Pune, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global risk-based monitoring software market reach USD 303.98 Million in 2022 and is expected to exhibit a CAGR of 11.54% over the forecast period 2023 to 2032, according to a recent global market study by Quince Market Insights. The main benefit of risk-based monitoring is to control and ensure the clinical data quality is accurate, complete and verifiable, enhancing the safety of patient is a clinical trial, ensuing the right and wellbeing of human subjected are protected. With the help of risk-based management methodology can lead to increase in quality data, Patient safety and efficiency, specifically it allows to focus, reduction in efforts, early detection, cost effective.
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There are several factors that are likely to contribute to the growth of the risk-based monitoring software market, including the rising demand for cost- and time-effective software, the prevalence of funds from governments and other organizations to support clinical trials, and rising software usage for clinical trials. The rising clinical trials which ultimate helps to drive the market This can be attributed to the rising capital expenditure by the governments to support clinical trials and improve the healthcare structure across the globe. Additionally, the development of necessary medications and treatments is becoming more and more necessary due to the rise in chronic illnesses in the world, which is raising the demand for scientific trials of different medicines for mass usage.
Impact of COVID-19 on Risk-based Monitoring Software Market
The COVID-19 pandemic has had a major effect on the world's healthcare delivery system. Governments all across the world have declared country-wide lockdowns and social distancing measures in response to the COVID-19 pandemic in order to prevent health systems from collapsing.
Medical supplies are in high demand to care for the infected population. Respiratory support equipment, a life-support machine, an oxygen generator, and a monitor, are among the most commonly utilized medical devices in primary clinical care. Furthermore, COVID-19 has resulted in a significant increase in demand for medical goods such as personal protective equipment such as masks, gloves, and protective eyeglasses. As the number of COVID-19 cases worldwide rises, so does the demand for medical supplies among healthcare professionals and the general public for precautionary measures. Manufacturers of these products have a chance to profit from the increasing need for medical supplies in order to supply personal protective equipment that is suitable and reliable in the market.
Risk-based Monitoring Software Market, by End users
The end-user segment is divided into Pharma & Biopharmaceutical Co., Medical Device Co., CROs.
The Pharma and biopharmaceutical segment account for the highest growth in the market. The growth of the segment is on account on increasing in research and development expenditure of pharmaceutical and biopharmaceutical companies.
Risk-based Monitoring Software Market, by Delivery Mode
The delivery mode segment is divided into Web Hosted, On-premise, and Cloud-based.
The web hosted segment is expected to highest market share in the market. The advantages of web-hosted software are ease to access, increase output, effectiveness of use of time, and affordability.
Risk-based Monitoring Software Market, by Type
The type segment is divided into Enterprise, Site.
The enterprise segment is accounted for the highest growth in market. The Enterprise RBM Software is more widely used since it gives all authorized experts access to clinical trial measurements and data stored in a single area.
Risk-based Monitoring Software Market, by Component
The component segment is divided into Software, Services.
The software segment is accounted for the highest growth in the market. The growth on account of raising a larger customer base, more clinical trials, and higher R&D spending in the life science and clinical research sectors.
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Risk-based Monitoring Software Market, based on Regional Analysis
The region segment includes major regions such as Asia Pacific, Middle East & Africa, North America, Europe, and South America.
The North America is projected for highest growth in the market. Because of increasing research and development activities, government and other organizations frequently provide funding to support clinical studies.
The Asia Pacific market is projected to grow at the highest CAGR over the predicted timeframe. In the Asia Pacific region countries like China, India has witness to rapid economic growth includes the growth in the risk management sector with the adoption of artificial intelligence and machine learning. Also, the existence of less strict regulatory standards than in industrialized countries, a sizable patient population, low operating costs for carrying out clinical studies.
Recent development in the Global Risk-based Monitoring Software Market
- In November 2018, Aurora Research Institute signs $1.8 million contract with Forte Research Systems for improvement of the risk management
- In 2018, The SMART technology package, which combines medical imaging, electronic data capture (EDC), and interactive response technology (IRT), was introduced by Bioclinica (US).
Some key Points of the Risk-based Monitoring Software Market
- An in-depth global risk-based monitoring software market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global risk-based monitoring software market, which include 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), MedNet Solutions (US), ArisGlobal (US), Anju Software (US), MaxisIT (US), Techsol Corporation (US), OpenClinica (US), CRF Health (US), and Covance (US).
- Key impact factor analysis across regions that includes analysis, along with the drives, restraints, opportunities, and challenges that are prevailing in the global risk-based monitoring software market.
- Impact of COVID-19 on the global risk-based monitoring software market.
Find more insights on this topic from this report, “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), By Region (North America, Europe, Asia Pacific, Middle East & Africa, And South America) — Market Size & Forecasting To 2032, in-depth analysis along with the table of contents (ToC).”
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