Real World Evidence Solutions Market Size, Share, Growth Analysis, By Component(Service, data sets), By Application(Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making, Post Market Safety & Adverse Events Monitoring), By End user(Pharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35I2180 | Region: Global | Published Date: April, 2024
Pages: 242 |Tables: 90 |Figures: 76

Real World Evidence Solutions Market Insights

Global Real World Evidence Solutions 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).

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.

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 Solutions Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Real World Evidence Solutions Market Segmental Analysis

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.

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

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Real World Evidence Solutions Market Regional Insights

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.

Global Real World Evidence Solutions Market By Geography, 2021-2028
  • Largest
  • Fastest

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Real World Evidence Solutions Market Dynamics

Real World Evidence Solutions Market Driver

  • Reducing drug development costs and expediting the drug development process

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

  • Reluctance to rely on real-world studies

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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Real World Evidence Solutions Market Competitive Landscape

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

  • IQVIA Inc.
  • Optum, Inc.
  • IBM Corporation
  • Syneos Health, Inc.
  • PPD, Inc.
  • Cognizant Technology Solutions Corporation
  • Oracle Corporation
  • Anthem, Inc.
  • Clinigen Group PLC
  • Change Healthcare Inc.
  • Pharmaceutical Product Development, LLC (PPD)
  • Evidera, Inc.
  • HealthVerity, Inc.
  • ICON plc
  • Medidata Solutions, Inc.
  • Flatiron Health, Inc.
  • Pharmerit International LP
  • COTA, Inc.
  • Aetion, Inc.
  • OM1, Inc.

Real World Evidence Solutions Market Recent Developments

  • In October 2022, Cegedim acquired Clinityx, a French medical data expert, strengthening its position in Real-World-Data.
  • In September 2022, Verantos, the global leader in high-validity real-world evidence (RWE), announced the launch of the Verantos Evidence Platform.

Real World Evidence Solutions Key Market Trends

  • The increasing focused on end to end real world services are increased demand. This has opened the door for an end-to-end strategy that makes the most of a life sciences organization’s data, evidence, and knowledge assets while dissolving conventional silos and enabling insight-driven decision-making from R&D to the product commercialization stage. This entails putting in place a sound governance structure, utilising tools like cloud and self-service analytics, and enabling the capacity to combine data sets and identify the right resources for the required analyses.

Real World Evidence Solutions 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 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.

Report Metric Details
Market size value in 2019 USD 2.26 billion
Market size value in 2031 USD 4.97 billion
Growth Rate 8.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Service, data sets
  • Application
    • Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making, Post Market Safety & Adverse Events Monitoring
  • End user
    • Pharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers.
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
  • Syneos Health, Inc.
  • PPD, Inc.
  • Cognizant Technology Solutions Corporation
  • Oracle Corporation
  • Anthem, Inc.
  • Clinigen Group PLC
  • Change Healthcare Inc.
  • Pharmaceutical Product Development, LLC (PPD)
  • Evidera, Inc.
  • HealthVerity, Inc.
  • ICON plc
  • Medidata Solutions, Inc.
  • Flatiron Health, Inc.
  • Pharmerit International LP
  • COTA, Inc.
  • Aetion, Inc.
  • OM1, Inc.
Customization scope

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  • Market dynamics & outlook
  • Region

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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 Solutions 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 Solutions 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 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 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.

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 Solutions 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 Solutions 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

Global Real World Evidence Solutions 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).

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. 'IQVIA Inc.', 'Optum, Inc.', 'IBM Corporation', 'Syneos Health, Inc.', 'PPD, Inc.', 'Cognizant Technology Solutions Corporation', 'Oracle Corporation', 'Anthem, Inc.', 'Clinigen Group PLC', 'Change Healthcare Inc.', 'Pharmaceutical Product Development, LLC (PPD)', 'Evidera, Inc.', 'HealthVerity, Inc.', 'ICON plc', 'Medidata Solutions, Inc.', 'Flatiron Health, Inc.', 'Pharmerit International LP', 'COTA, Inc.', 'Aetion, Inc.', 'OM1, Inc.'

Reducing drug development costs and expediting the drug development process

The increasing focused on end to end real world services are increased demand. This has opened the door for an end-to-end strategy that makes the most of a life sciences organization’s data, evidence, and knowledge assets while dissolving conventional silos and enabling insight-driven decision-making from R&D to the product commercialization stage. This entails putting in place a sound governance structure, utilising tools like cloud and self-service analytics, and enabling the capacity to combine data sets and identify the right resources for the required analyses.

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.

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