Real-World Evidence (RWE) Solutions Market Worth $1.64 Billion by 2024, Growing at a CAGR of 15% from 2019- Market Opportunity Analysis and Industry Forecasts by Meticulous Research®


London, June 23, 2020 (GLOBE NEWSWIRE) -- With the growing need to achieve better value for healthcare, the importance of real-world evidence (RWE) as a decision-making tool and an important part of drug development and commercialization has also raised. Pharma and biopharma companies now recognize the need to get a better understanding and stronger evidence of product performance, clinical value, and cost effectiveness outside the controlled environment and homogeneous setting of a clinical trial i.e. Randomized Clinical Trials (RCT) to inform decision making processes.

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With the shifts towards personalized healthcare and rising emergence of rare diseases, the healthcare and research organizations are facing challenges posed by high costs and lengthy timelines of delivering medicines to patients as the development of new pharmaceutical entity is time consuming, extremely costly, and of high risk with little chance of successful outcome. In addition, pharmaceutical companies conduct clinical trials in order to gain approval from regulatory bodies which is considered as an essential part of the drug development process. However, the increasing cost and time-consuming clinical trials discourages pharmaceutical companies to conduct drug development and thereby limits patients’ access to novel treatments. The adoption of real-world evidence helps to simplify access and address some of the burden, whilst also providing a better understanding of medicines use in the ‘real world’. In addition, the role of real-world evidence in drug development is expanding and is possibly high in oncology as the prevalence of cancer is continuously increasing and overtaking cardiovascular disease in the U.S. Apart from the use of randomized clinical trials, the utilization of real-world data is rapidly growing as it helps in faster drug development, easier approvals, and reduction in development cost.

The Real-World Evidence (RWE) solutions market is expected to grow at a CAGR of 15% from 2019 to 2024 to reach $1.64 billion by 2024. Factors such as rising geriatric population and burden of chronic diseases, shift towards value-based care, growing focus on personalized health care, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making supports the growth of RWE solutions market. However, reluctance to rely on real-world studies, uneven quality of real-world data sources, and lack of standards may hinder the market growth to some extent.

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The global real-world evidence solutions market is segmented on the basis of component, application, end user, and geography.

On the basis of component, the real-world evidence solutions market is segmented into data sets and services. Data sets commanded the largest share of the overall real-world solutions market in 2019 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.

The real-world data sets market is further segmented into disparate data and integrated data. Disparate data commanded the largest share of the overall RWE market in 2019 owing to greater availability and access to individual data sources over integrated data sets, increasing adoption of EHR/EMRs in hospitals, growing use of wearable devices, technological advancement in storage of medical data, growing use of registries, and greater availability of claims data. However, integrated data sets are expected to witness fastest growth during the forecast period.

On the basis of application, the real-world evidence solutions market is segmented into drug development & approvals, market access & reimbursement/coverage decisions, clinical decision-making, medical device development & approvals, and others. Drug development and approvals commanded the largest share of the overall RWE market in 2019 owing to significant demand for 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.

On the basis of end user, the real-world evidence solutions market is segmented into pharmaceutical, biotech & medical device companies, healthcare payers, healthcare providers, and other end users. Pharmaceutical, biotech and medical device companies commanded the largest share of the overall RWE market 2019. The largest share and the fastest CAGR of this segment is primarily attributed to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, and increasing need to assess drug performance in real-world settings and post-market surveillance.

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Geographically, the real-world evidence solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America commanded the largest share of the global RWE market in 2019 and is also anticipated to register the fastest growth during the forecast period. This 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, and implementation of 21st Century Cures Act (December 2016), and FDA’s Framework for RWE (December 2018) in the U.S.

A majority of players in the real-world evidence solutions market are entering into strategic alliances, partnerships, collaborations, and agreements to enrich their product portfolios and strengthen their market positions. Some of the leading players operating in the real-world evidence (RWE) solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum, Inc., Oracle, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC., SAS Institute Inc., and Syneos Health, among several others.

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Scope of the Report:

 RWE Solutions Market, by Component

  • Data Sets
    • Disparate data sets
      • EMR/EHR/Clinical data
      • Pharmacy data
      • Product/disease registries
      • Claims & billing Data
      • Other data
    • Integrated data sets
  • Consulting/ Services

 RWE Solutions Market, by Application

  • Drug development & approvals, by Therapeutic Area
    • Oncology
    • Cardiovascular Disease
    • Neurology
    • Immunology
    • Other Therapeutic Areas
  • Market access & reimbursement/coverage decisions
  • Medical device development & approvals
  • Clinical decision-making
  • Other applications

 RWE Solutions Market, by End User

  • Pharmaceutical, biotechnology & medical device companies
  • Healthcare payers
  • Healthcare providers
  • Other End users

 RWE Solutions Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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