Increasing Number of Clinical Trials to Augment the Risk-Based Monitoring Market Growth

 

Risk-based monitoring is a monitoring technique, which is important to ensure patient safety, and also to maintain high quality of data. It provides the clinical team with a single platform that transforms multiple study data streams into flexible analytics. Risk-based monitoring employs various platforms and tools to identify potential issues related to trial conduct, compliance, data integration, and security. This helps reduce costs associated with clinical studies. The event/condition is monitored by measuring it against a standard set of parameters.

Market Dynamics:

Increasing number of clinical trials and the emergence of COVID-19 is expected to propel the growth of the risk-based monitoring market. For instance, according to the Ministry of Science and Technology (China), China is conducting clinical trials of 16 COVID-19 vaccines, of which seven have entered phase-III trials and one has conditionally hit the market. Moreover, according to NITI Aayog (India), six COVID-19 vaccines are currently undergoing clinical trials in the country.

Moreover, cost and time efficiency of risk-based monitoring solutions and the increasing government funding to support clinical trials is expected to augment the growth of the risk-based monitoring software market. For instance, in October 2020, the United States Food and Drug Administration (USFDA) awarded six new clinical trial research grants to principal investigators from academia and industry totaling over US$ 16 million over the next four years.

Increasing outsourcing of clinical trials to contract research organizations (CROs) is expected to offer lucrative growth opportunities for players in the risk-based monitoring market. For instance, in March 2021, Innoforce and dMed, a clinical CRO, teamed up to identify, assess, and collaborate on the development of clinical-stage therapeutics. However, the high cost of implementation is expected to restrain growth of the market.

Competitive Analysis:

Major players operating in the risk-based monitoring market are Cintec, JMP clinical, IQVIA, Quanticate Ltd, Covance solution, Bio Pharma Inc., TransCelerate, and Parexel International Corporation.

Major players in the market are adopting various business strategies, such as partnership and collaboration, to strengthen their market presence. For instance, in November 2019, Veeva Systems completed its acquisition of Crossix Solutions to help maximize media and marketing effectiveness.

In September 2018, PAREXEL International Corporation and Datavant, Inc., partnered to deliver advanced data and real-world evidence analytics to improve drug development and commercialization processes.

In May 2018, Bioclinica launched its expanded and enhanced SMART technology suite available with Interactive Response Technology (IRT), Electronic Data Capture (EDC), and Medical Imaging combined.