Press Release
Press Release
The global risk-based monitoring software industry is being driven by the rising number of clinical trials worldwide. This can be attributed to the increasing incidences of chronic illnesses globally, which is supplementing the demand for the development of enhanced drugs and medicines to aid in the treatment procedure. In addition, the growing demand for enterprise RBM software to streamline all authorised data that can be accessed by the parties involved at any given time and from any location, which would help is expediting the trial process, while also aiding in monitoring the entire procedure, is anticipated to spearhead the demand for risk-based monitoring software in the coming years, thus, aiding the market growth.
The increasing demand for clinical trials, fueled by the government investments and heightened capital expenditure by the leading market players, is predicted to aid the market growth. This can be attributed to the ongoing demand for drug development, as the incidences of chronic illnesses skyrocket. For instance, in April 2021, Veeva Systems (NYSE: VEEV) announced the collaboration with Parexel in an endeavour to accelerate clinical trials with the use of technological innovations. Under this partnership, Parexel is set to standardise Veeva’s suite of clinical applications, while also getting early access to Veeva’s clinical innovations such as risk-based quality management (RBQM) and others that are set up to provide support to patients in decentralised clinical trials (DCT). These developments are expected to positively impact the growth of the risk-based monitoring software industry in the forecast period.
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The major players in the global risk-based monitoring software market are Oracle Corporation, Medidata Solutions, Inc., Veeva Systems, IBM Corporation, and DATATRAK International, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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