Real World Evidence Solutions Market Expected To Reach $2.9 billion...

Real World Evidence Solutions Market Expected To Reach $2.9 billion by 2027

Posted 2023-04-28 12:41:15

The global real world evidence solutions market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 15.2% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.

The new research study consists of industry trends, pricing analysis, patent analysis,& conference and webinar materials, key stakeholders, and buying behaviour in the market.

The new edition of the report includes profiles for Thermo Fisher Scientific Inc. (US), Elevance Health Inc. (US), Cegedim Health Data (France), LabCorp Holdings (US), HealthVerity Inc. (US), and Datavant (US). The industry insights chapters include value chain analysis, Porter’s five forces analysis, technology analysis, patent analysis, key conferences and events in 2022–2023, pricing analysis, and key stakeholders and buying criteria. The growth of this market is primarily driven by the increasing growth in clinical trials and the shift from volume-based to value-based care. Using RWE and RWD can inform better protocol design, thereby reducing the number of costly protocol amendments, and can enable the creation of synthetic control arms to accelerate trial execution and decrease overall costs.

Similarly, RWE can accelerate label expansion and decrease the overall cost of the evidence needed for filing. Because of these benefits, the use of real-world evidence solutions is increasing in drug and medical device R&D activities.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76173991

The growing adoption of digital healthcare trends has contributed to the increased availability of disparate data sources, such as EHR and patient/disease registries. Additionally, owing to the increasing use of these data sets in monitoring the safety of health products, regulatory authorities are taking initiatives to promote the better use of available data sets, which is driving the market growth for disparate data sets. The disparate data sets are further subsegmented into clinical settings data, claims data, pharmacy data, patient-powered data, and other data sets. In 2021, clinical settings data accounted for a dominating share owing to the rising demand for de-identified patient data for research purposes.

Post-market surveillance and clinical & regulatory decision making segments are expected to show fastest growth during the forecast period.

Based on application, the RWE solutions market is segmented into drug development and approvals, medical device development and approvals, post-market surveillance, market access reimbursement/coverage decision making, and clinical and regulatory decision-making. The post-market surveillance and clinical & regulatory decision making segments are expected to show the fastest growth rate during the forecast period owing to the increased incidence of adverse events, rise in concerns for patient safety, and growing importance of RWE in regulatory decision makings.

Pharmaceutical & medical device companies is expected to remain the dominating segment in 202

Based on end user, the RWE solutions market is segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users. The pharmaceutical & medical device companies segment dominates the end user segment and is also expected to witness highest growth rate during the forecast period. The large share and high growth of this end-user segment can be attributed to the need to prevent costly drug recalls and increasing importance of RWE studies in drug approvals. RWE data is needed for new drugs to sucessfuly pass-through clinical phases. Hence, the successful phase transition of any drugs across pharmaceutical company depends on the strong real-world outcomes.

Asia Pacific to witness the highest growth rate during the forecast period

By Region, the RWE solutions market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to show the highest growth rate during the forecast period. Increasing government initiatives for the adoption of RWE studies, rising geriatric population, and rising number of clinical trials are driving the growth of RWE solutions market in Asia Pacific region.