What is the global market size of Real World Evidence Solutions Market?

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).

Global Real World Evidence Solutions Market Size, Share, Growth Analysis, By Component(Service, data sets), By Application(Drug Development & Approvals, Medical Device Development & Approvals), By End user(Pharmaceutical & Medical Device Companies, Healthcare Payers) - Industry Forecast 2024-2031

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

Global 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.

Global Real World Evidence Solutions Market Report Snapshots

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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. '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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Global Real World Evidence Solutions Market Size, Share, Growth Analysis, By Component(Service, data sets), By Application(Drug Development & Approvals, Medical Device Development & Approvals), By End user(Pharmaceutical & Medical Device Companies, Healthcare Payers) - Industry Forecast 2024-2031

Global Real World Evidence Solutions Market Insights

Global Real World Evidence Solutions Market Report Snapshots

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