Risk-based Monitoring Software: Introduction
- Risk-based monitoring software provides clinical teams with a single platform that transforms numerous study data streams into actionable analytics
- The result is a more focused and data driven monitoring effort that enables sponsor oversight and improves the quality and compliance of a clinical trial or program
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Key Drivers of Global Risk-based Monitoring Software Market
- Increasing efficiency and cost of risk-based monitoring solutions and growing investments by governments to support clinical trials owing to its rising demand are key factors driving the risk-based monitoring software market
- Major market players are focusing on the launch of updated versions of risk-based monitoring software, which is likely fuel the demand for risk-based monitoring software in pharmaceutical and biopharmaceutical companies, CROs, medical device companies. For instance, in 2018, Bioclinica launched the SMART technology suite available with Medical Imaging, Electronic Data Capture (EDC) and Interactive Response Technology (IRT) combined.
- However, high cost of implementation of risk-based monitoring solutions is likely to hamper the market during the forecast period
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Enterprise RBM Software Segment to Expand Considerably
- In terms of type, the global risk-based monitoring software market can be divided into Enterprise RBM Software and Site RBM Software
- The Enterprise RBM Software segment accounted for a prominent share of the market, in terms of revenue, in 2019. The segment is anticipated to expand during the forecast period. Enterprise RBM Software provides all authorized professionals access to clinical trial data and metrics placed at a centralized location, which fuels the adoption of Enterprise RBM Software.
Software Segment to Expand Significantly
- In terms of component, the global risk-based monitoring software market can be bifurcated into software and services
- The software segment accounted for a notable share of the global risk-based monitoring software market in 2019. Increase in number of clinical trials, customer base, and R&D expenditure in life science and clinical research industries is expected to drive the segment.
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Web-based (On-demand) to be Highly Lucrative Segment
- Based on delivery mode, the global risk-based monitoring software market can be classified into Web-based (On-demand), Licensed Enterprise (On-premise), and Cloud-based (SaaS)
- Web-based (on-demand) was a highly lucrative segment, in terms of revenue, in 2019. The trend is likely to continue during the forecast period. Web-based (On-demand) software offers benefits such as improved productivity, easy access, time efficiency, and cost-efficiency, which propel the demand for web-based risk-based monitoring software.
Pharmaceutical and Biopharmaceutical Companies to be Highly Lucrative Segment
- In terms of end-user, the global risk-based monitoring software market can be divided into: pharmaceutical and biopharmaceutical companies, CROs, medical device companies, and others. The pharmaceutical and biopharmaceutical companies segment accounted for a significantly share of the market, in terms of revenue, in 2019. It is anticipated to expand during the forecast period. Increase in R&D expenditure of pharmaceutical and biopharmaceutical companies is likely to fuel the segment during the forecast period.
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North America to Dominate Global Risk-based Monitoring Software Market
- In terms of region, the global risk-based monitoring software market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global risk-based monitoring software market in 2019. The trend is projected to continue during the forecast period. The region’s dominance can be attributed to an increase in government funding for clinical trials, presence of major players, and well-established healthcare system.
- The risk-based monitoring software market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to an increase in the demand for technologically advanced risk-based monitoring software in developing countries, such as India and China, in the region
Key Players Operating in Global Risk-based Monitoring Software Market
The global risk-based monitoring software market was highly fragmented in 2019. Key players operating in the global market are:
- Oracle
- Medidata Solutions
- Parexel
- Bioclinica
- Bio-Optronics
- IBM Corporation
- DATATRAK
- Veeva Systems
- DSG
- MasterControl
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