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Global Risk-based Monitoring Software Market to Grow at a CAGR of 13.6% During 2022-2027, Aided by the Rising Number of Clinical Trials Worldwide

According to a new report by EMR titled, ‘Global Risk-based Monitoring Software Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 278 million in 2021. The industry is further expected to grow at a CAGR of 13.6% between 2022 and 2027 to reach a value of almost USD 596 million by 2027.

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.

Market Breakup by Type, Component, Delivery Mode, End Use and, Region:

  • The market is divided based on type into enterprise RBM software, and site RBM software.
  • On the basis of component, the market can be distributed into software, and services.
  • Based on delivery mode, the industry is segregated into web-based (on-demand), licensed enterprise (on-premise), and cloud-based (SAAS).
  • The industry is segmented, on the basis of end use, into pharmaceutical and biopharmaceutical companies, contract research organisations (CROS), and medical device companies, among others.
  • Region-wise, the global market for risk-based monitoring software can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for risk-based monitoring software is being driven by the increasing number of clinical trials across the globe.
  • The rising incidences of chronic illnesses worldwide are propelling the demand for drug development, which has significantly contributed to the market expansion.
  • Rising capital expenditure in the research and development of the risk-based monitoring software is also aiding the industry growth.
  • The rising investments in the healthcare and pharmaceutical industry are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for risk-based monitoring software for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, components, delivery modes, end uses, and regions of risk-based monitoring software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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