The global real-world evidence solutions market size reached US$ 1.8 Billion in 2023. Looking forward, the market is projected to reach US$ 3.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.32% during 2023-2032.
Real-world evidence (RWE) refers to clinical evidence about the use and potential benefits or risks of medical products via real-world data (RWD). It can be produced via different study designs or analyses, including randomized trials, big simple trials, pragmatic trials, and observational studies. It provides insight into real-world treatment patterns in patient groups, including dosing, compliance, adherence, off-label use, and the balance between efficacy and safety. As it can also assist researchers in discovering possible patients and developing correct inclusion criteria for clinical trials, which can help them design better pre-trial studies, there is a rise in the demand for RWE solutions around the world.
Besides this, there are various initiatives undertaken by governments of several countries to promote the use of RWE solutions, which provide the efficacy of drugs and vaccines. This, coupled with a shift from volume to value-based care, is offering lucrative growth opportunities to industry investors. Apart from this, the growing adoption of digitalization and patient-centered virtual care is catalyzing the demand for RWE solutions. Furthermore, there is an increase in the prevalence of chronic diseases, such as cancer, obesity, and diabetes, across the globe. In line with this, the rising delays in drug development and the subsequent increase in development costs are bolstering the growth of the market.
2. What is the expected growth rate of the global real-world evidence solutions market during 2024-2032?
3. What are the key factors driving the global real-world evidence solutions market?
4. What has been the impact of COVID-19 on the global real-world evidence solutions market?
5. What is the breakup of the global real-world evidence solutions market based on the component?
6. What is the breakup of the global real-world evidence solutions market based on the therapeutic area?
7. What is the breakup of the global real-world evidence solutions market based on the end user?
8. What are the key regions in the global real-world evidence solutions market?
9. Who are the key players/companies in the global real-world evidence solutions market?
Real-world evidence (RWE) refers to clinical evidence about the use and potential benefits or risks of medical products via real-world data (RWD). It can be produced via different study designs or analyses, including randomized trials, big simple trials, pragmatic trials, and observational studies. It provides insight into real-world treatment patterns in patient groups, including dosing, compliance, adherence, off-label use, and the balance between efficacy and safety. As it can also assist researchers in discovering possible patients and developing correct inclusion criteria for clinical trials, which can help them design better pre-trial studies, there is a rise in the demand for RWE solutions around the world.
Real-World Evidence Solutions Market Trends
The growing demand for RWE solutions to get precise and clear information about the safety and efficacy of new products represents one of the key factors driving the market. Moreover, there is a rise in the demand for these solutions to detect varied reactions, product subpopulation effects, and product value when utilized by complex and comorbid patients. This, along with the burgeoning healthcare industry, is propelling the growth of the market. Additionally, the growing utilization of advanced analytics and technological solutions in RWE for clinical development, commercialization, speed innovation, and accelerating improvements in healthcare outcomes is positively influencing the market.Besides this, there are various initiatives undertaken by governments of several countries to promote the use of RWE solutions, which provide the efficacy of drugs and vaccines. This, coupled with a shift from volume to value-based care, is offering lucrative growth opportunities to industry investors. Apart from this, the growing adoption of digitalization and patient-centered virtual care is catalyzing the demand for RWE solutions. Furthermore, there is an increase in the prevalence of chronic diseases, such as cancer, obesity, and diabetes, across the globe. In line with this, the rising delays in drug development and the subsequent increase in development costs are bolstering the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global real-world evidence solutions market report, along with forecasts at the global, regional and country levels from 2024-2032. The report has categorized the market based on component, therapeutic area and end user.Breakup by Component:
- Clinical Settings Data
- Claims Data
- Patient-Powered Data
- Pharmacy Data
- Others
Breakup by Therapeutic Area:
- Oncology
- Immunology
- Neurology
- Cardiovascular Disease
- Others
Breakup by End User:
- Pharmaceutical and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc. and Syneos Health.Key Questions Answered in This Report
1. What was the size of the global real-world evidence solutions market in 2023?2. What is the expected growth rate of the global real-world evidence solutions market during 2024-2032?
3. What are the key factors driving the global real-world evidence solutions market?
4. What has been the impact of COVID-19 on the global real-world evidence solutions market?
5. What is the breakup of the global real-world evidence solutions market based on the component?
6. What is the breakup of the global real-world evidence solutions market based on the therapeutic area?
7. What is the breakup of the global real-world evidence solutions market based on the end user?
8. What are the key regions in the global real-world evidence solutions market?
9. Who are the key players/companies in the global real-world evidence solutions market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Real-World Evidence Solutions Market
6 Market Breakup by Component
7 Market Breakup by Therapeutic Area
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Aetion Inc.
- Clinigen Limited
- Flatiron Health Inc. (Roche Holding AG)
- ICON plc
- International Business Machines Corporation
- IQVIA
- Optum Inc. (UnitedHealth Group Incorporated)
- Oracle Corporation
- Parexel International Corporation
- PPD Inc. (Thermo Fisher Scientific Inc.)
- Sas Institute Inc.
- Syneos Health.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.8 Billion |
| Forecasted Market Value ( USD | $ 3.4 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
