Growth in the risk based monitoring 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.
RBM Software Market Dynamics: Impact Analysis
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
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%
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Software Component:
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 R&D expenditure in the life science and
clinical research industries, an increasing number of clinical trials, and
rising customer base.
Web Based (On Demand) Delivery Mode:
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 is expected to
command the largest share of the RBM software market.
Key Questions Addressed in
The Report:
1. Who are the top 10 players operating in the
global RBM Software Market?
2. What are the drivers, restraints, opportunities, and challenges in the RBM
Software Industry?
3. What are the opportunities for stakeholders and provide details of the competitive
landscape for key players?
4. What will be growth of RBM Software Industry in North America, Europe, Asia
Pacific, Latin America, and the Middle East and Africa?
Regional Growth Analysis:
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.
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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).
Research Methodology:
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.
