Risk-based Monitoring Software Market to Reach $511 million | Increasing Adoption in Clinical Trials of Asia Pacific Region

Risk Based Monitoring Software Market is experiencing a significant growth due to the 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.

The study involved four major activities in estimating the current size for the risk-based monitoring (RBM) software market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

[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 Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the RBM software market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

1. The key players in the industry and markets have been identified through extensive secondary research.

2. The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

To complete the overall market engineering process and to arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the RBM software industry.

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Recent Development in Industry:

1. In 2018, Bioclinica (US) launched the SMART technology suite available with Medical Imaging, Electronic Data Capture (EDC), and Interactive Response Technology (IRT) combined.

2. In 2019, Veeva Systems (US), acquired Crossix Solutions (US), a provider of privacy-safe US patient data and best-in-class analytics platform to help maximize media and marketing effectiveness.

3. In 2019, Parexel International Corporation (US), partnered with Datavant (US) to enable the connection of real-world data across all clinical trials conducted by Parexel.

Key Questions Answered in The Report:

1. Which segment will dominate the RBM software market in the future?

2. Which end-user segment will dominate the RBM software market in the future?

3. Emerging countries offer immense opportunities for the growth and adoption of RBM software; will this scenario continue in the coming five years?

4. Where will all the advancements in technology offered by various companies take the industry in the mid- to long-term?

5. What are the upcoming products in the RBM software market?

RBM Software Market Dynamics: Market Drivers

1. Increased outsourcing of clinical trial processes to CROs
2. Cost and time efficiency of RBM solutions
3. Increasing government funding and grants to support clinical trials
4. Increased pharmaceutical R&D spending
5. Initiatives to boost digital health to propel market growth

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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).