The new report by Expert Market Research titled, Global Risk-based Monitoring Software Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global risk-based monitoring software market, assessing the market based on its segments like types, components, delivery modes, end uses, 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 and analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): Around USD 278 Million
- Forecast CAGR (2023-2028): 13.6%
The risk-based monitoring software industry is being driven by the growing number of clinical trials. This can be attributed to rising incidences of chronic illnesses, that is driving the demand for efficient drug development to aid in the treatment process. In addition, clinical trials aid in evaluating medical, surgical or behavioral interventions, which helps medical practitioners determine the effectiveness of medical devices, drugs or diet, which is expected to augment the market growth in the coming years. As web-based risk-based monitoring software offers cost-effectiveness, enhanced scalability and integration, as well as customizability, its demand is significantly surging, which is predicted to propel the industry growth in the forecast period.
Risk-based Monitoring Software Industry Definition and Major Segments
Risk-based monitoring software is a technology that helps to identify, monitor, and assess any potential risks in the process of an ongoing study or research, which may pose a risk to the quality or safety of the subjects involved. This allows for pharmaceutical, medical devices, and biopharmaceutical companies to take swift decisions in order to mitigate the negatively impacting risks.
The market, on the basis of type, can be segmented into:
- Enterprise RBM Software
- Site RBM Software
Based on component, the industry can be segregated into:
On the basis of delivery mode, the market can be classified into:
- Web-Based (On-Demand)
- Licensed Enterprise (On-Premise)
- Cloud-Based (SAAS)
Based on end use, the industry can be categorized into:
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations (CROs)
- Medical Device Companies
The regional markets for risk-based monitoring software include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Risk-based Monitoring Software Market Trends
The global risk-based monitoring software industry is being driven by the increased demand for RBM software in the pharmaceutical and biopharmaceutical industry. In addition, the rising government investments to support essential clinical trials are expected to boost the usage of risk-based monitoring technology, which is expected to positively impact market growth. Rapid technological advancements and innovations such as the integration of cloud technology and artificial intelligence (AI) in the software are further estimated to aid the market growth. The factors are anticipated to aid the market growth in the coming years.
Key Market Players
The major players in the market are Oracle Corporation, Medidata Solutions, Inc., Veeva Systems, IBM Corporation, and DATATRAK International, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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