CHICAGO, Feb. 16, 2024 /PRNewswire/ -- Real World Evidence Solutions Market in terms of revenue was estimated to be worth $2.0 billion in 2024 and is poised to reach $4.5 billion by 2029, growing at a CAGR of 16.5% from 2024 to 2029 according to a new report by MarketsandMarkets. The growth in the Real-World Evidence Solution market is driven by the increased shift towards a value-based and upsurging aging population. Additionally, the increase in the prevalence of chronic diseases, and rising innovation in pharmaceutical and medical devices are propelling the adoption of RWE solutions and driving the market growth. Moreover, several companies are prioritizing the use of RWE solutions to help them to reduce their drug development delays. Thus, the increase in availability of healthcare data, coupled with growing need to provide high-quality care to patients, will progressively compel healthcare organizations to depend on these innovative methodologies and technologies leading to boost the market growth for the real-world evidence-based solution market during the forecast period.
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Real World Evidence Solutions Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $2.0 billion |
Estimated Value by 2029 | $4.5 billion |
Growth Rate | Poised to grow at a CAGR of 16.5% |
Market Size Available for | 2022-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Components, Application, Mode of Deployment, Revenue Model and End user |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing Opportunities in emerging markets |
Key Market Drivers | Shift from volume to value-based care |
Services accounted for the larger share of the Real-World Evidence Solution market in 2023.
On the basis component, the Real-World Evidence Solution market is segmented into services and data sets. The services accounted for the larger share of this segment in 2023. The service segment comprises of advanced analytics services and consulting services. Advanced analytical services play a crucial role in swiftly accessing, examining, and providing essential insights required by various stakeholders. The provision of cutting-edge analytical tools and technologies has allowed these services to harness the power of big data, enabling more accurate and insightful analysis of real-world patient data. This advanced analytics capability is crucial in extracting meaningful patterns and insights from diverse and vast datasets, providing a competitive edge in understanding real-world patient outcomes, treatment effectiveness, and safety profiles. Moreover, the inclusion of consulting services has allowed services segment to offer comprehensive solutions to its clients by providing expert guidance and strategic insights, the company can assist healthcare organizations in navigating the complex landscape of real-world evidence. Additionally, the growing need to transform healthcare data into actionable evidence, coupled with the aim to minimize delays in drug development and the abundance of extensive healthcare data, stands out as significant drivers propelling the expansion of this market segment.
By application, the drug development and approvals segment accounted for the largest market share in 2023.
Based on application, the Real-World Evidence Solution market is segmented into drug development and approvals, medical device development and approvals, post market surveillance, market access and reimbursement/coverage decision making, and Clinical & regulatory decision making. The drug development and approvals is bifurcated into oncology, cardiovascular disorders, neurology, immunology, and other therapeutic areas. The oncology subsegment holds the largest share of this segment in 2023. This is attributed to the increasing number of cancer cases worldwide. Due to increasing number of cancer cases several pharmaceutical companies are investing in innovative medicines for treatment of cancer. Fr instance, according to IQVIA Holdings Inc., global oncology trends article 2022, over the past decade, there has been a substantial increase in the development of products in the field of oncology, and currently, there are over 2,000 products in the pipeline.
Pharmaceutical and medical device companies are the largest end users of the Real-World Evidence Solution market
Based on end users, the Real-World Evidence Solution market is segmented into pharmaceutical and medical devices companies, healthcare payers, healthcare providers, and other end-users which includes CROs, academic institutions, patient advocacy groups, and HTA agencies. The pharmaceutical and medical device companies hold the largest share among the end-users in 2023 as these companies need data that is medically approved. As the utilization of Real-World Evidence (RWE) data plays a crucial role in facilitating the successful progression of innovative medicines through the various phases of clinical trials. Furthermore, the increasing prevalence of RWE studies employed in the drug approval process serves as a preventive measure against expensive drug recalls. These studies offer valuable analyses of how drugs perform in real-world settings, enhancing the understanding of the effectiveness and safety beyond the controlled environments of clinical trials.
North America dominates the global Real-World Evidence Solution market.
The Real-World Evidence Solution market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, North America accounted for the largest share of the Real-World Evidence Solution market. This region's dominance is due to the favorable regulatory environment and increasing adoption of EHR. Additionally, the increase in number of payers using RWE solution services is driving regional growth of the RWE evidence solution market. Moreover, the presence of key market players such as IQVIA Holdings Inc., (US), Optum (US), Oracle (US), and among others are a key factor contributing to the growth of the region.
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Real World Evidence Solutions Market Dynamics:
Drivers:
- Shift from volume to value-based care
Opportunities:
- Growing Opportunities in emerging markets
Challenge:
- Shortage of skilled professionals
Key Market Players of Real World Evidence Solutions Industry:
Prominent players in the Real-World Evidence Solution market include Iqvia Holdings Inc. (US), Merative(US), Optum Inc. (US), Icon Plc. (Ireland), Syneos Health (US), Parexel International Corporation (US), Thermo Fisher Scientific Inc. (US), Laboratory Corporation of America Holdings (US), Oracle (US), Medspace Holdings Inc. (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), Clinigen Group plc (UK), Cegedim Health Data (France), Verantos (US), HealthVerity, Inc. (US), Datavant (US), Syapse, Inc. (US), Tempus (US), and Flatiron Health (US).
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
- By Designation: C-level (35%), Director-level (45%), and Others (20%)
- By Region: North America (55%), Europe (20%), Asia Pacific (15%), Latin America (5%) and Middle East Africa (5%)
Recent Developments of Real World Evidence Solutions Industry:
- In August 2023, Parexel (US) announced a strategic collaboration with Partex NV (Germany) to leverage artificial intelligence powered solutions and accelerate drug discovery and development for biopharmaceutical customers worldwide. This collaboration aims to improve outcomes for patients and create an environment of continues innovation in leveraging advanced technology, data-driven insights and collaborative ecosystem.
- In June 2022, Franscisco Partners (US) acquired IBM Watson Health Business (US) and formed a new standalone company named Merative. This acquisition will help Merative in expanding reach of the healthcare data analytics products and improving healthcare delivery, decision making and performance.
- In February 2022, Parexel International Corporation (US) partnered with n-Lorem Foundation (US) to improve and streamline the therapeutic development efforts of n- Lorem. This partnership will help the Parexel International Corporation in providing clinical operations, real-world data solutions, and expertise, including medical and regulatory.
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Real World Evidence Solutions Market - Key Benefits of Buying the Report:
- Analysis of key drivers ( Increasing geriatric population and rise in incidences of chronic diseases, upsurging shift from volume to value-based care, and the increase in number of pharmaceutical and biopharmaceutical companies adapting the RWE), challenges (scarcity of skilled personnel, and the lack of universally accepted methodology principles and data processing infrastructure), opportunities (the rise in focus on end-to-end RWE services, and increase in emerging markets) contributing the growth of the Real-World Evidence Solution market.
- Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the Real-World Evidence Solution market.
- Market Development: Comprehensive information on the lucrative emerging markets, components, application, end-user, and region.
- Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, investments in the Real-World Evidence Solution market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global real-world evidence solution Market.
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