Market Leader - Risk-based Monitoring Software Market
The risk-based monitoring (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 growth in this market is mainly driven by the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials. However, the high implementation cost of RBM solutions is expected to restrain the growth of this market during the forecast period.
The major players in the global RBM software market are Oracle (US), Medidata Solutions (US), and Parexel International Corporation (US). An analysis of the market developments between 2017 and 2020 revealed that product launches, partnerships, and expansions, were adopted by market players to strengthen their product portfolios and maintain a competitive position in the RBM software industry.
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Oracle (US) is one of the the leading players in the global risk-based monitoring software market. The company has a wide range of eClinical solutions and a broad customer base in over 145 countries across the globe. The company’s clientele includes Pfizer, which is one of the largest pharmaceutical companies in the world. In 2016, the company provided its suite of clinical trial technologies to Pfizer. Moreover, the company strives to make its solutions available globally. In this regard, the company opened five new cloud regions in Saudi Arabia (Jeddah), Australia (Melbourne), Japan (Osaka), Canada (Montreal), and the Netherlands (Amsterdam) in 2020.
Medidata Solutions (US) is another one of the major players in the RBM software market. The company offers cloud-based (software-as-a-service) eClinical solutions across the globe. It primarily focuses on partnerships and collaborations as its key growth strategies to expand its presence in the global RBM software market. For instance, in 2017, the company signed a strategic partnership agreement with Karyopharm Therapeutics (US). Through this partnership, the company renewed its Medidata Clinical Cloud platform. Moreover, in 2018, the company completed the acquisition of SHYFT Analytics (US) to combine its clinical development platform together with the platform for commercial and real-world data analytics from SHYFT Analytics.
Parexel (US), another major vendor of RBM software has adopted partnerships and agreements as its key growth strategies to strengthen its footprint in the global market. In line with this, the company formed six strategic partnerships in 2019. For instance, it partnered with HealthVerity, Inc. (US) to expand its network of real-world data (RWD) sources in order to accelerate the delivery of drug development solutions for customers. Additionally, in 2018, the company partnered with Eli Lilly and Company (US) to launch a clinical research learning and development program in China.
Related Reports:
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
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