Global Real World Evidence Analytics Market

Real World Evidence Analytics Market Size, Share, Growth Analysis, By End user(Pharmaceutical, Biotechnology, Medical Device Companies, Healthcare Payers), By Application(Market Access & Reimbursement, Drug Development & Approval, Post Market Surveillance, Medical Device Development), By Therapeutic Area(Oncology, Cardiovascular, Neurology, Immunology), By Region - Industry Forecast 2024-2031


Report ID: SQSG35G2031 | Region: Global | Published Date: April, 2024
Pages: 157 |Tables: 95 |Figures: 76

Real World Evidence Analytics Market Insights

Global Real World Evidence Analytics Market size was valued at USD 2.26 billion in 2019 and is poised to grow from USD 2.45 billion in 2023 to USD 4.97 billion by 2031, growing at a CAGR of 8.2% in the forecast period (2024-2031).

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.

Market Snapshot - 2024-2031

Global Market Size

USD 2.26 billion

Largest Segment

Post Market Surveillance

Fastest Growth

Market Access & Reimbursement

Growth Rate

8.2% CAGR

Global Real World Evidence Analytics Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Real World Evidence Analytics Market Segmental Analysis

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.

Global Real World Evidence Analytics Market By Application, 2021 (%), 2023 (%)

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Real World Evidence Analytics Market Regional Insights

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.

Global Real World Evidence Analytics Market By Geography, 2021-2028, 2024-2031
  • Largest
  • Fastest

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Real World Evidence Analytics Market Dynamics

Real World Evidence Analytics Market Driver

  • Rising Geriatric Population to Drive Market Growth

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

  • Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure

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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Real World Evidence Analytics Market Competitive Landscape

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

  • IQVIA Inc.
  • Optum, Inc.
  • IBM Corporation
  • Parexel International Corporation
  • Cognizant Technology Solutions Corporation
  • Oracle Corporation
  • Clinigen Group PLC
  • SAS Institute Inc.
  • PPD, Inc.
  • Syneos Health, Inc.
  • Anthem, Inc.
  • Change Healthcare Inc.
  • Pharmaceutical Product Development, LLC (PPD)
  • Evidera, Inc.
  • ICON plc
  • Flatiron Health, Inc.
  • HealthVerity, Inc.
  • PAREXEL International Corporation
  • Phesi Inc.
  • Aetion, Inc.

Real World Evidence Analytics Market Recent Developments

  • In October 2022, Nextdoor announced a strategic collaboration with Oracle Advertising that will offer greater transparency and controls to Nextdoor advertisers, helping ensure high-value, optimal ad experiences on the platform.
  • In September 2022, Walmart and UnitedHealth Group Collaborate To Deliver Access to High-Quality, Affordable Health Care.
  • In December 2021, A proposed all-cash acquisition of Clinigen, which values the pharmaceutical company at £1.2bn, has been recommended to shareholders.

Real World Evidence Analytics Key Market Trends

  • Introduction of AI to Surge Market Growth

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.

Real World Evidence Analytics Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2023 USD 2.26 billion
Market size value in 2031 USD 4.97 billion
Growth Rate 8.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • End user
    • Pharmaceutical, Biotechnology, Medical Device Companies, Healthcare Payers, Healthcare Providers
  • Application
    • Market Access & Reimbursement, Drug Development & Approval, Post Market Surveillance, Medical Device Development
  • Therapeutic Area
    • Oncology, Cardiovascular, Neurology, Immunology, Others
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)
Companies covered
  • IQVIA Inc.
  • Optum, Inc.
  • IBM Corporation
  • Parexel International Corporation
  • Cognizant Technology Solutions Corporation
  • Oracle Corporation
  • Clinigen Group PLC
  • SAS Institute Inc.
  • PPD, Inc.
  • Syneos Health, Inc.
  • Anthem, Inc.
  • Change Healthcare Inc.
  • Pharmaceutical Product Development, LLC (PPD)
  • Evidera, Inc.
  • ICON plc
  • Flatiron Health, Inc.
  • HealthVerity, Inc.
  • PAREXEL International Corporation
  • Phesi Inc.
  • Aetion, Inc.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Real World Evidence Analytics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Real World Evidence Analytics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Real World Evidence Analytics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Real World Evidence Analytics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Real World Evidence Analytics Market size was valued at USD 2.26 billion in 2019 and is poised to grow from USD 2.45 billion in 2023 to USD 4.97 billion by 2031, growing at a CAGR of 8.2% in the forecast period (2024-2031).

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. 'IQVIA Inc.', 'Optum, Inc.', 'IBM Corporation', 'Parexel International Corporation', 'Cognizant Technology Solutions Corporation', 'Oracle Corporation', 'Clinigen Group PLC', 'SAS Institute Inc.', 'PPD, Inc.', 'Syneos Health, Inc.', 'Anthem, Inc.', 'Change Healthcare Inc.', 'Pharmaceutical Product Development, LLC (PPD)', 'Evidera, Inc.', 'ICON plc', 'Flatiron Health, Inc.', 'HealthVerity, Inc.', 'PAREXEL International Corporation', 'Phesi Inc.', 'Aetion, Inc.'

Rising Geriatric Population to Drive Market Growth

Introduction of AI to Surge Market Growth

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.

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Global Real World Evidence Analytics Market

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