Visiongain has published a new report on “Real-World Evidence Market Report Forecast 2020-2030”. Forecasts by Component (Data Sets, Services), Datasets (Clinical Settings Data, Claims Data, Pharmacy Data, Patient-Powered Data, Others), Therapeutic Area (Oncology, Cardiovascular Diseases, Neurology, Immunology, Other Therapeutic Areas), End-Users (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies, Other End-Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Real-World Evidence Market
The COVID pandemic has impacted this market in a very positive way. There is no such cure for the disease and the vaccines are still in development and trial stages. With the use of real-world evidence (RWE) solutions, the data present is expected to give out positive results. Numerous large vaccine trials have been launched to study the effects on coronavirus, which includes around 30,000 volunteers for most of the trials. But such clinical trials are not capable of offering all the data required by scientists in their pursuit to tame the COVID pandemic. The COVID-19 pandemic has added an urgency to use real-world evidence (RWE) solutions, boosting the market in the coming years. It’s a global scale health crisis, patient records collected every hour can be analyzed and used to offer a better picture of the COVID-19 pandemic.
Market Drivers
Increasing use of Big data in Healthcare Industry
Real-world studies and real-world evidence are gradually becoming significant in offering confirmation and data for effective cure and treatment during clinical practice and trials. Real-world studies use information from electronic health records and claims databases, which offer large datasets from varied patient populations, and are also collecting observational, retrospective, or prospective data from a long time period. They also offer information on the long-term use and safety of drugs mainly relating to rare events, and efficacy of drugs in huge diverse populations, and economic outcomes. Growing use of Bigdata and various algorithms have helped hospitals in the management of many chronic conditions by creating similar construction of algorithms that can codify the management of these conditions. This offers efficient and rapid management of the condition with improved patient experience and a scalable solution that can reduce the burden on primary care physicians.
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Market Opportunities
Long-Term Outlook for Chronic Disease Management
The continuous strong growth in the chronic disease management therapeutics and device technologies is expected to create new opportunities for using real world evidence solutions. There will always be a need for safe and effective therapeutics to more efficiently manage chronic diseases, but the future of the chronic disease management market is not solely dependent upon innovative drugs and biologics. Technological advancements in continuous and remote disease monitoring may reduce the overall cost burden of chronic diseases with improved treatment adherence. New investments in R&D activities, advancements in wearable monitoring and drug delivery are also expected to set new milestones for surgeons and patients. Prophylactic management of the disease, including the adoption of healthier lifestyles, represents great progress and reduces the overall burden of chronic diseases.
Competitive Landscape
Some of the companies profiled in the report include Iqvia, IBM, Pharmaceutical Product Development, PAREXEL, Optum (A Subsidiary of United Health Group, Inc.), PerkinElmer, Icon PLC, Oracle, Cognizant, Syneos Health, Anthem, Clinigen, and Covance Inc.
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Find more Visiongain research reports on Pharma Big Data Analytics click on the following links:
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