Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The "Global Risk-based Monitoring Software Market by Function, Delivery Mode, End-User - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Risk-based Monitoring Software Market size was estimated at USD 370.45 million in 2022, USD 409.38 million in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 10.85% to reach USD 845.13 million by 2030.
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 Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and High Inflation is expected to have significant long-term effects on the Global Risk-based Monitoring Software Market. The ongoing research considers the changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic.
Similarly, the report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.
Market Dynamics
Drivers
- Need for proactive approach to monitoring clinical trials with the use of risk-based monitoring software
- Rising number of clinical trials to determine new form of treatment and effectiveness of drugs
- Government grants and regulatory compliance for the quality and safety of clinical trials
Restraints
- Complex implementation of the RBM software and organization reluctance to RBM software
Opportunities
- Technological advancements in risk-based monitoring software
- Rising trend of outsourcing end-to-end services by pharmaceutical companies
Challenges
- Data security and privacy concerns associated with RBM software
Market Segmentation & Coverage:
This research report categorizes the Global Risk-based Monitoring Software Market in order to forecast the revenues and analyze trends in each of following sub-markets:
- Based on Function, the market is studied across Centralized Monitoring, Reduced Monitoring, Remote Monitoring, and Triggered Monitoring. The Centralized Monitoring commanded largest market share of 38.43% in 2022, followed by Remote Monitoring.
- Based on Delivery Mode, the market is studied across Cloud-Based, Licensed Enterprise, and Web-Based. The Web-Based commanded largest market share of 51.98% in 2022, followed by Cloud-Based.
- Based on End-User, the market is studied across Contract Research Organization, Medical Device Companies, and Pharmaceutical & Biopharmaceutical Companies. The Pharmaceutical & Biopharmaceutical Companies commanded largest market share of 67.78% in 2022, followed by Medical Device Companies.
- Based on Region, the 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 Americas commanded largest market share of 37.35% in 2022, followed by Europe, Middle East & Africa.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Risk-based Monitoring Software Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Risk-based Monitoring Software Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Risk-based Monitoring Software Market?
- What is the competitive strategic window for opportunities in the Global Risk-based Monitoring Software Market?
- What are the technology trends and regulatory frameworks in the Global Risk-based Monitoring Software Market?
- What is the market share of the leading vendors in the Global Risk-based Monitoring Software Market?
- What modes and strategic moves are considered suitable for entering the Global Risk-based Monitoring Software Market?
Companies Mentioned
- Anju Software, Inc.
- ArisGlobal LLC
- CGI Inc.
- Change Healthcare LLC
- Clario
- CluePoints S.A.
- Dassault Systemes 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.
- Wipro Limited
For more information about this report visit https://www.researchandmarkets.com/r/qydimn
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