Market Challenges And Opportunities

Risk-Based Monitoring Market- Drivers

Reduction in the cost of clinical trials is a major factor that is expected to drive growth of the risk-based monitoring market during the forecast period. During drug development, the cost of clinical trials is high, and it is estimated that risk based monitoring can reduce the cost of clinical trials by 30%.

Risk-based monitoring process reduces the clinical data error also in comparison to traditional studies which can drive the risk-based monitoring market growth during the forecast period. For instance, according to the Association of Clinical Research Organizations (ACRO) in 2019 is urging the FDA to place even more emphasis on risk-based monitoring (RBM) of clinical trials, saying a recent study of its members showed a 16 percent reduction in major findings in audits among sites using this method.

Risk-Based Monitoring Market- Restraints

Risk-based monitoring is un-accessible to many companies because of many factors, such as devoting time to identify critical variable, size and complexity of the trial, stakeholder buy in, understanding of regulatory requirement, that determine the whether the company is ready for risk-based monitoring. All these parameters are expected to restrain the growth of its installation in many companies.