trial. This technology aids organisations in making better resource allocation decisions in areas that require support. Furthermore, risk-based monitoring software is increasingly being used in clinical trials to help decrease any variables that could have a detrimental impact on the trial subject’s quality or safety.
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Based on types, the market covers:
- Enterprise RBM Software
- Site RBM Software
Based on components, the market is bifurcated into:
- Software
- Services
Based on delivery mode, the market is divided into:
- Web-Based (On-Demand)
- Licensed Enterprise (On-Premise)
- Cloud-Based (SAAS)
Based on end-use, the market is segmented into:
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organisations (CROs)
- Medical Device Companies
- Others
The major regional markets include:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Market Trends
In the risk-based monitoring software sector, the web-based (on-demand) segment is expected to hold a considerable market share depending on delivery mode. The rising use of web-based risk-based monitoring solutions can be due to their greater scalability, low maintenance costs, customizability, and ease of integration. Furthermore, the web-based delivery option aids productivity and job efficiency, which is predicted to assist the industry develop even more. During the projected period, these factors are expected to contribute to overall market growth.
During the forecast period, North America is expected to hold a significant proportion of the risk-based monitoring software market. The existence of significant market players in the region is responsible for this growth. Furthermore, increased government investments in clinical trial support in the region are expected to boost market expansion. Moreover, the availability of cutting-edge healthcare facilities is likely to positively impact the industry’s growth. Meanwhile, significant technological improvements in Asia Pacific are expected to drive product demand in the area, which would contribute to market growth throughout the forecast period.
Key Market Players
The major players in the market are Oracle Corporation, Medidata Solutions Inc, Veeva Systems, IBM Corporation, DATATRAK International, Inc., among others.
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