DUBLIN, March 20, 2024 /PRNewswire/ — The “Global Real World Evidence Solutions Market by Component (Services, Disparate Data Sets (Clinical), Application (Drug and Medical Device Development and Approvals), Mode of Deployment, Revenue Model, End-users, & Region, Business Model – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global Real-World Evidence Solutions market is projected to reach USD 4.5 Billion by 2029 from USD 2 billion in 2024, at a CAGR of 16.5% from 2024 to 2029
This report studies the Real-World Evidence Solution market based on components, application, end user, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
The growth of the market is fuelled by an upsurging shift from volume to value-based care and rise in geriatric population. Real-world evidence (RWE) holds the potential of cutting down both costs and time in the drug development process. This has resulted in a growing adoption of RWE within numerous pharmaceutical and medical device companies, leading to drive the market growth throughout the forecast period. But scarcity of skilled personnel, and absence of universally acknowledged standards or principles governing the design, execution, analysis, and reporting of Real-World Evidence (RWE) poses a significant challenge within this market.
The RWE solution market in APAC is projected to register the highest CAGR rate during the forecast period. The growth of this region is due to rise in government initiatives towards the adoption of RWE by the pharmaceutical and medical device companies. Moreover, the clinical trials in this region are very cost-effective thus increasing the number of clinical trials being conducted in this region.
For instance, according to the NOVOTECH report published in May 2022, on the Evolution of Clinical Trials in the Asia-Pacific Region in comparison to the US and the EU5, a total of over 70,000 new clinical trials were recorded across the APAC region, the US, and the EU5 during the analysis period from 2017 to 2021. Notably, the APAC region emerged as the primary contributor, accounting for over 50% of the trials, followed by the US with 29%, and the EU5 with 17%.
Real-World Evidence Solution, services segment to witness the highest growth during the forecast period
Based on component, the Real-World Evidence Solution market is segmented into Real-World Evidence Solution services and Real-World Evidence Solution data sets. In 2023, service segment is projected to grow at the highest CAGR during the forecast period. The service segment encompasses advanced analytic services and consulting services. These services play a crucial role in extracting meaningful patterns of information, enabling clinicians to make informed treatment decisions.
Additionally, they help end users in conducting multifunctional workshops for the development of Real-World Evidence (RWE) and operational plans. Furthermore, experts in Real-World Evidence (RWE) actively communicate and collaborate with subject matter experts from pharmaceutical and medical devices companies. This collaboration aims to provide services that contribute to the formulation of intelligent strategies, ultimately driving growth the services segment throughout the forecast period.
Drug and Development and approval segment to register the highest growth in the Real-World Evidence Solution market during the forecast period
Based on application, the Real-World Evidence Solution market is segmented into drug development and approvals, medical device development and approvals, post market surveillance, market access and reimbursement/coverage decision making, Clinical & regulatory decision making. The drug development and approval segment dominate the market by application. The drug development and approvals market are further bifurcated into oncology, neurology, cardiovascular diseases, immunology, and other therapeutic areas.
The oncology segment holds the largest position in drug development and approval segment. This is attributed to the increasing number of clinical trials conducted on cancer drugs, and upsurging number of cancer patients across the globe drives the segmental growth. As per World Health Organization (WHO), the implementation of evidence-based prevention strategies and the avoidance of risk factors have the potential to prevent approximately 30 to 50% of cancers.
Pharmaceutical and medical device companies’ segment to register the highest growth in the Real-World Evidence Solution market during the forecast period
Based on end user, the RWE solution market is segmented into pharmaceutical and medical devices companies, healthcare payers, healthcare providers, and other end-users which includes CROs, academic institutions, patient advocacy groups, and HTA agencies. In 2023 the pharmaceutical and medical device companies hold the largest share among the end users. This is due to many companies are adapting the RWE solutions to decrease the cost and time for the drug development process, as RWE data helps new drugs and new medical devices to successfully pass through the clinical trials phases.
Premium Insights
Rising Geriatric Population and Subsequent Increase in Prevalence of Chronic Diseases to Drive Market
Pharmaceutical & Medical Device Companies Accounted for Largest Share of Asia-Pacific Market in 2023
India to Register Highest Growth During Forecast Period
North America Will Continue to Dominate Market During Forecast Period
Emerging Economies to Register Higher Growth During Forecast Period
Use Cases/Case Studies
Optimizing Rwe with Scientifically Rigorous Data-Agnostic Approach: Designing and Building Rwe Dashboards and Leveraging Ehr and Claims Data
Utilizing Drug Data and Rwd to Enhance Patient Adherence: Integrating Specialty Pharmacy and Patient Hub Data with Rwd Data to Investigate Non-Adherence Factors
Existing Analytics Technology: Simplifying Data Analytics with Rwe Platform
Market Dynamics
Drivers
Rising Geriatric Population and Subsequent Increase in Prevalence of Chronic Diseases
Shift from Volume-based Care to Value-based Care
Potential of Rwe in Reducing Drug Development Costs and Expediting Drug Development Process
Increased R&D Spending for Development of New Pharmaceutical Products and Medical Devices
Support from Regulatory Bodies for Use of Rwe Solutions
Restraints
Reluctance of Medical Practitioners and Researchers to Rely on Real-World Studies
Opportunities
Growth Opportunities in Emerging Markets
Increased Focus on End-To-End Rwe Services
Challenges
Lack of Universally Accepted Methodology Standards and Data Processing Infrastructure
Shortage of Skilled Professionals
Industry Trends
Emerging Role of Wearable Devices
Social Media-Sourced Rwe
Rising Use of Rwd and Rwe Across Pharmaceutical Industry
Technology Analysis
Key Technologies
Use of AI and ML
Blockchain Technology
Adjacent Technologies
Predictive Analytics
Visualization Dashboard Software
Real-World Evidence Solutions Business Model
Platform as a Service (PaaS) Model
Data Provider Model
Consulting and Services Model
Collaborative Research Model
Company Profiles
Key Players
Iqvia Holdings Inc.
Merative
Deals
Optum, Inc.
Icon PLC
Syneos Health, Inc.
Parexel International Corporation
Thermo Fisher Scientific Inc.
Fortrea Inc.
Oracle Corporation
Elevance Health, Inc.
Sas Institute Inc.
Aetion, Inc.
Trinetx LLC
Trinity
Perkinelmer Inc.
Cognizant Technology Solutions Corporation
Cegedim Health Data
Verantos
Medpace Holdings, Inc.
Other Players
Healthverity, Inc.
Datavant
Syapse, Inc.
Tempus
Flatiron Health
Quantzig
For more information about this report visit https://www.researchandmarkets.com/r/9boii4
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