Real World Evidence Solutions Market: Current Analysis and Forecast (2022-2028)

The real world evidence solutions market is expected to register a CAGR of approx. 13% over the period of 2022-2028. Real-world Evidence (RWE) is clinical evidence gathered through Real-world data (RWD) analysis on the use and potential benefits or risks of a medical product. Randomized trials, large simple trials, pragmatic trials, and observational studies are just a few of the study types or analyses that can result in RWE (prospective or retrospective). In addition to reducing clinical trial costs and lengthening development timelines, RWE also increases the likelihood that technical and regulatory success will be achieved. The growing demand for real world evidence solutions can be attributed to government support for the infrastructure development of medical facilities and the general welfare of the healthcare system, thus, rising the adoption of inorganic growth strategies among key industry players across the globe. For instance, In March 2022, the collaboration between Thermo Fisher and Symphogen has been expanded to include improved data workflow, which aids in the discovery and development of innovative cancer treatments. Owing to the glaring statistics due to the rising government support contribute to the growth of the market in the forthcoming period as well. Furthermore, the real world evidence solutions market is anticipated to grow on account of the shift from volume to value-based care. In addition, increasing adoption of big data in the medical sector is a prominent factor that drives the market growth. However, some of the restraints in the market including the company accelerated and expanded a variety of cost containment actions for reducing the impact on profitability are impeding the growth of this market all over the world.

IQVIA, IBM, PPD Inc., Parexel Internation Corporation, PerkinElmer Inc., Icon Plc, Syneos Health Inc, Cegedim Health Data, Medpace Holdings Inc, Oracle Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst component, the services category accounted for the significant share in the market in 2020"

Based on the component, the real world evidence solutions market is segmented into services and data sets. The services segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe i.e., 2022-2028 due to the high adoption of real world services by pharmaceutical and biotechnology companies and healthcare providers. Because of the increased demand for comprehensive evidence services throughout the product lifecycle, real-world evidence solution vendors are likely to increase their investments throughout the drug development cycle.

"Amongst application, the pharmaceutical & medical device companies' category is expected to witness considerable CAGR during the forecast period"

Based on the application, the market is fragmented into pharmaceutical & medical device companies, healthcare payers, healthcare providers, and others. The pharmaceutical & medical device companies segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due to the rising importance of RWE studies in the drug approval process, assessing drug performance in real world settings, and preventing drug recalls. RWE can help and advance a variety of processes, including determining which patient cohorts will benefit the most from an intervention, informing regulatory approvals, supplementing data from randomized controlled trials, assisting with reimbursement efforts, and expanding indications of use.

"North America to witness significant growth during the forecast period"

For a better understanding of the market dynamics of the real world evidence solutions market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. The North America constitutes a major market for the real world evidence solutions industry owing to the presence of key players in the United States. The growing number of RWE service providers in the region, as well as favorable government regulations, are expected to contribute to market growth. The transition from volume-based to value-based care is expected to drive market growth. Furthermore, the growing geriatric population and the resulting rise in the prevalence of chronic diseases are driving the growth of this market.

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