REPORT HIGHLIGHT
Real World Evidence Solutions Market size was valued at USD 2,408.1 Million in 2022, expanding at a CAGR of 8.4% from 2023 to 2030.
Methodologies and techniques for capturing data from real-world healthcare contexts, including patient registries, electronic health records, claims databases, and mobile health apps, are examples of real-world evidence solutions. These solutions seek information on the safety, efficiency, and relative efficacy of healthcare treatments across a variety of patient groups and naturalistic settings. Stakeholders in the healthcare ecosystem may acquire significant insights into treatment results, illness development, patient behaviors, and health finances by analyzing large-scale, real-world data. This evidence supplements standard clinical trial data, allowing for more informed decision-making, better patient outcomes, and the creation of evidence-based healthcare policies and treatments that take into account real-world complexity and patient experiences.
Real World Evidence Solutions Market- Market Dynamics:
- Growing demand for evidence-based decision-making in healthcare to propel market demand.
- Policymakers, authorities, medical professionals, and pharmaceutical corporations are all aware of the limits of relying simply on conventional clinical trial data, which may not completely represent a treatment's real-world effectiveness and long-term impacts. RWE enables the assessment of therapies in a variety of patient groups while taking into account real-world complexity and differences, resulting in better-informed and nuanced conclusions. Furthermore, the focus on value-based medical and cost-effectiveness drives demand for RWE since it gives critical information into the real-world consequences and economic results of healthcare treatments.
Real World Evidence Solutions Market- Key Insights:
- As per the analysis shared by our research analyst, the global Real World Evidence Solutions market is estimated to grow annually at a CAGR of around 8.4% over the forecast period (2023-2030)
- The Real World Evidence Solutions industry is projected to grow at a significant rate due to the growing demand for evidence-based decision-making in healthcare.
- Based on Component segmentation, Consulting and Analytic was predicted to show maximum market share in the year 2022
- Based on Therapeutic Areas segmentation, Neurology was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Real World Evidence Solutions Market- Segmentation Analysis:
- The Global Real World Evidence Solutions Market is segmented on the basis of Component, Therapeutic Areas, End-User, and Region.
- The market is divided into two categories based on Component: DataSets, Consulting and Analytic. The Consulting and Analytic sector dominates the market. The increased need for Real World Evidence (RWE) solutions has increased the demand for eConsulting and analytics solutions. These services assist stakeholders in successfully accessing, interpreting, and using real-world healthcare data. They allow evidence-based decision-making, improved patient outcomes, and the creation of novel healthcare initiatives by employing sophisticated analytics.
- The market is divided into five categories based on Therapeutic Areas: Oncology, Cardiovascular, Neurology, Immunology, Others. The Oncology dominates the market and is likely to maintain its dominance during the forecast period. The requirement to understand treatment results, safety, and efficacy in varied cancer patient groups has increased demand for Real World Evidence (RWE) solutions in oncology. Real-world insights supplement clinical trial data, enhancing oncology research, medication development, and personalized treatment methods, eventually improving cancer care.
Real World Evidence Solutions Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Several reasons have contributed to a large increase in demand for Real World Evidence (RWE) solutions in the Asia Pacific area. With such a varied and huge population, there is an urgent need to understand the real-world effect of treatment results and healthcare initiatives in this area. RWE empowers healthcare partners in the Asia Pacific to make educated choices, implement evidence-based policies, and successfully optimize healthcare resources. Furthermore, the growing use of digital health technology and electronic health records in many nations around the region has made data collecting for RWE research easier. As a consequence, RWE solutions are critical to expanding medical care and increasing patient results across Asia Pacific.
Real World Evidence Solutions Market- Competitive Landscape:
Because of the increased need for evidence-based decision-making in healthcare, the competitive environment for Real World Evidence (RWE) solutions has been quickly expanding. Several businesses and research organizations are joining this market to provide full RWE services. They provide sophisticated analytics, data integration, and knowledge of how to access and analyze real-world healthcare data. As the market grows, competition encourages innovation, which leads to the creation of more advanced RWE techniques and technology. Companies are attempting to distinguish themselves by offering customized solutions for certain therapeutic areas such as cancer or rare illnesses, as well as by collaborating with healthcare stakeholders to encourage the implementation of RWE in healthcare policy, medication development, and treatment optimization.
Recent Developments:
In June 2023, Verana Health, a digital health firm that improves the quality of real-world data (RWD), has launched VeraSite, a system for discovering possible clinical trial locations. The newly launched subscription-based service allows clinical trial sponsors and contractual research organizations (CROs) to swiftly locate practices with clinical knowledge and prospective patient demographics that are matched to specific study protocols. This data may be used to inform site selection, ensuring that sponsors and CROs pick venues that are more aligned with research objectives.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL REAL WORLD EVIDENCE SOLUTIONS MARKET KEY PLAYERS
- CLARIVATE PLC
- Clinigen Group plc
- Cognizant Technology Solutions Corporation
- Flatiron Health Inc.
- IBM Corporation
- ICON plc
- IQVIA Holdings Inc.
- Medpace Holdings Inc.
- Oracle Corporation
- PAREXEL International Corporation
- PerkinElmer Inc.
- PPD Inc.
- SAS Institute Inc.
- Symphony Innovation LLC
- SYNEOS HEALTH Inc.
GLOBAL REAL WORLD EVIDENCE SOLUTIONS MARKET, BY COMPONENT
- DataSets
- Consulting and Analytic
GLOBAL REAL WORLD EVIDENCE SOLUTIONS MARKET, BY THERAPEUTIC AREAS
- Oncology
- Cardiovascular
- Neurology
- Immunology
- Others
GLOBAL REAL WORLD EVIDENCE SOLUTIONS MARKET, BY END-USER
- Pharmaceutical and Medical Devices Companies
- Healthcare Providers
- Healthcare Payers
- Others
GLOBAL REAL WORLD EVIDENCE SOLUTIONS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA