The North America Real World Evidence Solutions Market would witness market growth of 6.9% CAGR during the forecast period (2022-2028).
RWE solutions are expected to receive support from regulatory agencies, and spending on R&D is expected to rise. In addition, the transition from volume to value-based care is anticipated to promote growth. The COVID-19 pandemic caused widespread commercial interruptions for many market participants, impeding regular company operations.
For instance, IQVIA said that it was difficult to provide services that depended on in-person meetings or face-to-face conversations, as well as undertake on-site monitoring. Therefore, to lessen the effect on profitability, the corporation accelerated and increased the number of cost-containment measures.
Additionally, it initiated business continuity plans, turning on remote delivery capabilities for analytics and technology, remote monitoring and virtual trials for solutions for research and development, and, whenever practical, virtual client interactions. The National Patient-Centered Clinical Research Network (PCORnet), along with the National Institutes of Health Collaboratory and the FDA's Sentinel Initiative, have worked together to use the RWE data to raise the medication safety monitoring as well as clinical trials’ effectiveness.
To keep track of postmarket safety and adverse occurrences and formulate regulatory decisions, FDA uses RWD and RWE. These data are being used by the medical community to generate guidelines and decision-support systems for employment in clinical practice as well as to help choices about insurance coverage. Clinical trial designs, such as big simple trials, pragmatic clinical trials, and observational studies, are supported by RWD and RWE in developing medical products. The use of these forms of data to promote regulatory decision-making, including the approval of new indications for current pharmaceuticals, is given more attention by the 21st Century Cures Act, which was passed in 2016. Congress defined RWE as information about the use of a drug or its possible advantages or disadvantages that come from sources other than conventional clinical trials. Thus, all the aforementioned factors are expected to drive the growth of the market in the North American region during the forecast period.
The US market dominated the North America Real World Evidence Solutions Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,395.8 million by 2028.The Canada market is poised to grow at a CAGR of 9.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.3% during (2022 - 2028).
Based on Component, the market is segmented into Services and Data Set. Based on Therapeutic Area, the market is segmented into Oncology, Cardiology, Neurology, Diabetes, Respiratory and Others. Based on End-user, the market is segmented into Healthcare Companies, Healthcare Payers, Healthcare Providers and Others. Based on Application, the market is segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making and Post Market Safety & Adverse Events Monitoring. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Medpace Holdings, Inc., IQVIA Holdings, Inc., ICON plc, PerkinElmer, Inc., Parexel International Corporation (Phoenix Parentco, Inc.), PPD, Inc. (Thermo Fisher Scientific, Inc.), UnitedHealth Group, Inc. (Optum, Inc.), and Syneos Health, Inc.
RWE solutions are expected to receive support from regulatory agencies, and spending on R&D is expected to rise. In addition, the transition from volume to value-based care is anticipated to promote growth. The COVID-19 pandemic caused widespread commercial interruptions for many market participants, impeding regular company operations.
For instance, IQVIA said that it was difficult to provide services that depended on in-person meetings or face-to-face conversations, as well as undertake on-site monitoring. Therefore, to lessen the effect on profitability, the corporation accelerated and increased the number of cost-containment measures.
Additionally, it initiated business continuity plans, turning on remote delivery capabilities for analytics and technology, remote monitoring and virtual trials for solutions for research and development, and, whenever practical, virtual client interactions. The National Patient-Centered Clinical Research Network (PCORnet), along with the National Institutes of Health Collaboratory and the FDA's Sentinel Initiative, have worked together to use the RWE data to raise the medication safety monitoring as well as clinical trials’ effectiveness.
To keep track of postmarket safety and adverse occurrences and formulate regulatory decisions, FDA uses RWD and RWE. These data are being used by the medical community to generate guidelines and decision-support systems for employment in clinical practice as well as to help choices about insurance coverage. Clinical trial designs, such as big simple trials, pragmatic clinical trials, and observational studies, are supported by RWD and RWE in developing medical products. The use of these forms of data to promote regulatory decision-making, including the approval of new indications for current pharmaceuticals, is given more attention by the 21st Century Cures Act, which was passed in 2016. Congress defined RWE as information about the use of a drug or its possible advantages or disadvantages that come from sources other than conventional clinical trials. Thus, all the aforementioned factors are expected to drive the growth of the market in the North American region during the forecast period.
The US market dominated the North America Real World Evidence Solutions Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,395.8 million by 2028.The Canada market is poised to grow at a CAGR of 9.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.3% during (2022 - 2028).
Based on Component, the market is segmented into Services and Data Set. Based on Therapeutic Area, the market is segmented into Oncology, Cardiology, Neurology, Diabetes, Respiratory and Others. Based on End-user, the market is segmented into Healthcare Companies, Healthcare Payers, Healthcare Providers and Others. Based on Application, the market is segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making and Post Market Safety & Adverse Events Monitoring. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Medpace Holdings, Inc., IQVIA Holdings, Inc., ICON plc, PerkinElmer, Inc., Parexel International Corporation (Phoenix Parentco, Inc.), PPD, Inc. (Thermo Fisher Scientific, Inc.), UnitedHealth Group, Inc. (Optum, Inc.), and Syneos Health, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Services
- Data Set
By Therapeutic Area
- Oncology
- Cardiology
- Neurology
- Diabetes
- Respiratory
- Others
By End-user
- Healthcare Companies
- Healthcare Payers
- Healthcare Providers
- Others
By Application
- Drug Development & Approvals
- Medical Device Development & Approvals
- Reimbursement/Coverage & Regulatory Decision Making
- Post Market Safety & Adverse Events Monitoring
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Oracle Corporation
- Medpace Holdings, Inc
- IQVIA Holdings, Inc
- ICON plc
- PerkinElmer, Inc
- Parexel International Corporation (Phoenix Parentco, Inc.)
- PPD, Inc. (Thermo Fisher Scientific, Inc.)
- UnitedHealth Group, Inc. (Optum, Inc.)
- Syneos Health, Inc
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Real World Evidence Solutions Market, by Component
1.4.2 North America Real World Evidence Solutions Market, by Therapeutic Area
1.4.3 North America Real World Evidence Solutions Market, by End-user
1.4.4 North America Real World Evidence Solutions Market, by Application
1.4.5 North America Real World Evidence Solutions Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Scenario and Composition
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Strategies Deployed in Real World Evidence Solutions Market
Chapter 4. North America Real World Evidence Solutions Market by Component
4.1 North America Services Market by Country
4.2 North America Data Set Market by Country
Chapter 5. North America Real World Evidence Solutions Market by Therapeutic Area
5.1 North America Oncology Market by Country
5.2 North America Cardiology Market by Country
5.3 North America Neurology Market by Country
5.4 North America Diabetes Market by Country
5.5 North America Respiratory Market by Country
5.6 North America Others Market by Country
Chapter 6. North America Real World Evidence Solutions Market by End-user
6.1 North America Healthcare Companies Market by Country
6.2 North America Healthcare Payers Market by Country
6.3 North America Healthcare Providers Market by Country
6.4 North America Others Market by Country
Chapter 7. North America Real World Evidence Solutions Market by Application
7.1 North America Drug Development & Approvals Market by Country
7.2 North America Medical Device Development & Approvals Market by Country
7.3 North America Reimbursement/Coverage & Regulatory Decision Making Market by Country
7.4 North America Post Market Safety & Adverse Events Monitoring Market by Country
Chapter 8. North America Real World Evidence Solutions Market by Country
8.1 US Real World Evidence Solutions Market
8.1.1 US Real World Evidence Solutions Market by Component
8.1.2 US Real World Evidence Solutions Market by Therapeutic Area
8.1.3 US Real World Evidence Solutions Market by End-user
8.1.4 US Real World Evidence Solutions Market by Application
8.2 Canada Real World Evidence Solutions Market
8.2.1 Canada Real World Evidence Solutions Market by Component
8.2.2 Canada Real World Evidence Solutions Market by Therapeutic Area
8.2.3 Canada Real World Evidence Solutions Market by End-user
8.2.4 Canada Real World Evidence Solutions Market by Application
8.3 Mexico Real World Evidence Solutions Market
8.3.1 Mexico Real World Evidence Solutions Market by Component
8.3.2 Mexico Real World Evidence Solutions Market by Therapeutic Area
8.3.3 Mexico Real World Evidence Solutions Market by End-user
8.3.4 Mexico Real World Evidence Solutions Market by Application
8.4 Rest of North America Real World Evidence Solutions Market
8.4.1 Rest of North America Real World Evidence Solutions Market by Component
8.4.2 Rest of North America Real World Evidence Solutions Market by Therapeutic Area
8.4.3 Rest of North America Real World Evidence Solutions Market by End-user
8.4.4 Rest of North America Real World Evidence Solutions Market by Application
Chapter 9. Company Profiles
9.1 IBM Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional & Segmental Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Acquisition and Mergers:
9.1.6 SWOT Analysis
9.2 Oracle Corporation
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expense
9.2.5 SWOT Analysis
9.3 PPD, Inc. (Thermo Fisher Scientific, Inc.)
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expense
9.3.5 SWOT Analysis
9.4 UnitedHealth Group, Inc. (Optum, Inc.)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental Analysis
9.5 Syneos Health, Inc.
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Recent strategies and developments:
9.5.4.1 Acquisition and Mergers:
9.6 IQVIA Holdings, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Recent strategies and developments:
9.6.4.1 Partnerships, Collaborations, and Agreements:
9.6.4.2 Acquisition and Mergers:
9.7 Medpace Holdings, Inc.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.8 ICON plc
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Regional Analysis
9.8.4 Recent strategies and developments:
9.8.4.1 Acquisition and Mergers:
9.9 PerkinElmer, Inc.
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.5 Recent strategies and developments:
9.9.5.1 Product Launches and Product Expansions:
9.10. Parexel International Corporation (Phoenix Parentco, Inc.)
9.10.1 Company Overview
9.10.2 Recent strategies and developments:
9.10.2.1 Partnerships, Collaborations, and Agreements:
Companies Mentioned
- IBM Corporation
- Oracle Corporation
- Medpace Holdings, Inc.
- IQVIA Holdings, Inc.
- ICON plc
- PerkinElmer, Inc.
- Parexel International Corporation (Phoenix Parentco, Inc.)
- PPD, Inc. (Thermo Fisher Scientific, Inc.)
- UnitedHealth Group, Inc. (Optum, Inc.)
- Syneos Health, Inc.
Methodology
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