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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Risk-based Monitoring Software Market Outlook
The global risk-based monitoring software market stood at a value of around USD 407.55 million in 2023. The market is further expected to grow at a CAGR of 13.6% in the forecast period of 2024-2032 to attain a value of USD 1,280.91 million by 2032.
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Heightened Demand for Web-Based (On-Demand) Delivery Mode to Augment the Growth of the Global Risk-based Monitoring Software Industry
Based on delivery mode, the web-based (on-demand) segment is predicted to hold a significant market share in the risk-based monitoring software industry. This growth can be attributed to the increased implementation of web-based risk-based monitoring solutions owing to its enhanced scalability, low maintenance costs, customisability, and easy integration. In addition, the web-based delivery mode also helps improve productivity and enhance work efficiency, which is expected to further aid the market growth. These factors are expected to contribute to the overall market growth in the forecast period.
North America to Provide Lucrative Growth Opportunities to the Global Risk-based Monitoring Software Industry
North America is estimated to hold a substantial share of the risk-based monitoring software industry in the forecast period. This growth can be attributed to the presence of leading market players in the region. In addition, the rising government investments supporting clinical trials in the region are also predicted to propel the market growth. Moreover, the availability of state-of-the-art healthcare facilities is also expected to effectively contribute to the industry growth. Meanwhile, the rapid technological advancements in the Asia Pacific are anticipated to propel the product demand in the region, which is estimated to contribute to the market growth in the forecast period.
Risk-based Monitoring Software: Market Segmentation
Risk-based monitoring software aids in the process of identifying, assessing, and tracking any potential threats in an endeavour to mitigate the risks that could potentially impact or harm an ongoing study or trial. This technology helps organisations take smarter decisions pertaining to the allocation of resources in areas requiring assistance. In addition, risk-based monitoring software are increasingly deployed during clinical trials to help reduce any variables that might negatively affect the quality of the safety of the trial subject.
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By type, the market is divided into:
- Enterprise RBM Software
- Site RBM Software
On the basis of component, the market can be bifurcated into:
- Software
- Services
Based on delivery mode, the industry can be segmented into:
- Web-Based (On-Demand)
- Licensed Enterprise (On-Premise)
- Cloud-Based (SAAS)
On the basis of end use, the market can be distributed into:
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organisations (CROs)
- Medical Device Companies
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Clinical Trials to Drive the Global Risk-based Monitoring Software Industry
The ongoing clinical trials along with steady demand for further scientific studies are anticipated to augment the growth of the risk-based monitoring software industry in the coming years. This can be attributed to the rising capital expenditure by the governments to support clinical trials and improve the healthcare structure across the globe. In addition, the rising chronic illnesses worldwide are driving the demand for the development of essential drugs and antidotes, which is leading to the increased demand for scientific trials of different medicines for mass usage. In this regard, the risk-based monitoring software helps in the safe development process. Furthermore, rapid technological advancements are also expected to aid the industry growth. These factors are estimated to positively impact the market growth in the forecast period. However, the high cost of the software is anticipated to pose a threat to the market growth.
Key Industry Players in the Global Risk-based Monitoring Software Market
The report gives a detailed analysis of the following key players in the global risk-based monitoring software market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Oracle Corporation
- Medidata Solutions, Inc.
- Veeva Systems
- IBM Corporation
- DATATRAK International, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Component |
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| Breakup by Delivery Mode |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global risk-based monitoring software market attained a value of nearly USD 407.55 million.
The market is projected to grow at a CAGR of 13.6% between 2024 and 2032.
The major drivers of the market are the increasing demand for RBM software in the pharmaceutical sector, increasing chronic illnesses worldwide, ongoing drug development activities, and the rising investments in the research and development of risk-based monitoring software technology by key players.
The key trends guiding the market include rapid technological advancements and the increasing number of clinical trials worldwide.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different risk-based monitoring software types include enterprise RBM software and site RBM software.
The significant components of the product are services and software.
The major delivery modes of the product include web-based (on-demand), licensed enterprise (on-premise), and cloud-based (SAAS).
The significant end uses of the product include pharmaceutical and biopharmaceutical companies, contract research organisations (CROs), and medical device companies, among others.
The major players in the market are Oracle Corporation, Medidata Solutions, Inc., Veeva Systems, IBM Corporation, and DATATRAK International, Inc., among others.
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