December 01, 2020
According to the research report titled ‘Global Risk-based Monitoring Software Market Size study, By Type (Enterprise RBM Software and Site RBM Software), By Component (Solutions and services), Delivery Mode (Web-Based (On-Demand), Licensed Enterprise (On-Premises), Cloud-Based (SAAS), By End-User (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations (CROS), Medical Device Companies and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global risk-based monitoring software market was appraised at USD 241 million and is expected to grow with a CAGR of 13.30% between 2020 and 2027.
Increasing number of clinical trials coupled with escalating investments by public entities towards safe and high quality medical studies are key factors driving the growth of global risk-based monitoring software market.
For instance, Statista reported that around 2,119 clinical trials were conducted in the year 2000, which then reached 318,901 thousand in 2018.
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For the record, a risk-based monitoring software ensures high quality of clinical trials by measuring, identifying, eliminating as well as monitoring risks associated with safety or quality of the study. It is highly sophisticated approach that maximizes the use of a specific company’s data in order to enable for effective decisions.
Increasing complexity of clinical trials and rising R&D activities have impelled the demand for risk-based monitoring software in order to acquire monitoring, measurement and additional relevant details, which in turn is stimulating the industry outlook. Apart from this, increasing number of product innovations and strategic collaborations conducted by the major companies are also adding traction to global risk-based monitoring software industry size.
From the regional point of view, North America currently holds the largest market share, owing to high concentration of leading companies, rising adoption of risk-based monitoring software for medical trials. Parallelly, Asia-Pacific is predicted to emerge as a key revenue generator for worldwide risk-based monitoring software industry in the upcoming years.
ArisGlobal LLC, CRF Health Inc., Covance Inc., MedNet Solutions Inc., Techsol Corporation, Veeva Systems Inc., Datatrak International Inc., IBM Corp., Medidata Solutions, and Oracle Corp. are the major companies operating in global risk-based monitoring software market.