This report aims to provide detailed insights into the Risk-Based Monitoring Software Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth Analysis:
The Risk Based Monitoring Software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3%.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=102112429
Key Factors Driving Market Growth:
The key factors driving the growth of this risk based monitoring software market are the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials.
Enterprise RBM Software segment:
Based on type, the risk based monitoring software market is segmented into Enterprise RBM Software and Site RBM Software. In 2020, the Enterprise RBM Software segment is expected to command the largest share of the market. The large share of this segment can be attributed to the widespread adoption of enterprise RBM software by end-users as it allows all authorized professionals to have access to clinical trial data and metrics placed at a centralized location.
Software segment:
Based on the component, the risk based monitoring software market is segmented into Software and Services. In 2020, the software segment is expected to command the largest share of the market. The large share of this segment can be attributed to the increasing R&D expenditure in the life science and clinical research industries, increasing number of clinical trials, and rising customer base.
Delivery Mode:
Based on delivery mode, the risk based monitoring 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 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.
Growing Demand in Pharmaceutical and Biopharmaceutical Companies:
Based on end user, the 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 R&D expenditure of pharmaceutical and biopharmaceutical companies is the major factor driving the growth of this end-user segment.
North America and Europe to Dominate the Industry:
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global risk based monitoring software market study. North America is expected to account for the largest share of the global market. The large share of North America is attributed to the to the increased adoption of RBM software solutions for clinical trials.
Request Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=102112429
Key Players:
The prominent players in the global RBM software market include 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).
Recent Developments:
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.
This study
involved four major activities in estimating the size of the Interactive patient engagement solutions market. Exhaustive secondary research was
done to collect information on the market, peer market, and parent market. The
next step was to validate these findings, assumptions, and sizing with industry
experts across value chains through primary research. The bottom-up approach
was employed to estimate the overall market size. After that, market breakdown
and data triangulation were used to estimate the market size of segments and
sub-segments.
Expected
Market Revenue Growth:
[152 Pages Report] The global interactive patient
engagement solutions market is projected to reach USD 291 million by 2026 from
USD 127 million in 2021, at a CAGR of 17.9%.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=164064021
Key Factors Driving Market Growth:
The growth of this market is
driven by the need for the adoption of improved interactive patient engagement
solutions, growing number of collaborations and partnerships between
stakeholders, and favorable government regulations and initiatives to promote
the adoption of these solutions. However, high infrastructural requirements and
implementation costs and data security concerns are expected to restrain the
growth of this market to a certain extent during the forecast period.
In Room Television segment is expected to grow at the highest
CAGR
On the basis of product, the
interactive patient engagement solutions market is segmented into in-room
televisions, interactive bedside terminals/assistive devices, and tablets. In
2020, the in-room televisions segment accounted for the largest share of 51.5%
of the global patient engagement solutions market. The large share of this
segment can be attributed to the rising development of TV-based solutions and
the increased adoption of in-room televisions by hospitals.
Hospitals
to establish the largest and fastest growing market size of Interactive patient
engagement solutions market
Based on end users, the patient engagement solutions market is
segmented into hospitals, clinics, and other end users. In 2020, the hospitals
segment accounted for the largest share of 81.8% of the interactive patient
engagement solutions industry. The large share of this segment can be
attributed to the rising demand for IT tools to tackle the demand of hospital
staff and the increasing demand for effective communication tools.
North
America To Witness Significant Growth From 2021 To 2026
In 2020, North America accounted for the largest share of 60.9%
of the interactive patient engagement solutions market. This market is also
expected to grow at the highest CAGR during the forecasted period. The large
share and the high growth of this market can be attributed to favorable
government initiatives, the rising prevalence of chronic diseases, and rising
awareness about digital healthcare products.
The COVID-19 pandemic has impacted medical
practices of all sizes. Healthcare facilities across the globe have been
overwhelmed by the large number of patients visiting them on a daily basis.
Small and medium-sized hospitals in most regions have been adversely impacted
by the pandemic. They are forced to shut down or run at a limited capacity.
This has created a financial crunch for such hospitals, which ultimately makes
it difficult for them to adopt interactive patient engagement solutions.
Request Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=164064021
Key Players:
The key players have a strong
foothold in the market and offer a wide range of products. Some of the key
players in this market are GetWellNetwork (US), SONIFI Health (US), Epic
Systems Corporation (US), and Allen Technologies (US).
These players adopted various growth strategies, such as product launches
& upgrades, expansions, acquisitions, partnerships, agreements, and
collaborations to further expand their presence in the market.
