Risk-based Monitoring Software Market to Reach $511 million by 2025 | Industry Segments, Opportunities, Growth, Size, Key Players Analysis

Pune, India, 2020-Aug-19 — /EPR Network/ —

Risk-based Monitoring Software Market by End User (Pharma & Biopharmaceutical Co., Medical Device Co., CROs), Delivery Mode (Web Hosted, On-premise, Cloud-based), Type (Enterprise, Site), Component (Software, Services)

[137 Pages Report] The risk-based monitoring (RBM) software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3%

Market Dynamics: Growth Drivers

1. Cost and time efficiency of RBM solutions
2. Rising number of clinical trials
3. Increasing government funding and grants to support clinical trials
4. Increased outsourcing of clinical trial processes to CROs

Objective of Study:

1. To define, describe, and segment the global market by product & service, technology, application, end user and region.

2. To provide detailed information about factors influencing market growth (drivers, restraints, and opportunities).

3. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the global industry

4. To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.

5. To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

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In-Depth Market Segmentation and Analysis:

Component:

Based on the component, the RBM software market is segmented into Software and Services. In 2020, the software segment is expected to command the largest share of the RBM software market. The large share of this segment can be attributed to can be attributed to the increasing R&D expenditure in the life science and clinical research industries, an increasing number of clinical trials, and rising customer base.

End Users:

Based on end user, the RBM software 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.

Geographical Growth Analysis:

Detailed analysis of market in European countries such as the UK, Germany, France, Italy, Spain, and others.

Detailed analysis of industry in Asia Pacific countries such as China, Japan, India, and others.

Geographically, the North American market is expected to account for the largest share of the global RBM software market. The Asia Pacific market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, low operating costs for conducting clinical trials, shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region

Key Players:

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).

Oracle (US) is one of the the leading players in the global risk-based monitoring software market. The company has a wide range of eClinical solutions and a broad customer base in over 145 countries across the globe. The company’s clientele includes Pfizer, which is one of the largest pharmaceutical companies in the world. In 2016, the company provided its suite of clinical trial technologies to Pfizer.