USD 2.26 billion
Report ID: SQMIG35I2180 | Region: Global | Published Date: November, 2022 | Pages: 242 | Tables: 90 | Figures: 76
Global Real World Evidence Solutions 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).
The adoption of real world evidence (RWE) solutions will likely receive regulatory body support, and spending on R&D will likely rise. Additionally, it activated business continuity plans, turning on remote technology and analytics distribution, remote monitoring, virtual trials for R&D solutions, and whenever practical, virtual client interactions. The National Patient-Centered Clinical Research Network (PCORnet), the NIH Collaboratory, and the FDA’s Sentinel Initiative have all worked together to use the RWE data to increase the effectiveness of clinical trials and medication safety monitoring.
The Pandemic’s unpredictability has drastically changed when and how patients decide to seek medical attention. Additionally, changes in healthcare delivery and treatment during the pandemic have changed how some outcomes in data and the treated population were discovered and reported. This suggests that when RWE and Real World Data (RWD) do not overlap with the framework of the COVID-19 pandemic and long-term COVID-19 therapeutic, illness, and lifestyle changes, disease trends may result in erroneous interpretations.
US Real World Evidence Solutions 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 Solutions Market is segmented based on the Component, application, end-user, and region. Based on the component, the Real World Evidence Solutions Market is segmented into Services, Data Sets. Based on the application, the Real World Evidence Solutions Market has been segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making, Post Market Safety & Adverse Events Monitoring. Based on the end users, the Real World Evidence Solutions Market has been segmented into Pharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers. Based on Region Real World Evidence Solutions Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Real World Evidence Solutions Market Analysis by Component
The services segment is dominated the market growth and accounted for the maximum revenue share of over 55.2% in 2021. And also anticipated to register the fastest CAGR during the forecast period. The market’s expansion is attributable to the healthcare industry’s and pharmaceutical industry’s extensive use of real-world services. Endwise real world evidence solutions and late-phase services, including as research design, protocol development, clinical study management, and reporting, are currently provided by IQVIA, Syneos Health, and ICON plc. Real world evidence solutions vendors may see chances to enhance their investments across the drug development cycle as a result of the growing demand for comprehensive evidence services throughout the product lifetime.
Clinical settings data, claims data, pharmaceutical data, and patient-powered data are all included in the data sets segment. The category is predicted to rise as a result of the increase in data volume produced in healthcare facilities and increased interest in further epidemiological insights.
Real World Evidence Solutions Market Analysis by End User
The pharmaceutical and medical device companies segment is dominated the market growth and accounted for the largest revenue share of over 30.5% in 2021. The market expansion is attributable to the growing significance of RWE studies in the evaluation of drug performance in real-world situations, the prevention of drug recalls, and the drug approval process. RWE can help and advance a number of activities, including determining which patient cohort will benefit from an intervention the most, guiding regulatory clearances, completing the data from randomised controlled trials, assisting with reimbursement efforts, and boosting usage indications.
The healthcare payers segment is fastest growing segment during the forecast period. As payers are becoming more aware of the value of medical device/drug safety, as well as the negative effects of both, and the advantageous reimbursement environment, particularly in industrialised nations.
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North America dominated the market and accounted for the largest revenue share of over 40.2% in 2021. The presence of important players in the U.S. is credited with the region’s large share. Growing RWE service providers and supportive local government policies are also anticipated to support industry expansion. Additionally, the switch from volume to value-based treatment is anticipated to boost industry expansion. In addition, the ageing population and the subsequent rise in chronic disease prevalence are major drivers of this market’s expansion. The market is expected to grow as a result of favourable government laws and the rising number of RWE service providers in North America.
Asia Pacific is fastest growing region and expected to expand at the fastest CAGR during the forecast period. Because of the growing government initiatives to embrace RWE studies and the prevalence of numerous contract research and manufacturing businesses in nations like China and India. Additionally predicted to propel market growth is rising consumer desire for better healthcare services.
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Real World Evidence Solutions Market Driver
The median cost of releasing a new drug onto the market was reported in a study by the Tufts Center for the Study of Drug Development (CSDD), which was significantly less expensive than earlier research. According to the study’s findings, a further USD 312 million is spent on post-approval development for a lifecycle, which includes tests of new indications, formulations, and dosage strengths. Companies have the chance to use RWE earlier in the product lifecycle to help expedite development and reduce costs as the amount of RWD rises and its accessibility increases.
Real World Evidence Solutions Market Restraint
Even though the use of RWE is growing quickly, some stakeholders are still hesitant to rely on them. For instance, although payers have begun employing RWE, they prefer to use internal observational data from randomised clinical trials (RCTs) to influence drug coverage choices. This is mostly due to the existence of numerous standards and techniques for conducting analyses using data from actual clinical experiences.
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Global Real World Evidence Solutions 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 Solutions Market Top Player's Company Profiles
Real World Evidence Solutions Market Recent Developments
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 Solutions Market analysis, among region North America is expected to capture higher market share, the growth of the region is attributed to Growing RWE service providers and supportive local government policies are also anticipated to support industry expansion. The US and Canada have emerged as a significant contributor to market growth in North America. In terms of components, the service segment dominates the Real World Evidence Solutions market. This segment's leading position can be attributed to the healthcare industry’s and pharmaceutical industry’s extensive use of real-world services. In terms of end users, the pharmaceutical and medical device companies 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
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MARKET DYNAMICS & OUTLOOK
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For the Global Real World Evidence Solutions 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 Solutions 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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