Meticulous Research®, a leading global market research organization,
has unveiled its comprehensive report titled "Real-world Evidence
Solutions Market Size, Share, Forecast, & Trends Analysis by Component
(Datasets, Services), Application (Market Access, Drug Development &
Approvals, Post-Market Surveillance), and End User - Global Forecast to
2031." This report projects that the global RWE solutions market, valued
at $2.62 billion in 2023, is set to grow to $6.37 billion by 2031, achieving a
CAGR of 11.7% from 2024 to 2031.
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The growth of the RWE solutions market is fueled by multiple
factors, including the rising incidence of chronic illnesses, the need for
expedited drug development processes, and an increasing emphasis on
personalized healthcare. Moreover, the trend toward value-based care is driving
the integration of real-world evidence in drug development and
commercialization, helping stakeholders make informed decisions.
Emerging economies are also presenting significant
opportunities for market expansion, as the demand for comprehensive RWE
services continues to grow. By employing value-based care strategies,
organizations aim to enhance population health outcomes and streamline their
research-to-commercialization pathways.
Key Market Participants
The report identifies key players within the RWE solutions
market, such as IQVIA Holdings Inc., Elevance Health, ICON plc, and Cognizant
Technology Solutions. These companies are integral in providing RWE solutions
that support enhanced drug safety and efficacy evaluations.
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Segmentation Overview
The global RWE solutions market is categorized into:
- Components:
This includes datasets and services. The datasets segment, which
encompasses various data types such as clinical and claims data, is
anticipated to dominate the market, accounting for 53% of the share in
2024. The surge in medical data generation significantly contributes to
this trend.
- Applications:
The drug development and approvals segment is projected to experience the
highest growth, with a rate of 13.1% during the forecast period. RWE is
becoming indispensable for pharmaceutical companies as they navigate the
complexities of drug approvals and market introductions.
- End
Users: Pharmaceutical, biotechnology, and medical device companies are
expected to capture a 39.1% market share in 2024. These organizations are
leveraging RWE to acquire timely data about drug performance, thereby
enhancing their ability to manage treatment outcomes effectively.
Geographic Insights
The report thoroughly analyzes various geographical markets,
including North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa. North America is poised to hold a significant market share
of 48.9% in 2024, largely due to substantial R&D investments in the
pharmaceutical sector, the presence of leading market players, and supportive
regulatory environments.
In summary, the real-world evidence solutions market is set
for robust growth, driven by escalating healthcare demands and a shift toward
more data-driven drug development strategies.
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