Real World Evidence (RWE) Solutions Market is segmented by Component [Datasets, EMR, Services], Application [Drug Development and Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User and Geography.
The US Food and Drug Administration defines Real-word evidence as that evidence clinically gathered to support the analysis derived from research and development regarding the utilization and potential gains or hazard of a medical product. The growth of Real-World Evidence market is owing to such factors like, the increasing number of geriatric population, high number of cases suffering from chronic diseases, value-based care preference, concentration in personalized healthcare, deceleration in terms of drug development so there’s an anticipation that developmental costs are higher than usual, and hasten the application of RWE for regulatory decision making. Additionally, there are also opportunities for key players that led to the increase in growth. These are, increased concentration on end-to-end RWE services, emerging markets, wearable devices, social media and AI developing roles.
The Real-World Evidence (RWE) Solutions Market is expected to reach a market value of USD 3.30 billion by 2031 at a CAGR of 16.5% during the forecast period of 2022-2031.
The rise of COVID-19 cases can be one of the negative factors that can hinder the growth of Real-World Evidence Solutions market since hospitals, medical clinics and research institutes have a surge when it comes to the volume of COVID-19 cases. Hospitals and clinics prioritized COVID-19 cases and is limited when it comes to physical interaction because controlling the spread of virus is of top priority. Another restraint is the disrupt in the supply chain with respect to manufacturing and distribution of Real-World Evidence Solutions equipment. The strict protocols and lock downs imposed by the governments globally, caused the decline of scheduled experiments and facility operations because most of it have already been postponed. The pandemic is a real challenge most especially in the healthcare sector because the resources and man power are limited taking into consideration that medical staffs are vulnerable to being infected.
But on a positive note, the Real-World Evidence Solutions can provide instructive data and reliable source of information by gathering real-world data from patients through their claims or electronic medical records. This is to further understand, monitor and equip people with better solutions for the challenges that the pandemic has caused. Utilizing Real-world data enables FDA to better understand COVID-19 risk factors and thereafter construct public health welfare policies to control the widespread of the virus.
Key Findings of the Real-world Evidence Solutions Market
In terms of component, the datasets segment leads the RWE solutions market due to growth factors such as, the increasing attendance for additional information on epidemiology, cooperation, support, and costs in realistic environment as well as the volume of medical data garnered from hospitals and medical facilities, real-world data dependence on outcome-based studies, increasing demand by payers of information, regulatory bodies, and drug safety providers.
In terms of application, the market access & reimbursement/coverage decisions segment is projected to grow at the highest CAGR. This growth is mainly attributed to the increasing concentration on clinical value evidence. In terms of end user, pharmaceutical, biotech & medical device companies segment accounts for the largest share in the market in 2020.
Regional Market Analysis
In term of region, the North America segment is projected to have the largest share accounted for in the market in 2020 and is also anticipated to grow at the fastest CAGR in 2022-2031. This growth is mainly attributed to factors such as, the accessibility of real-world datasets, value-based care concentration, expenditures on research and development is rising funded by biopharma companies with specialization on early drug/device development and approvals, as well as emergence of major RWE key players in North America.
Based on an extensive assessment, these major key players in the Real-World Evidence Solutions Market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (a subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc. (U.S.), and Syneos Health, Inc. (U.S.).
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Industry Segmentation and Revenue Breakdown
Component Analysis (Revenue, USD Million, 2022 - 2031)
• Disparate Datasets
• EMR/EHR/Clinical data
• Claims & billing Data
• Pharmacy Data
• Product/Disease Registries Data
• Other Disparate Datasets
• Integrated Datasets
(Other disparate datasets comprise data gathered from other sources that can inform health statuses, such as mobile devices, wearable devices, and social media.)
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Drug Development & Approvals
• Cardiovascular Disease
• Others Therapeutic Areas
(Other therapeutic areas comprise infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.)
• Medical Device Development & Approvals
• Market Access & Reimbursement/Coverage Decisions
• Clinical Decision-making
• Other Applications
(Other applications comprise regulatory decision-making, post-approval monitoring, and post-market device surveillance. )
End User Analysis (Revenue, USD Million, 2022 - 2031)
• Pharmaceutical, Biotechnology & Medical Device Companies
• Healthcare Payers
• Healthcare Providers
• Other End Users
(Other end-users comprise academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.)
Region Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Real-World Evidence Solutions Industry Research Report
• Europe Real-World Evidence Solutions Industry Research Report
• Asia Pacific Real-World Evidence Solutions Industry Research Report
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