Risk-based Monitoring Software Market to surpass USD 593 Million by 2030 from USD 268 Million in 2019 at a CAGR of 13.6% throughout the forecast period, i.e., 2020-30. The main factors driving the risk-based monitoring software market are increasing the reliability and expense of risk-based monitoring solutions and increasing governments’ investment in supporting clinical trials due to increasing demand. Major market players are focused on releasing revised versions of risk-based monitoring software that are expected to boost the demand for risk-based monitoring software in pharmaceutical and biopharmaceutical companies.
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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Risk-based Monitoring Software Market: Key Players
- Medidata Solutions
- IBM Corporation
- Veeva Systems
Risk-based Monitoring Software Market: Segments
Software segment to grow with the highest CAGR during 2020-30
Risk-based Monitoring Software Market is segmented by component into software and services. The greater market share in 2019 was accounted by software segment of the global risk-based monitoring software. The R&D expenditure in the life sciences and clinical research industries, the rising number of clinical trials, and the increasing customer base can be attributed to the large share of this market. It is anticipated that the segment will be powered by a rise in the number of clinical trials, client base, and R&D spending in the life sciences and clinical research industries.
Medical device companies Segments to grow with the highest CAGR during 2020-30
Risk-based Monitoring Software Market is segmented by End-User into pharmaceutical and biopharmaceutical companies, CROs, medical device companies, and others. Based on End-User, pharmaceutical and biopharmaceutical companies segment dominated the market and it is expected to register the highest CAGR in this market during the forecast period. The growing R&D spending of pharmaceutical and biopharmaceutical companies is the key driver of this end-user segment’s growth.
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Risk-based Monitoring Software Market: Market Dynamics
Growing investments by governments to support clinical trials
Main factors driving the risk-based monitoring software market are increasing the reliability and expense of risk-based monitoring solutions and increasing governments’ investment in supporting clinical trials due to increasing demand. Major market players are focused on the launch of updated versions of risk-based monitoring software, which is expected to fuel the demand for risk-based monitoring software in pharmaceutical and biopharmaceutical companies, medical device companies, and CROs. Bioclinica, for example, introduced the SMART technology suite available in 2019, together with Medical Imaging, Electronic Data Capture (EDC) and Interactive Response Technology (IRT).
High cost related with Risk-based Monitoring Software
There is a considerably high cost of implementation of risk-based monitoring solutions and interoperability solutions for various medical devices. It is a major challenge for healthcare organizations to resolve such financial constraints, especially in emerging economies where budgetary approvals for IT solutions over medical equipment are usually difficult to obtain. Smaller healthcare entities are struggling to integrate Internet access to medical devices, largely because of challenges in integrating multiple health networks, the absence of wireless connectivity solutions, and the need to add security layers to prevent data breaches. In addition, the infrastructural costs of implementing and connecting an EHR system to various devices with separate interfaces constitute a major barrier to market growth in emerging regions.
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Risk-based Monitoring Software Market report also contains analysis on:
Risk-based Monitoring Software Market Segments:
- By Component:
- By Delivery Mode:
- Licensed Enterprise
- By End-User:
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
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