USD 2.26 billion
Real-World Evidence Solutions Market Size, Share, Growth Analysis, By Component (Services, and Data Sets), By Application (Drug Development & Approvals, Medical Device Development & Approvals), By Revenue Model (Pay Per Use (Value-Based Pricing), and Subscription), By Deployment Mode (On-Premise, and Cloud-Based), By End User (Pharmaceutical & Medical Device Companies, Healthcare Payers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2180 |
Region:
Global |
Published Date: September, 2024
Pages:
242
|Tables:
90
|Figures:
76
Real World Evidence Solutions Market Insights
Global Real-World Evidence Solutions Market size was valued at USD 1.54 billion in 2022 and is poised to grow from USD 1.80 billion in 2023 to USD 6.26 billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031).
Real World Evidence (RWE) solutions have been majorly adopted for backing post-approval safety surveillance studies. Not to mention, global regulators of late have been incorporating RWE solutions in the early development of drugs and other phases of the drug lifecycle to test their efficiency. A huge number of countries make use of RWE solutions for pharmacovigilance activity and also for evaluating the efficiency of the drug after it has been marketed. Favorable government initiatives are projected to enhance the growth of the market. Not to mention, the industry coalition whose aim is to drive innovation as well as the expansion of the RWE application has been promoting market growth.
Advances in the field of real-world evidence have been increasingly driven by technological developments characterized by the use of Artificial Intelligence and Machine Learning algorithms, combined with Internet of Things. The latter enable real-time data collection & analysis, with the former facilitating the analysis of RWE data. By analyzing massive datasets obtained from RWE in a relatively short period, both AI and ML can support practitioners in novel insights. With the use of the new technologies, the researchers and healthcare professionals can detect patterns & trends within the gathered RWD, contributing to a more refined decision-making process in the clinical setting and the improved outcomes of both drug development and patient care.
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
Largest Segment
Post Market Surveillance
Fastest Growth
Market Access & Reimbursement
Growth Rate
8.2% CAGR
Global Real World Evidence Solutions Market ($ Bn)
Country Share for North America Region (%)
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Real World Evidence Solutions Market Segmental Analysis
Global Real-World Evidence Solutions Market is segmented on the basis of component, application, revenue model, end user, and region. By component, market is segmented into services, and data sets. By application, market is segmented into drug development & approvals, medical device development & approvals, post-market surveillance, market access & reimbursement/coverage decision-making, and clinical & regulatory decision-making. By revenue model, market is segmented into, pay per use (value-based pricing), and subscription. By deployment mode, market is segmented into on-premise, and cloud-based. By end user, market is segmented into pharmaceutical & medical device companies, healthcare payers, healthcare providers, and other end users. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Real World Evidence Solutions Market Analysis by Component
Based on component, the services segment had the largest share of revenue in 2013 for the market. Growth in the market is due to the high adoption of real-world services by pharmaceutical and biotechnology companies and healthcare providers. Furthermore, during the forecast period the segment is anticipated to exhibit the fastest CAGR. At present, IQVIA, Syneos Health, and ICON plc provide endwise real-world evidence solutions & late-phase services, and these services include such tasks as research planning, protocol preparation, clinical study management, and reporting. These factors are increasing the growth of service segment in the real-world evidence solutions market.
Data sets segment is expected to grow at a significant rate during the forecast period in the real-world evidence solutions market. Real-World Data is data collected outside the context of clinical trials. The frameworks to collect evidence include Electronic Medical Records, insurance claims, patient-report results, administration data, and biometric devices. Growth in the segment is mainly due to the increasing need for further understanding of real-world compliance, epidemiology, cost, and the increasing volume of medical data generated in hospital care, as well as the need for research based on results. These factors are cumulatively increasing the growth of the data sets segment in the real-world evidence solutions market.
Real World Evidence Solutions Market Analysis by End-Use
In 2023, the market was dominated by healthcare companies, and they had the largest revenue share. The factors contributing to the growth included the increasing importance of RWE studies in drug approvals, the need to avoid expensive drug recalls, and the growing need to assess the performance of drugs outside real-world settings. For example, in December 2023, PinC Al Applied Sciences, Premier. Inc.’s division, and Datavant announced that they had expanded their collaboration in February. The two organizations aimed to strengthen healthcare research, transform clinical trial operations, and promote trial diversity and equity. It will provide insights into the effectiveness and safety of health interventions in real-world settings both inside and outside the controlled environments of a clinical setting.
The healthcare payers’ segment is projected to expand at the highest CAGR during the forecast period. The growth of this segment can primarily be attributed to the increasing awareness among payers regarding the significance of medical device/drug safety and its adverse effects and favorable reimbursement scenario, especially in developed countries. EHR data is the most frequently cited data set used to derive these insights. RWE solutions help payers in reimbursement assessments. RWE also helps patients in budget management and assessing risk-benefit of interventions. The deployment of RWE in value evaluation frameworks for determining drug value can help payers make informed evidence-based reimbursement assessments.
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Real World Evidence Solutions Market Regional Insights
North America dominated the market in 2023. The rising demand for real world evidence solutions in North America is primarily supported by significant support from regulatory bodies for using RWE solutions. Further, the shift from volume to value-based care and an increase in R&D spending are anticipated to support market growth. The real-world evidence solutions market in the U.S. is majorly driven by the increasing number of payers using RWD, favorable regulatory environment, increasing number of players providing RWE services, and increasing number of biopharmaceutical companies that are adopting RWE solutions for the approval of their drugs.
The fastest growing in the real-world evidence solutions market is the Asia Pacific region over the period. The market growth is driven by 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. Furthermore, growing demand for improved healthcare services is estimated to boost market growth. Moreover, the contributions of major players in the region through partnerships or expanding their product portfolios have facilitated market growth. The growth of the market is anticipated to be propelled by the growing adoption of RWE solutions by the local pharma companies.
Global Real World Evidence Solutions Market By Geography
- Largest
- Fastest
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Real World Evidence Solutions Market Dynamics
Real World Evidence Solutions Market Driver
Adoption of AI
- AI will enable pharmaceutical and biotech companies to increase meaningful real-world evidence output, substantially reduce the time required to derive valuable insights, and leverage all available data sources. AI-driven analytics and automation help access vital insights contained in historical clinical trial data, as well as real-world data and real-world evidence, thereby expanding the end-to-end clinical trial capabilities.
Growing Use of Big Data in Healthcare Industry
- Advancements in data management and integration have facilitated the speed & quality of drug discovery and clinical trials as well as data use in pharma and biotech companies. Big Data improves real-world data by enhancing anomaly detection, standardization, and quality checking during pre-processing. The RWE platforms will benefit from the use of Big Data and advanced data processing and analysis techniques.
Restraints
Limited Skilled Professionals
- The main factor which inhibits positive dynamics in the market of real-world evidence solutions is the absence of professionals capable of working with new digital solutions. The gap between the available and required professional workforce in the industry that is engaged in clinical research is impeding the acquisition and utilization of complex, advanced, and hard digital solutions in the sphere of clinical trials.
Lack of Standardization
- One of the considerable threats to market growth is the lack of standardization regarding regulatory, legal, and ethical requirements. Specifically, with reference to analytics concerning real-world data and real-world evidence, the lack of standardization can result in the analysis of the inferior quality, lack of transparency in terms of techniques used, inability to incorporate data provided by different sources and poor reliability of results.
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Real World Evidence Solutions Market Competitive Landscape
The industry is characterized by high innovation levels. The increasing usage of the AI & ML and growing interest in digital health solutions and IT solutions drive the industry. To expand the current market position, the major corporations in the market are increasing their investments in research and development to finance the creation of strategically new products and the acquisition of timely technological advances. Moreover, governmental funding, technological advances, regulatory approvals, changing product portfolios and mergers and acquisitions have been just as vital. It is expected that the major players will leverage the momentum of new product launches during the forecast period, as well as further expand their operations to support their existing lead on the global market for Real World Evidence Solutions.
Real World Evidence Solutions Market Top Player's Company Profiles
- IQVIA Holdings Inc. (US)
- Merative (US)
- Optum, Inc. (US)
- ICON PLC (Ireland)
- Syneos Health, Inc. (US)
- Parexel International Corporation (US)
- Thermo Fisher Scientific Inc. (US)
- Fortrea Inc. (US)
- Oracle Corporation (US)
- Elevance Health, Inc. (US)
- SAS Institute Inc. (US)
- Aetion, Inc. (US)
- TriNetX LLC (US)
- Trinity (US)
- PerkinElmer Inc. (US)
- Cognizant Technology Solutions Corporation (US)
- Cegedim Health Data (France)
- Verantos (US)
- Medpace Holdings, Inc. (US)
- HealthVerity, Inc. (US)
- Datavant (US)
- Syapse, Inc. (US)
- Tempus (US)
- Flatiron Health (US)
- Quantzig (UK)
Real World Evidence Solutions Market Recent Developments
- December 2023, the U.S. FDA renewed the agreement on collaboration between Syapse, a healthcare company that specializes in real-world-data, and the Oncology Center of Excellence, which was to evaluate RWD study designs and methodologies.
- November 2022, Castor, a provider of a platform that delivers hybrid and decentralized clinical trials technologies, announced the adoption of a new offering that simplifies its post-market clinical trials.
- November 2022, the U.S. FDA granted a conduct on its real-world evidence program, which was to support the technology development to increase acceptance and quality of RWE-based approaches to new intended labeling claims.
Real World Evidence Solutions Key Market Trends
- Increasing Demand for End-to-End Services: An end-to-end approach to utilizing a life sciences company’s data, evidence, and knowledge assets allows making insight-driven decisions from the R&D phase up to commercialization. To seize the opportunities that come with RWD and RWE, various stakeholders provide end-to-end and late-phase services for their clients, including study planning, development of study protocols, study management and reporting, as well as a range of other services.
- High Growth Pockets in Emerging Markets: The RWE solutions market will have high growth during the forecast period, and there are many opportunities in the emerging markets such as India, China, and other Southeast Asian countries. The emerging markets have a significant amount of healthcare databases and patient repositories which are often untapped and underutilized. The RWE solutions provide data from these sources to deliver insights on the practical application of medical interventions and their outcomes.
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, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market is expected to propel during the forecast period as there will likely be support from regulatory bodies for the adoption of real-world evidence solutions, as well as an increase in R&D related spending. In addition, 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, the NIH Collaboratory and the FDA Sentinel Initiative all worked together to use the RWE data to better condition clinical trials. and monitoring of medicinal products.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.54 billion |
| Market size value in 2031 | USD 6.26 billion |
| Growth Rate | 16.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Real World Evidence Solutions Market Report Snapshots
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