Market Research Report
Real World Evidence (RWE) Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User - Global Forecast to 2024
|Published by||Meticulous Market Research Pvt. Ltd.||Product code||797391|
|Published||Content info||166 Pages
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|Real World Evidence (RWE) Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User - Global Forecast to 2024|
|Published: February 1, 2019||Content info: 166 Pages||
Real World Evidence (RWE) Solutions Market
by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User (Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to 2024.
Traditional data collection is not sufficient for the success of drug or product development. With Randomized Controlled Trial (RCT), the results are obtained in a highly controlled environment, over a small set of patient population, over a short period of time, across a handful of highly dispersed clinical trial centers. Citing the potential of real-world data, the life science companies are focusing on evaluation of cost-efficiency of drugs in a real-world environment and measuring its impact on improving the quality of healthcare. Companies are recognizing that RCTs need to be supplemented or followed up with the comparatively new standard, called Real-World Evidence (RWE).
To meet the growing need of healthcare industry for more information on the real-life utilization of medicines and drug/device safety, there is a growing demand for real-world evidence which is dependent on patient data recorded by practitioners and administrators during routine course of care. These data are collected from various sources and are utilized for decision making, drug/device development, post-market monitoring, reducing costs, and improving care coordination.
Data sets dominates the RWE market owing to increasing need for additional insights on epidemiology, compliance, adherence and costs in a realistic environment; growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information by the payers, regulatory bodies and providers regarding drug safety. However, RWE services are expected to witness fastest CAGR during the forecast period.
Drug development and approvals commanded the largest share 2018 owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE. However, adoption of RWE for market access and reimbursement/coverage decisions is expected to witness fastest growth.
Pharmaceutical, biotech and medical device companies are the major end users of real-world evidence solutions market. This segment is also expected to register fastest CAGR primarily attributed to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, increasing need to assess drug performance in real-world settings, and growing emphasis on drug safety and post-market surveillance.
North America commanded the largest share of the global real-world evidence solutions market in 2018, followed by Europe and Asia-Pacific. The largest share and fastest growth of this region is mainly attributed to significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, presence of major RWE players in the region, stringent regulations for drug approvals, and supporting government policies (implementation of 21st Century Cures Act (December 2016) and FDA's new 2019 strategic Framework for RWE (December 2018) in the U.S).
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2019). The key players profiled in the real-world evidence solutions market research report include Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum,Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC., SAS Institute Inc., and Syneos Health.