Real World Evidence Solutions Market Size, Share

Real World Evidence Solutions Market Size, Share | 2022-2027 | MarketsandMarkets

Posted 2023-01-11 05:22:25

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.

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The pharmaceutical industry, in particular, is R&D-intensive. The rising R&D expenditure of pharmaceutical and biopharmaceutical companies is prompting them to opt for fully integrated or functional outsourcing services, from the early development stage to the late-stage development phase, to fulfill the demands for both drug discovery and development.

Among all industry sectors, the pharmaceutical industry spends the largest percentage of its revenue on research & development. This growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug development process, is expected to drive the growth of the RWE market.