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

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).

Who are the key vendors in the Global Real World Evidence Solutions Market?

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.'.

What is the key driver of Global Real World Evidence Solutions Market?

Reducing drug development costs and expediting the drug development process.

What is the key market trend for Global Real World Evidence Solutions Market?

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.

Which region accounted for the largest share in Global Real World Evidence Solutions Market?

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.

Real World Evidence Solutions Market Size

Real World Evidence Solutions Market Insights

Global Real World Evidence Solutions Market size was valued at USD 1.9 billion in 2023 and is poised to grow from USD 2.22 billion in 2024 to USD 7.69 billion by 2032, growing at a CAGR of 16.8% during the forecast period (2025-2032).

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.

FAQs

Real World Evidence Solutions Market size was valued at USD 1.8 Billion in 2023 and is poised to grow from USD 2.1 Billion in 2024 to USD 7.32 Billion by 2032, growing at a CAGR of 16.9% during the forecast period (2025-2032).

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. '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)'

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.

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.

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.