Real World Evidence Solutions Global Market Report 2024

Real-world evidence pertains to the clinical evidence derived from the analysis of real-world data, shedding light on the usage and potential benefits or risks associated with a medical product.

Key components of real-world evidence solutions include services, data sets, clinical setting data, claims data, pharmacy data, and patient-powered data. Services encompass activities or tasks performed with a commercial purpose and find application in various therapeutic areas such as oncology, cardiovascular disease, neurology, immunology, and others. These solutions are employed in critical processes such as drug development and approval, medical device development and approval, reimbursement/coverage and regulatory decision-making, as well as post-market safety and adverse event monitoring. End-users of real-world evidence solutions include pharmaceutical and medical device companies, healthcare providers, healthcare payers, and other entities.

The real world evidence solutions market research report is one of a series of new reports that provides real world evidence solutions market statistics, including real world evidence solutions industry global market size, regional shares, competitors with a real world evidence solutions market share, detailed real world evidence solutions market segments, market trends and opportunities, and any further data you may need to thrive in the real world evidence solutions industry. This real-world evidence solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The real world evidence solutions market size has grown rapidly in recent years. It will grow from $1.75 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth observed in the historical period can be attributed to the expansion of the pharmaceutical and healthcare sectors, an increased demand for post-market surveillance and drug safety measures, the widespread adoption of electronic health records and data, utilization in clinical research and outcomes assessment, and the establishment of regulatory standards for real-world evidence (RWE).

The real world evidence solutions market size is expected to see rapid growth in the next few years. It will grow to $3.58 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The anticipated growth in the forecast period can be attributed to the development of customized Real-World Evidence (RWE) solutions tailored to specific therapeutic areas, the expansion of real-world data networks, innovation in the generation of real-world evidence, increased adoption of RWE in drug development and access, and collaborative efforts between the healthcare and technology sectors. Key trends expected in the forecast period encompass AI-driven predictive analytics in RWE, a focus on regulatory compliance in RWE data privacy and security, the provision of personalized RWE solutions for healthcare providers, an emphasis on transparency in data sharing and RWE findings, and the integration of RWE in drug pricing and reimbursement strategies.

The anticipated growth in the elderly population is set to drive the expansion of the real-world evidence solutions market. The term 'geriatric population' pertains to individuals aged 65 and above, who face an increased risk of falling due to various factors like postural hypotension, balance issues, or gait impairment. Aging contributes to a higher susceptibility to chronic diseases such as strokes, cardiovascular diseases, type 2 diabetes, arthritis, and cancer. For example, data from the World Trade Organization, released in October 2022, indicates that the population aged 60 and above increased from 1 billion to 1.4 billion between 2020 and 2021. The global elderly population is projected to double by 2050, reaching 2.1 billion, with the number of individuals aged 80 or above expected to triple, reaching 426 million. Consequently, the expanding geriatric population is a significant driver for the real-world evidence solutions market.

Government support is poised to play a crucial role in propelling the growth of the real-world evidence solutions market in the future. Increased government initiatives aimed at enhancing public awareness and understanding of real-world evidence solutions have a positive impact on the overall market expansion. Government backing creates a conducive environment for the adoption and growth of real-world evidence solutions in the healthcare industry. This support empowers healthcare providers and pharmaceutical companies to make more informed decisions concerning patient care and drug development. Notably, in February 2023, the UK government pledged increased investment with a specific focus on entities responsible for approving medical devices and ensuring compliance with new regulatory requirements. Additionally, the Romanian government, in June 2022, launched the National Agency for Health Infrastructure Development to bring more coherence to investments in health infrastructure. Thus, government support is expected to contribute significantly to the growth of the real-world evidence solutions market.

The emergence of real-world evidence has become a prominent trend in the real-world evidence market. Addressing the demand for additional information for achieving commercial success and informed decision-making, real-world evidence plays a key role. In October 2021, the Real-World Evidence Transparency Initiative introduced the Real-World Evidence Registry, addressing potential concerns with Real-World Evidence studies and fostering transparency in the analysis and reporting of Real-World Evidence in healthcare and health research.

Major companies in the real-world evidence solutions market are actively developing innovative products, such as the introduction of a new Real-World Evidence (RWE) Solutions service designed to optimize evidence-based medicine. Real-World Evidence Solutions services aim to generate and analyze clinical evidence on the usage, potential benefits, and risks of medical products using real-world data (RWD) derived from routine healthcare delivery. For instance, in October 2023, Maxis Clinical Sciences launched a new Real-World Evidence (RWE) Solutions service, combining various RWD sources, including patient-reported outcomes and data from wearable devices, to enhance patient participation and data quality.

In April 2021, Cerner Corporation entered the real-world evidence solutions market through the acquisition of Kantar Health for $375 million. This strategic move by Cerner Corporation, a prominent U.S.-based healthcare information technology solutions provider, aimed to leverage Kantar Health’s life sciences expertise to accelerate innovation using real-world data. Kantar Health, a U.S.-based provider of data, analytics, and research to the life sciences industry, played a pivotal role in Cerner's expansion into the real-world evidence solutions market.

Major companies operating in the real world evidence solutions market include Anthem Inc., Cegedim Health Data, Clarivate PLC, Clinigen Group, Cognizant Technology Solutions Corporation, Flatiron Health Inc., International Business Machines Corporation, ICON PLC, IQVIA Holdings Inc., Medpace Holdings Inc., Optum Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., PPD Inc., SAS Institute Inc., Syneos Health, Symphony Innovation LLC, UnitedHealth Group Incorporated, Amerisource Bergen Corporation, Cardinal Health, Deloitte Touche Tohmatsu Limited, Informa PLC, Palantir Technologies, UDG Healthcare PLC, Thermo Fisher Scientific Inc., Elevance Health Inc., Covance Consulting Ltd., Clinipace Worldwide, Evidera Inc., Pharmerit International, Analysis Group Inc., HealthCore Inc., Inovalon Holdings Inc., KMK Consulting Inc.

North America was the largest region in the real world evidence solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the real world evidence solutions market share during the forecast period. The regions covered in the real-world evidence solutions market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the real-world evidence solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The real-world evidence solutions market consists of sales of solutions that are used in randomized trials, large simple trials, pragmatic trials, and observational studies. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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