Market Research Report
Real-World Evidence Solutions Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||708592|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Real-World Evidence Solutions Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 112 Pages||
The real-world evidence solutions market will show rapid growth due to the shift from volume to value-based care, increasing aging population and prevalence of chronic diseases and delays in drug development and the subsequent increase in development costs.
Pharmaceutical companies take several years to introduce a new drug molecule to market, and they invest billions in research and development with a low probability of success. To shorten the drug development cycles, pharma research centers need a clear insight on treatment options that work in a wide population compared to few patient pools in clinical trials. The use of real-world evidence (RWE) insights is thus found increasing as pharma and biotech companies realize that RWE can be important in drug development and life-cycle management and also increase efficiency in innovation and cost of clinical trials.
The big pharmaceutical companies are found using a clinico-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are thus able to broaden their indication range and conduct a small number of clinical trials for the rare biomarker-defined population. Thus it indicates the growth of real-world evidence solutions market, during the forecast period.
In addition, the real-world data sets are widely adopted by end-users for RWE for various applications such as drug development & approvals, market access & reimbursement/coverage decisions, clinical decision-making, and medical device development & approvals, among others, that helps in the growth of the overall market.
As per the scope of the report, real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. The real-world evidence solutions market refers to services that enable healthcare payers, providers, and pharmaceutical companies to efficiently manage their operations and quicken the drug development and approval process. These real-world evidence solutions are transforming the entire process of drug development, the new opportunities, and the challenges that remain.
Oncology is Anticipated to be the Dominant Segment During the Forecast Period
Based on the therapeutic area, the oncology segment has been accounted for the largest share of the real-world evidence market. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide. There is also an increasing personalized medicine and a more precise requirement for oncology.
North America Region Holds the Largest Market Share of Real-world Evidence Solutions Market
North America has been accounted for the largest share of the real-world evidence market followed by Europe and the Asia Pacific. There has been a presence of a favorable regulatory environment, a high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, these factors are responsible for the major share of North America in the global real-world evidence market.
The US is expected to dominate the North America market, owing to a high demand in clinical research activities, which is one of the important factors augmenting the demand of real-world evidence solutions market in the North America region.
Product launches, partnerships, collaborations, agreements, and market expansions are the key strategies adopted by players to grow and expand their presence in the real-world evidence solutions market. Some of the key players in the market includes IQVIA, ICON, PAREXEL, Pharmaceutical Product Development and Clinigen Group among others.