The use
of computers, mobile applications, wearable devices, and other biosensors to
gather and store cancer-related data has been rapidly accelerating. This data
holds the potential to enable healthcare professionals to better design and
conduct clinical trials and studies in the cancer care setting to answer
questions previously thought infeasible.
Real-world
evidence generated from data from wearable devices and mobile apps
and novel clinical trials is transforming the future of cancer care. Wearable
devices are also emerging as a vital tool in the collection of real-world data.
Wearable devices are clinically useful for monitoring cancer in real-time and
long-term, dynamic, and medical processes. A vast amount of patient-generated
data through wearable devices can be used to monitor cancer patients at home in
their own environment, compared to monitoring only at in-clinic visits
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Artificial
intelligence (AI), especially machine- and deep-learning (ML/DL) methods, has
been increasingly used across many stages of the drug development process.
Advancements in AI have also provided new strategies to analyze large,
multidimensional RWD. AI is driving ground-breaking leaps in protein
structure identification, and advances in regulations are providing healthcare
research organizations with access to real-world data to accelerate clinical
trial processes.
Companies
operating the market have launched AI-based medical devices specifically for
oncology-related fields. In January 2021, the U.S. FDA’s Center for Devices and
Radiological Health (CDRH) granted Seno Medical Instruments, Inc. (U.S.)
premarket approval (PMA) for Imagio Breast Imaging System, which is a
diagnostic breast cancer imaging system that uses AI to interpret the medical
images and support physicians better differentiate between benign and malignant
breast lesions. Furthermore, in December 2020, Hologic, Inc. (U.S.) announced
U.S. FDA clearance and commercial availability of Genius AI Detection
technology, an AI-based (deep learning) software with high sensitivity and low
false-positive rate designed to help radiologists detect potential cancers in
breast tomosynthesis.
The
innovative technology advancements of machine learning (ML), artificial
intelligence (AI), and natural language processing (NLP) offer pharmaceutical,
biotechnology, and medical device companies the power to generate enhanced RWE
output, decrease time to insights, and make the most out of the vast real-world
data sources available.
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Companies
operating in the real-world evidence oncology solutions market have also
adopted various strategies to align themselves with the changing dynamics of
the real-world solutions space. For instance, in October 2021, SYNEOS HEALTH,
INC. (U.S.) acquired RxDataScience (U.S.), a healthcare-focused data analytics,
Artificial Intelligence (AI), and data management company. This acquisition was
aimed at strengthening the company’s position in the real-world evidence
solutions market. Furthermore, in September 2020, Parexel International
Corporation (U.S.) acquired Roam Analytics, Inc. (U.S.), a healthcare software
company, to leverage its Artificial Intelligence (AI) and Machine Learning (ML)
capabilities to drive innovations across drug development and life sciences.
The acquisition also enhanced Parexel’s Pharmacovigilance and other real-world
data capabilities.
In
addition, the integration of artificial intelligence also helps to improve the
visibility of cancer treatment. Life sciences companies are adopting advanced
tools, such as AI and big data to prepare organizations to adapt to this RWE market.
Combining these technologies with RWE can make life sciences organizations more
effective in developing better cancer drugs/devices in a shorter duration.
Similarly, Natural language processing (NLP), an AI technology, can be useful
in processing and evaluating large amounts of unstructured data to derive RWE.
Meticulous
Research®, in its latest publication on the RWE Oncology solutions market, states
that this will grow at a CAGR of 14.2% from 2022–2029 to reach $1.65 billion by
2029.
RWE
Oncology Market by Component (Datasets [EHR, Claims, Cancer Registries],
Consulting & Analytics Services), Application (Drug Development, Approval,
Market Access, Post Market Surveillance), End User (Pharma, Payer, Provider) -
Global Forecast to 2029
Key Players
The
report includes a competitive landscape based on an extensive assessment of the
key strategic developments of leading market participants over the past four
years. The key players profiled in the RWE oncology solutions market report
include IQVIA Holdings Inc.(U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), SYNEOS
HEALTH, INC. (U.S.), CLARIVATE PLC (U.S.), Medpace Holdings Inc. (U.S.),
Symphony Innovation, LLC (U.S.), Clinigen Group plc (U.K.), Cognizant
Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL
International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc.
(U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health (U.S.).
TOP 10 COMPANIES IN
REAL WORLD EVIDENCE (RWE) SOLUTIONS MARKET
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