Jun 29, 2020 (Profound via COMTEX) --
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% during the forecast period. Growth in the RBM software market can primarily be attributed to factors such as the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials. However, the high implementation cost of RBM solutions is expected to restrain the growth of this market during the forecast period.
The software component segment is expected to command the largest market share in 2020.
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 Ramp;D expenditure in the life science and clinical research industries, an increasing number of clinical trials, and rising customer base
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The Web-based (On-demand) delivery mode segment is expected to command the largest market share e in 2020.
Based on delivery mode, the RBM software market is segmented into Web-based (On-demand), Licensed Enterprise (On-premise), and Cloud-based (SaaS). In 2020, the Web-based (On-demand) segment is expected to command the largest share of the RBM software market. The large share of this segment can be attributed to the advantages offered by web-based software, such as easy access, improved productivity, time efficiency, and cost-efficiency.
The pharmaceutical and biopharmaceutical companies segment to hold the largest market share in 2020.
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 Ramp;D expenditure of pharmaceutical and biopharmaceutical companies is the major factor driving the growth of this end-user segment.
North America accounted for the largest share of the RBM software market in 2020, while the Asia Pacific market is expected to register the highest growth during the forecast period
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 Market 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).
This research report categorizes the RBM software market based on type, application, procedural volume, and country.
Enterprise RBM Software
Site RBM Software
Licensed Enterprise (On-premise)
Pharmaceutical amp; Biopharmaceutical Companies
Medical Device Companies
Other End Users
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