Risk-based Monitoring Software Market by End User (Pharma & Biopharmaceutical Co., Medical Device Co., CROs), Delivery Mode (Web Hosted, On-premise, Cloud-based), Type (Enterprise, Site), Component (Software, Services) - Global Forecast to 2025
“Risk-based monitoring (RBM) software market is projected to grow at a CAGR of 13.3%.”
The RBM software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3% during the forecast period. The RBM software market has witnessed various advancements in products and their approvals to meet the needs of the pharmaceutical research and development industry worldwide.
Growth in the 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
“The Enterprise RBM Software segment to hold the largest market share in 2020.”
Based on type, the RBM 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 RBM software 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.
“The software component segment to hold the largest market share in 2020.”
Based on the component, the RBM software market is segmented into Software and Services. In 2020, 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 the increasing R&D expenditure in the life science and clinical research industries, increasing number of clinical trials, and rising customer base
“The pharmaceutical and biopharmaceutical companies segment to hold the largest market share in 2020.”
Based on end-user, the RBM software 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.
“The Asia Pacific region to witness the highest growth during the forecast period.”
Geographically, North America dominated the global RBM software market in 2020. However, the Asia Pacific market is expected to register the highest during the forecast period. The major factors driving the growth of the Asia Pacific market include increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, low operating costs for conducting clinical trials, shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.
Break of primary participants was as mentioned below:
By Company Type: Tier I: 55%, Tier II: 25%, Tier III: 20%
By Designation: C-Level Executives: 35%, Directors: 25%, Others: 40%
By Region: North America: 20%, Europe: 25%, Asia Pacific : 40%, RoW: 15%
Oracle (US), Medidata Solutions (US), and Parexel International Corporation (US) were the leading players in the RBM software market.
This report studies the RBM software market based on type, component, delivery mode, end-user, and region. The report also studies the different factors (such as drivers, restraints, challenges, and opportunities) affecting the market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the RBM software market, and their drivers, restraints, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the RBM software and garner greater market shares.
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