According to TechSci Research report, “Real-World Evidence Solutions Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Real-World Evidence Solutions Market stood at USD 1.23 billion in 2022 and is anticipated to grow with a CAGR of 8.26% in the forecast period, 2024-2028. The increasing emphasis on evidence-based medicine is one of the primary drivers behind the growth of the RWE solutions market. Healthcare stakeholders, including clinicians, pharmaceutical companies, payers, and regulatory agencies, are increasingly relying on real-world evidence to inform their decision-making processes. RWE offers insights into how healthcare interventions perform in real-world settings, enabling more informed treatment decisions. With an evolving healthcare landscape, the demand for reliable and comprehensive RWE solutions continues to rise.
Pharmaceutical companies have embraced RWE as a valuable tool in their research and development efforts. RWE provides insights into the real-world effectiveness and safety of drugs and therapies, allowing pharmaceutical companies to make more informed decisions at various stages of drug development. By using real-world data, they can identify patient populations that benefit the most from their products, design more efficient clinical trials, and accelerate drug approvals. This not only reduces the time and cost of drug development but also results in better treatments reaching the market faster.
The proliferation of digital health technologies and electronic health records (EHRs) has significantly expanded the pool of real-world data available for analysis. EHRs contain a wealth of patient information, including clinical records, treatment histories, and outcomes. The integration of big data analytics, machine learning, and artificial intelligence in healthcare has made it easier to collect, manage, and analyze this data. As a result, the RWE solutions market has gained access to a vast and diverse dataset that can drive more comprehensive and accurate analyses.
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The Global Real-World Evidence Solutions Market is segmented into Components, Therapeutic Areas, Regional Distribution, And Companies.
Based on the Component, Claims data emerged as the dominant segment in the global market for Global Real-World Evidence Solutions in 2022. Claims data capture information on a large and diverse patient population. This diversity is essential for evaluating the real-world impact of healthcare interventions in different demographic groups, which is particularly relevant for assessing health disparities and tailoring treatments. Claims data typically follow standardized coding and billing procedures, making it easier to extract and analyze information.
This standardization facilitates data aggregation and comparisons across different healthcare settings and populations. Claims data cover a wide range of healthcare settings, including hospital stays, outpatient visits, prescription drug purchases, and more. This diversity of data sources allows for a holistic analysis of patient healthcare journeys and treatment pathways. Claims data are instrumental in health economics and outcomes research (HEOR). HEOR assesses the cost-effectiveness and real-world impact of healthcare interventions. Claims data are a primary source for conducting HEOR studies and informing healthcare decision-making.
Based on the Therapeutic Area, Oncology emerged as the dominant segment in the global market for the Global Real-World Evidence Solutions Market in 2022. The concept of personalized medicine is particularly relevant in oncology. Real-world evidence supports the development of personalized treatment plans based on individual patients’ genetic profiles, disease characteristics, and treatment responses. This tailored approach to cancer care depends on the availability of real-world data.
Oncology encompasses a wide range of patient populations, with variations in demographics, cancer subtypes, and treatment histories. Real-world evidence provides insights into how different patient groups respond to treatments, helping to identify the most effective therapies for specific populations. Real-world evidence complements data from clinical trials, which are often limited by strict inclusion criteria and controlled conditions. Real-world data reflect how treatments perform in the broader population, offering insights into the effectiveness, safety, and tolerability of therapies in real-world clinical practice.
North America emerged as the dominant player in the Global Real-World Evidence Solutions Market in 2022, holding the largest market share. The regulatory landscape in North America, particularly in the United States, has been increasingly supportive of the use of real-world evidence in healthcare decision-making. Regulatory agencies like the U.S. Food and Drug Administration (FDA) have recognized the value of real-world data and have taken steps to incorporate it into their decision-making processes, including drug approvals and post-market surveillance.
North America is home to a significant pharmaceutical and life sciences industry. These industries are major stakeholders in the Global Real-World Evidence Solutions Market, as they rely on real-world evidence to inform drug development, demonstrate drug efficacy, and support market access. The presence of numerous pharmaceutical companies in North America drives the demand for real-world evidence solutions.
Major companies operating in the Global Real-World Evidence Solutions Market are:
- Clinigen Group PLC
- Icon PLC
- IBM
- IQVIA
- Oracle Corporation
- Parexel International
- PerkinElmer Inc.
- Pharmaceutical Product Development (PPD Inc.)
- SAS Institute
- Syneos Health
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“The global Real-World Evidence Solutions market is anticipated to experience significant growth in the coming years. There is a growing recognition of the value of real-world data in providing insights into treatment effectiveness, patient outcomes, and healthcare cost optimization. Regulatory support for the inclusion of real-world evidence in decision-making processes, as seen in the United States, Europe, and other regions, further solidifies the market’s growth prospects. The continuous advancements in data analytics, artificial intelligence, and digital health technologies are making it easier to collect, manage, and analyze real-world data, fostering innovation in the field. Additionally, as the healthcare industry continues to emphasize patient-centric care and personalized medicine, the demand for real-world evidence solutions that consider individual patient experiences and outcomes is expected to rise.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Real-World Evidence Solutions Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, Other Components), By Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other Therapeutic Areas) Region and Competition”, has evaluated the future growth potential of Global Clinical Microbiology Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Clinical Microbiology Market.
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Table of Content-Real world-evidence Solutions market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Real-World Evidence Solutions Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, Other Components)
4.2.2. By Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other Therapeutic Areas)
4.2.3. By Region
4.2.4. By Company (2022)
4.3. Market Map
4.3.1. By Component
4.3.2. By Therapeutic Area
4.3.3. By End-User
4.3.4. By Region
- Asia Pacific Real-World Evidence Solutions Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component
5.2.2. By Therapeutic Area
5.2.3. By Country
