Real-world data (RWD) refers to data relating to patient health status and/or the delivery of health care routinely collected from a variety of sources. It encompasses several domains including claims and billing activity, clinical settings, product and disease surveillance, and financial transactions. RWD provides complementary insights to traditional clinical research and evidence generated through randomized controlled trials. With its ability to provide insights into real-world clinical practice and patient outcomes across large patient populations and diverse clinical settings, RWD is increasingly being used by life sciences and healthcare companies in various areas such as pharmacovigilance, clinical trial recruitment and retention, health technology assessment and outcomes research.

The global real-world data (RWD) Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers propelling the growth of real-world data (RWD) market is the rising demand to improve the efficiency and cost-effectiveness of drug development. With RWD, life sciences companies can gain insights on patient heterogeneity, adherence, persistence, dosage variations, effectiveness and safety outside of the clinical trial setting. This helps design clinical trials more efficiently and assess outcomes in real-world settings. Moreover, regulatory agencies are also encouraging the use of RWD to support new claims evidence generation and clinical decision making. Changing regulatory guidelines have created an environment conducive for increased adoption of RWD across the life sciences industry.

SWOT Analysis
Strength:
- Real-world data provides a cost effective method for drug development and post market surveillance compared to clinical trials. Organizations can leverage large patient datasets to gain insights.
- It allows monitoring outcomes of drugs in real world settings over longer duration compared to limited duration of clinical trials.
- Technological advances in data analytics, machine learning and artificial intelligence can help extract meaningful insights from large and complex RWD.
Weakness:
- Data quality and completeness vary significantly across different sources of real world data like claims databases, patient registries etc. Issues related missing values, coding errors are common.
- Privacy and security of patient data is a major concern especially with increased data sharing across organizations for secondary use. Strict regulations are required to address privacy risks.
Opportunity:
regulatory agencies are encouraging use of real world evidence for regulatory decision making. This will further drive demand for real world data solutions.
- Expanding application of RWD beyond drug safety to areas like comparative effectiveness research, healthcare economics and outcomes research presents new opportunities.
Threats:
- Budget constraints and lack of understanding of real world evidence among certain organizations act as barriers.
- Stringent global privacy laws pose challenges for cross border data sharing and multicountry studies using RWD.

Key Takeaways
The Global Real-World Data Market Scope is expected to witness high over the forecast period due to increased focus on evidence generation for regulatory and reimbursement decision making.

Regional analysis: North America holds the largest share currently due to supportive regulatory environment and presence of well-developed healthcare IT infrastructure facilitating large scale data collection. However Asia Pacific is emerging as fastest growing market attributed to rising healthcare expenditure, increasing focus on quality care and pharmaceutical research.

Key players operating in the real-world data market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA.

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