Global Real World Evidence Solutions Market – Industry Trends and Forecast to 2030

 Real World Evidence Solutions Market Analysis and Size

The growing demand for RWE solutions to obtain precise and transparent information about the safety and efficacy of new products. Furthermore, the need for these solutions to detect various reactions, product subpopulation effects, and product value when used by complex and comorbid patients is increasing. This, along with the burgeoning healthcare industry, is propelling market growth. Furthermore, the increasing use of advanced analytics and technological solutions in RWE for clinical development, commercialization, accelerating innovation, and improving healthcare outcomes positively influences the market.

Data Bridge Market Research analyses that the real world evidence solutions market which is USD 1.48 billion in 2022, is expected to reach USD 4.33 billion by 2030, at a CAGR of 14.4% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Real World Evidence Solutions Market Scope and Segmentation  

Market Definition

Real-world evidence (RWE) is organized information derived from clinical outcomes or judgments based on real-world data (RWD). RWD uses observational data to gain insights, extrapolate findings, and forecast diseases, medical devices, patient populations, and products. This is a data collection process used by the healthcare sector to make decisions. It gathers information from existing secondary sources, such as databases.

Real World Evidence Solutions Market Dynamics

Drivers

• Collaboration and innovations

An industry coalition to innovate and expand the use of RWE promotes market growth. For instance, in May 2021, five companies-Aetion, IQVIA, Flatiron Health, Tempus, and Syapse-joined forces to expand the use of data derived from EHRs, claims, and other sources beyond clinical trials. The coalition will also collaborate with pharmaceutical companies, medical device manufacturers, patient groups, and other key stakeholders to support broader efforts around using RWE, which members say helps developers, regulators, and providers better understand medical product safety and efficacy. These are the certain innovations which propel the growth of market.

• New product launches

In 2021, the International Society for Pharmacoeconomics and Outcomes Research, a US-based professional society for health economics and outcomes research, stated that the Real-World Evidence Transparency Initiative launched the Real-World Evidence Registry. By launching the RWE registry and establishing a culture of transparency for the analysis and reporting of RWE in healthcare and health research, the Real-World Evidence Transparency Initiative assists in addressing potential concerns with RWE studies.

Opportunities

• Reducing drug development costs and expediting the drug development process

The Tufts Center for the Study of Drug Development (CSDD) reported the median cost of bringing a new drug to market, which was significantly lower than previous research. According to the study's findings, a further USD 312 million is spent on post-approval development for a lifecycle, which includes tests of new indications, formulations, and dosage strengths. As the amount of RWD increases and its accessibility increases, companies will have the opportunity to use RWE earlier in the product lifecycle to help expedite development and reduce costs.

Restraints/Challenges

• Issues such as a reluctance

Issues such as a reluctance rely on real-world studies are expected to hamper the growth of the real world evidence solutions market. In the forecast period of 2023 to 2030, the real world evidence solutions market is expected to face challenges due to a lack of universally accepted methodological standards and data processing infrastructure.

This real world evidence solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the real world evidence solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Real World Evidence Solutions Market

Market participants also shifted their focus to providing solutions to stem the spread of the COVID-19 pandemic, which hampered market growth. The market is expected to recover post-COVID, with a 6.07% year-on-year growth rate from 2020 to 2021. Many companies began to deploy many remote services during the pandemic, which is expected to help these companies expand their portfolios.

Recent Developments

• In 2021, Syneos Health partnered with Aetion to provide a real-world evidence solution that includes analytical-driven data and regulatory-grade data.
• In 2022, Cegedim acquired Clinityx, a French medical data expert, strengthening its position in Real-World-Data.
• In 2022, Verantos, the global leader in high-validity real-world evidence (RWE), announced the launch of the Verantos Evidence Platform.

Global Real World Evidence Solutions Market Scope

The real world evidence solutions market is segmented on the basis of component, therapeutic area and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Data Sets
• Clinical Settings Data
• Claims Data
• Pharmacy Data
• Patient-powered Data
• Services

 Therapeutic Area

• Oncology
• Cardiovascular Disease
• Neurology
• Immunology
• Others Therapeutic Areas

 End User

• Pharmaceutical and Medical Device Companies
• Healthcare Payers
• Healthcare Providers
• Other End Users

Real World Evidence Solutions Market Regional Analysis/Insights

The real world evidence solutions market is analyzed and market size insights and trends are provided by country, component, therapeutic area and end user as referenced above.

The countries covered in the real world evidence solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the real world evidence solutions market due to a favourable regulatory environment, a well-established pharmaceutical industry, high number of RWE service providers, demand in clinical research activities and increasing research and development expenditure in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the growing incidence of cancer such as bladder, esophagus, liver, pancreas, and others, high presence of major manufacturers across the U.S. Furthermore, technological advancements and rising foreign investment.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The real world evidence solutions market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for real world evidence solutions market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the real world evidence solutions market. The data is available for historic period 2011-2021.

Competitive Landscape and Real World Evidence Solutions Market Share Analysis

The real world evidence solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to real world evidence solutions market.

Some of the major players operating in the real world evidence solutions market are:

• IBM Corporation (U.S.)
• IQVIA (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Parexel International Corporation (U.S.)
• Optum, Inc. (U.S.)
• PerkinElmer Inc. (U.S.)
• ICON plc (Ireland)
• Oracle (U.S.)
• Cognizant (U.S.)
• Syneos Health (U.S.)
• Anthem Insurance Companies, Inc. (U.S.)
• Clinigen Limited (U.K.)
• SAS Institute Inc. (U.S.)
• Deloitte Touche Tohmatsu Limited (U.K.)
• Quantzig (India)
• Cardinal Health (U.S.)
• AmerisourceBergen Corporation (U.S.)

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