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Risk-based Monitoring Software Market worth $845.13 million by 2030, growing at a CAGR of 10.91% - Exclusive Report by 360iResearch
Risk-based Monitoring Software Market | 360iResearch
The Global Risk-based Monitoring Software Market to grow from USD 409.38 million in 2023 to USD 845.13 million by 2030, at a CAGR of 10.91%.
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Risk-based monitoring (RBM) software provides clinical teams with a single platform that transforms numerous study data streams into actionable analytics. RBM software improves the quality and compliance of a clinical trial or program. A risk-based monitoring software feeds data from study sites into a dashboard, which then alerts the sponsor to situations that need further investigation. The increase in the number of clinical trials and financial support from governments worldwide for drug discovery and development is expanding the use of RBM software. However, the high cost of implementation and installation of RBM software may limit their adoption by pharmaceutical and biopharmaceutical companies. Moreover, advancements in RBM software to improve the operational efficiency of the software and growing outsourcing of clinical trial processes are expected to increase the deployment of RBM software across pharmaceutical companies.
The utilization of risk-based monitoring (RBM) software is increasing in the Americas, and Europe, attributed to the highly developed pharmaceutical sector in the region. The growing investments in the APAC region for the drug discovery process and surge in clinical trials to determine the effectiveness and safety of drugs are raising the need for efficient data analyzing and management solutions such as risk-based monitoring software. Additionally, pharmaceutical companies and research institutions are outsourcing preclinical services from contract research organizations (CROs) to aid the cost-effective development of drugs. Moreover, the rapid expansion of clinical research institutes across the APAC region is creating significant potential for the deployment of RBM software. In August 2022, a new research institute was established in Australia to develop drugs to treat diseases caused by pathogens that could cause global pandemics. Moreover, the technological advancements and improvements in risk-based software for creating actionable datasets to support clinical programs and research are expected to encourage their adoption by pharmaceutical companies and CROs worldwide.
Market Segmentation & Coverage:
This research report categorizes the Risk-based Monitoring Software Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Function, market is studied across Centralized Monitoring, Reduced Monitoring, Remote Monitoring, and Triggered Monitoring. The Centralized Monitoring commanded largest market share of 38.45% in 2023, followed by Remote Monitoring.
Based on Delivery Mode, market is studied across Cloud-Based, Licensed Enterprise, and Web-Based. The Web-Based commanded largest market share of 52.44% in 2023, followed by Cloud-Based.
Based on End-User, market is studied across Contract Research Organization, Medical Device Companies, and Pharmaceutical & Biopharmaceutical Companies. The Pharmaceutical & Biopharmaceutical Companies commanded largest market share of 67.56% in 2023, followed by Medical Device Companies.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.34% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Risk-based Monitoring Software Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Risk-based Monitoring Software Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Risk-based Monitoring Software Market, highlighting leading vendors and their innovative profiles. These include Anju Software, Inc., ArisGlobal LLC, CGI Inc., Change Healthcare LLC, Clario, CluePoints S.A., Dassault Systèmes S.E., DATATRAK International, Inc., DSG, Inc., eClinical Solutions LLC, ICON PLC, Infosys Limited, International Business Machines Corporation, IQVIA Inc., JMP Statistical Discovery LLC, Laboratory Corporation of America Holdings, LexisNexis Risk Solutions Group, MasterControl Solutions Inc., Mednet, Microsoft Corporation, Octalsoft by Glorant, LLC, Oracle Corporation, Parexel International Corporation, Quanticate International Limited, Scrut Automation, Securitas AB, Signant Health, Sphera Solutions, Inc., TATA Consultancy Services Limited, Veeva Systems Inc., and Wipro Limited.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Risk-based Monitoring Software Market, by Function
7. Risk-based Monitoring Software Market, by Delivery Mode
8. Risk-based Monitoring Software Market, by End-User
9. Americas Risk-based Monitoring Software Market
10. Asia-Pacific Risk-based Monitoring Software Market
11. Europe, Middle East & Africa Risk-based Monitoring Software Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Risk-based Monitoring Software Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Risk-based Monitoring Software Market?
3. What is the competitive strategic window for opportunities in the Risk-based Monitoring Software Market?
4. What are the technology trends and regulatory frameworks in the Risk-based Monitoring Software Market?
5. What is the market share of the leading vendors in the Risk-based Monitoring Software Market?
6. What modes and strategic moves are considered suitable for entering the Risk-based Monitoring Software Market?
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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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