Market Research Report
Global Real World Evidence Solutions Market - Segmented by Component, Therapeutic Area, End-User (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies), and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708592|
|Published||Content info||107 Pages
Delivery time: 2-3 business days
|Global Real World Evidence Solutions Market - Segmented by Component, Therapeutic Area, End-User (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies), and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 107 Pages||
The Global Real World Evidence Solutions Market is expected to register a CAGR of nearly 14% during 2018-2023 (the forecast period). Real World Evidence Solutions Market refers to services that enable healthcare payers, providers and pharmaceutical companies to efficiently manage their operations, and pharma companies to fasten drug development and approval process.
For pharmaceutical companies to bring a new drug molecule to market, it takes several years with increasing drug development lifecycle. They invest billions of dollars in research and development with little probability of success. To shorten the drug development cycles pharma research centers need a clear insight into treatment options that work in a wide population compared to few patient pool in clinical trials. The use of Real-world evidence (RWE) insights is increasing because pharma and biotech companies believe that RWE can be important in drug development and life-cycle management and also increase efficiency in innovation and cost of clinical trials. Big pharmaceutical companies use a clinical-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are able to broaden their indication range and conduct a small number of clinical trials for rare biomarker-defined population, thus this is contributing for the growth of real world evidence solutions market. Other factors which are driving the Real World Evidence Solutions Market growth are the shift from volume to value-based care and increasing aging population and prevalence of chronic diseases.
Not all people have uniform access to real-world databases for research. There are also data security concerns for allowing access to data. Though the insights from RWE is valuable, the lack of any standardization of the analytical methods used for RWE generation restricts many players to rely on real-world studies. There are concerns about data collection, analyzing techniques and the reported data as the RWE output depends on prospective and retrospective studies. More often data collected via different sources are biased and when integrated to perform a quality analysis robust techniques are to be used to minimize the error in outcomes. The ethical use of real-world data is a challenge and many countries like Denmark are developing a national database for disclosing information. While in the UK and US the major concern is about the data privacy and accountability for giving access to information. There is no defined standard on how much data disclosure is sufficient and for what purposes, is necessary to ensure confidence in RWE. Regulatory Policies for data collection of real-world data vary across different countries that impacts the quality of data collected, thus restraining the growth of real world evidence solutions market.
In the United States, the 21st Century Cures Act passed in 2016 that establishes public-private partnerships in data collection to gain insights on diseases that help in targeted drug development and clinical trials design. The act ensures trusted exchange of electronic health information securely that promotes patient safety and ensures data integrity. Regulators like FDA use Real World Evidence data for monitoring post-market safety and make decisions such as approving a new indication for a previously approved drug. The FDA also wants to evaluate real-time evidence from individual EHR of at least 10 million individuals across all healthcare setting. In the United States with decreasing revenue margins due to value-based payments hospitals with a wide scale of operations are depending on real time evidence based analysis. Most real world data bases are in United States and Europe. All the above factors may propel the growth of Real World Evidence Solutions market in United States over the forecasted period.
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
List Not Exhaustive