USD 2.26 billion
Report ID: SQSG35G2031 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 95 | Figures: 76
Global Real World Evidence Analytics Market size was valued at USD 2.26 billion in 2021 and is poised to grow from USD 2.45 billion in 2022 to USD 4.97 billion by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).
For a variety of applications, including market access reimbursement/coverage decisions, drug development approvals, post-market surveillance, medical device development approvals, and clinical regulatory decision-making, the report examines various RWE analytics solutions provided by leading companies. Many different end users, including pharmaceutical, biotechnology, and medical device businesses, healthcare payers, and healthcare providers, employ these solutions. The key factors driving the expansion of the RWE analytics market are the rapidly expanding big data in healthcare, the transition from volume to value-based care, and an increasing emphasis on individualised healthcare.
The requirement for integrating the appropriate technology for the implementation of the RWE programme is increasing as a result of the continual development in data variety, volume, and speed as well as the requirement for rapid delivery of insights drawn from that data. The speed, flexibility, security, and scalability that cloud technologies offer have led many medical sciences organisations to adopt them. RWE analytics can gain from a variety of benefits from cloud technologies. These include security, which helps in securing patient-level data even in a de-identified state, and speed, which helps scale-up cloud-based analytics quickly, which helps as the data volume expands.
US Real World Evidence Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.26 billion
Post Market Surveillance
Market Access & Reimbursement
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Global Real World Evidence Analytics Market is segmented based on the end user, application, therapeutic area, and region. Based on the end users, the Global Real World Evidence Analytics Market is segmented into Pharmaceutical, Biotechnology, Medical Device Companies And Healthcare Payers, Healthcare Providers. Based on the application, the Real World Evidence Analytics Market has been segmented into the Market Access & Reimbursement, Drug Development & Approval, Post Market Surveillance, Medical Device Development. By Therapeutic Area, the Real World Evidence Analytics Market is segmented into Oncology, Cardiovascular, Neurology, Immunology, Others. Based on Region Real World Evidence Analytics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Real World Evidence Analytics Market Analysis by Application
The market access and Reimbursement/coverage decisions segment is dominated the market and account for the largest share of the RWE analytics market in 2021. The significant market share of this sector is mostly attributable to the rising need for RWD and RWE to hasten market access & reimbursement/coverage choices, the growing R&D spending by biopharmaceutical companies, and the regulatory bodies’ increased propensity for using RWE.
Real World Evidence Analytics Market Analysis by End User
The pharmaceutical, biotechnology, and medical device companies segment is dominated the market growth and account for the largest share of the RWE analytics market in 2021. The significant market share of this sector is mostly attributable to the expanding role that RWE analytics plays in drug development and approval, as well as to the growing demand to prevent expensive drug recalls and evaluate performance in real-world situations. Pharma companies have been using real-world evidence for decades to inform their decision making, respond to requests from external stakeholders, and improve their therapies’ market positioning.
Health care segment is fastest growing segment during the forecast period due to a strategy should be developed by healthcare corporations to deal with the disruption caused by payers and digital giants, the effects of which are already becoming apparent. A hint of increased interest from significant corporations outside the industry is Google's collaboration with one of the biggest US healthcare systems to gather and analyse data from millions of patients.
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North America dominated the market in 2021. Some of the key factors anticipated to propel the growth of this market include the rising prevalence of chronic diseases in the elderly population, a move toward value-based care, an increase in personalised healthcare, the availability of electronic datasets, a well-established healthcare industry, and the growth of big data in the healthcare sector.
Asia Pacific is fastest growing region during the forecast period. Owing to the rising government initiatives for the adoption of RWE studies and the presence of many contract research and manufacturing organizations in countries, such as China and India. Rising demand for better healthcare services is also estimated to fuel the market growth.
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Real World Evidence Analytics Market Driver
Rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of the market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market.
Real World Evidence Analytics Market Restraint
A significant obstacle in this industry is the lack of generally acknowledged standards or principles for the design, conduct, analysis, and reporting of RWE. RWE is frequently not regarded as being of high enough quality to be included in the body of evidence used to compare the effectiveness of various treatment choices as a result of this lack of unanimity. This diminishes the information's potential worth and lowers the incentive to produce it. Additionally, this discourages important stakeholders from implementing RWE.
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Global Real World Evidence Analytics Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Real World Evidence Analytics Market Top Player's Company Profiles
Real World Evidence Analytics Market Recent Developments
Real-world data (RWD) uses artificial intelligence (AI) to improve data standards, quality control, and anomaly identification at the pre-processing stage. Al is anticipated to give pharmaceutical and biotechnology organisations the capacity to boost meaningful RWE output, shorten time to insights, and make the most of the numerous data sources at their disposal. An unrivalled chance to benefit from these computing improvements is provided by RWE technology platforms that give smart data processing, analysis, and outcomes. Al innovations can improve drug research, patient care & access, and valuable promote new business prospects when implemented as a part of a holistic RWE strategy.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Real World Evidence Analytics Market analysis, among region North America is expected to capture higher market share, the growth of the region is attributed to rising prevalence of chronic diseases in the elderly population, a move toward value-based care. The US has emerged as a significant contributor to market growth in North America. In terms of end user, the pharmaceutical, biotechnology, and medical device companies segment dominates the global market. This segment's leading position can be attributed to expanding role that RWE analytics plays in drug development and approval, as well as to the growing demand to prevent expensive drug recalls and evaluate performance in real-world situations. In terms of application, the market access and Reimbursement/coverage decisions segment application led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 2.26 billion|
|Market size value in 2030||USD 2.45 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Real World Evidence Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Real World Evidence Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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