Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Global Real World Evidence Solutions Market Size, Share & Industry Trends Analysis Report By Component, By Therapeutic Area, By End-user, By Application, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Real World Evidence Solutions Market size is expected to reach $65.1 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period.
Key Market Players
- IBM Corporation
- Oracle Corporation
- Medpace Holdings, Inc
- IQVIA Holdings, Inc
- ICON plc
- PerkinElmer, Inc
- Parexel International Corporation (Phoenix Parentco, Inc.)
- PPD, Inc. (Thermo Fisher Scientific, Inc.)
- UnitedHealth Group, Inc. (Optum, Inc.)
- Syneos Health, Inc
In medicine, clinical evidence about the use and possible advantages or dangers of a medical product that is produced from a study of real-world data (RWD) is known as real-world evidence (RWE). Different analyses or study designs, such as randomized trials, including pragmatic trials, large simple trials, and prospective or retrospective observational studies, among others, might produce RWE. When clinical trials cannot adequately represent the whole patient population for a given disease, real-world evidence is required.
Patients who did not take part in any clinical trials, have comorbid conditions, reside in a remote location, or are older than the recommended age range may not react to the medication in consideration as expected. RWE offers solutions to these issues as well as the ability to examine the effects of medications over a longer time frame.
Pharmaceutical businesses, as well as health insurance payers, research RWE in order to comprehend patient pathways, provide appropriate care for the right people, and reduce their financial risk by funding patient-effective drugs.
The World Ageing Population report estimates that 703 million individuals worldwide were 65 years of age or older in 2019, and that figure is projected to rise to 1.5 billion by 2050. According to estimates, cancer, obesity, cardiovascular diseases, and diabetes, all of which are on the rise, are responsible for over half of all fatalities from chronic diseases. Pharmaceutical corporations spend billions on research & development with a minimal chance of success before bringing a new medication molecule to market.
Pharma research facilities need a strong understanding of treatment choices that are effective across a large population as opposed to small patient groups in clinical trials if they are to shorten drug development cycles. Thus, it is discovered that the usage of real-world evidence (RWE) findings is growing. This is because pharmaceuticals and biotech companies are becoming more aware of the potential value of RWE in life-cycle management and drug development, as well as how it can lower the cost of clinical trials and boost innovation efficiency.
Market Growth Factors
Rising investment in R&D to create new goods and medical devices along with lowering the price of medication development
Most biopharmaceutical, pharmaceutical, and medical device businesses continue to make significant investments in creating new medications and equipment. R&D is very important in the pharmaceutical business in particular.
Pharmaceutical and biopharmaceutical businesses are choosing fully functional or integrated outsourcing services from the early development phase to the late-stage development phase to meet the requirements for drug development and discovery due to their increasing R&D spending. The pharmaceutical sector of the economy spends the highest proportion of its profits on research and development.
Increased emphasis on comprehensive RWE services
Healthcare stakeholders are looking for new solutions to deal with the unaffordable financial burden and relatively low return on investment, transforming the healthcare ecosystem and raising concerns about healthcare prices. Businesses require robust evidence lifecycle management skills to demonstrate value. In turn, this has increased the possibility of using an end-to-end strategy to leverage a life sciences organization's data, proof, and knowledge resources.
Thus, aiding in the dismantling of traditional silos and enabling insight-driven decision-making from the product R&D stage to its commercialization. Hence, the rising emphasis on using comprehensive RWE data is propelling the market's growth.
Market Restraining Factors
Medical professionals' and researchers' reluctance to depend on real-world studies
Non-randomized observational studies have historically not been seen as appropriate for evaluating novel medical interventions or treatments due to methodological and research design concerns, such as the possibility of confounding and bias. RWE has spread quickly across applications, yet some stakeholders still hesitate to rely on them.
For example, although payers have begun employing RWE, they opt to use internal observational data from randomized clinical trials (RCTs) to influence drug coverage choices. Even a study that is robust, well-planned, and non-randomized would be seen as lower-quality evidence in comparison to an RCT that is poorly conceived. These factors are preventing the Real-World Evidence Solutions Market from expanding.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Services
- Data Set
By Therapeutic Area
- Oncology
- Cardiology
- Neurology
- Diabetes
- Respiratory
- Others
By End-user
- Healthcare Companies
- Healthcare Payers
- Healthcare Providers
- Others
By Application
- Drug Development & Approvals
- Medical Device Development & Approvals
- Reimbursement/Coverage & Regulatory Decision Making
- Post Market Safety & Adverse Events Monitoring
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $38527.1 Million |
| Forecasted Market Value (USD) by 2028 | $65133.8 Million |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2ys5l9
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