According to a new market research report, "Real World Evidence Solutions Market size is projected to reach USD 2.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 15.2% . Potential of RWE in reducing drug development costs and expediting the drug development process, shift from volume- to value-based care, rise in the geriatric population and the subsequent increase in the prevalence of chronic diseases, and increased R&D spending for the development of new pharmaceutical products and medical devices are driving the growth of RWE solutions market. 

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Browse in-depth TOC on "Real World Evidence Solutions Market" 190 - Tables
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By component, services is expected to witness the fastest growth during the forecast period 

Based on component, the RWE solutions market is segmented into data sets and services. In 2021, the services segment accounted for a larger share in the global RWE solutions market. Vendors in the RWE solutions market offers advanced analytics services and consulting services. Increasing demand for converting the data into actionable evidence is increasing the need to reduce drug development delays utilizing specific RWE services.

The data sets are further segmented into disparate data sets and integrated data sets. The growth of this market is primarily driven by the Increasing growth in clinical trials and shift from volume- to value-based care are the key factors driving the growth of this market. 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. Due to these advantages, the use of RWE solutions is increasing in R&D activities related to drug and medical devices. 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. 

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