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

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.

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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.

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.

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

Global Risk-based Monitoring Software Market: Research Scope

Risk-based Monitoring Software Market, by Type

  • Enterprise RBM Software
  • Site RBM Software
  • Risk-based Monitoring Software Market, by Component
  • Software
  • Services
  • Risk-based Monitoring Software Market, by Delivery Mode
  • Web-based (On-demand)
  •  Licensed Enterprise (On-premise)
  • Cloud-based (SaaS)

Global Risk-based Monitoring Software Market, by End-users

  • Pharmaceutical And Biopharmaceutical Companies
  • CROs
  • Medical Device Companies
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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