Risk-based Monitoring (RBM) Software Market to Reach a Value of USD 644.6 Million by 2027 | Rise in Outsourcing of Clinical Trials to Contract Research Organizations will Drive the Industry Growth, says Emergen Research

Vancouver, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global risk-based monitoring (RBM) software market is projected to reach a market size of USD 644.6 Million by 2027 at a steady CAGR during the forecast period, according to most recent analysis by Emergen Research. Due to the increased number of clinical trials globally, the global risk-based monitoring (RBM) software market revenue growth is expected to expand substantially during the forecast period.

Rising demand for monitoring solutions to address challenges in clinical trials is anticipated to further fuel the global risk-based monitoring (RBM) software during the forecast period. Besides, the growing trend of outsourcing of clinical trials to contract research organizations is expected to further fuel growth of the global risk-based monitoring (RBM) software market during the forecast period.

The issue of inoperability of risk-based monitoring software with complex designed trials is expected to restrain growth of the global risk-based monitoring (RBM) software market to a certain extent during the forecast period.

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Companies Profiled in Risk-based Monitoring (RBM) Software Market Report Include:

ERT Inc., Veeva Systems Inc., Anju Software, Inc., PerkinElmer Inc., Quanticate Inc., Dassault Systèmes SE, DataTrak International, Inc., International Business Machines Corporation, PAREXEL International Corporation, and MaxisIT Inc.

Risk-based Monitoring (RBM) Software Market Drivers:

By Deployment Outlook Segment:

The cloud-based segment in the global market for risk-based monitoring software is projected to register substantial growth at a CAGR of 13.2% during the forecast period. Cloud-based risk-based management functionality offers benefits such as enhanced backup and recovery capabilities, improved accessibility, enhanced mobility, and automated application updates.

By End-Use Outlook Segment:

The contract research organizations segment is projected to register substantial revenue growth throughout the forecast period, owing to growing government funding to contract research organizations.

By Monitoring Process Outlook Segment:

The statistical research segment is expected to register substantial revenue growth during the forecast period. Additional statistical analysis is useful in a statistical analysis procedure in order to effectively recognize hurdles and potential challenges.  Essential bar charts and scatter graphs can be beneficial for recognizing outliers between sites for risk factors.

By Regional Outlook Segment:

The Asia Pacific market for risk-based software (RBM) monitoring is expected to register highest revenue growth rate and revenue share as compared to other regional markets during the forecast period. This can be attributed to increasing deployment and implementation of advanced monitoring systems in pharmaceutical companies in countries in the region

Mergers and Acquisitions:

In September 2019, Veeva Systems Inc. announced plans to acquire Crossix Solutions Inc. The acquisition is expected to continue to strengthen Veeva's data and cloud technology expertise to enhance patient outcomes and healthcare efficiency.

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Emergen Research has segmented the global risk-based monitoring (RBM) software market on the basis of deployment, monitoring process, end-use, and region.

• Deployment Outlook (Revenue, USD Million; 2017–2027)
  • Cloud-based
  • On-premises
  • Web-based
• Monitoring Process Outlook (Revenue, USD Million; 2017–2027)
  • Statistical Analysis
  • Targeted On-site Investigation
  • Dashboard Monitoring
  • Data Collection & Submission
• End-use Outlook (Revenue, USD Million; 2017–2027)
  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Contract Research Organizations
  • Others

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• Regional Outlook (Revenue, USD Million; 2017–2027)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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