A report into the projected growth of the current Real-World Evidence (RWE) solutions market by Meticulous Research has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a compound annual growth rate (CAGR) of 15.0%, reaching $1.64 billion.
Future Outlook: Real-World Evidence (RWE) Solutions Market to Witness Lucrative Growth during the Forecast Period (2019-2024)
In a report published today, Meticulous Research® has stated that the size of the global Real-World Evidence (RWE) solutions market will reach an impressive $1.64 billion by 2024.
The researchers suggest that the growth of Real-World Evidence (RWE) solutions market will be driven by factors including the rising geriatric population and burden of chronic diseases, shift towards value-based care, increasing R&D expenditure by the life sciences industry, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making.
The report states that data sets currently account for the largest share of the total market and is expected to grow at a CAGR of 13.8% from 2019 to 2024. Meticulous Research® identified as to why this segment will continue dominating over real-world evidence services: “Due to increasing need for additional insights on epidemiology, compliance, adherence and costs in a realistic environment; growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information by the payers, regulatory bodies and providers regarding drug safety.”
Based on application, drug development and approvals commanded the largest share in 2018 owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE. However, adoption of RWE for market access and reimbursement/coverage decisions is expected to witness fastest growth.
Pharmaceutical, biotechnology & medical device companies were the leading adopters of real-world evidence solutions in 2018 and are also expected to register fastest growth during the forecast period. This is attributed to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, increasing need to assess drug performance in real-world settings, and growing emphasis on drug safety and post-market surveillance.
The report further speculates that North America is currently home for most of the real-world evidence solutions providers and is the leading adopter of RWD and RWE. The largest as well as fastest growth of this region is supported by significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, stringent regulations for drug approvals, and favorable government policies (implementation of 21st Century Cures Act (December 2016) and FDA’s new 2019 strategic Framework for RWE (December 2018) in the U.S).
Real World Evidence (RWE) Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User (Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to 2024
The key players operating in the global real-world evidence (REW) solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum,Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC., SAS Institute Inc., and Syneos Health among others.
Key questions answered in the report-
Shift towards value-based care & Growing focus on personalized health care to drive the adoption of RWE Solutions
- How does the penetration of RWE Solutions in Drug Development & Approvals is differ from that in Market Access & Reimbursement/Coverage Decisions applications?
- What impact does this have on the adoption of RWE Solutions to other conventional technologies for various application?
Pharmaceutical, biotechnology and medical device companies account for largest proportion of all End-user of RWE solution globally
- What factors contribute to the frequent usage of RWE solution for Pharmaceutical, biotechnology and medical device?
- Conversely, which geographic segment is expected to experience the fastest growth for Pharmaceutical, biotechnology and medical device?
The North American RWE solution market favours both larger and local manufacturers that compete in multiple segments
- Who are the top competitors in this market and what strategies do they employ to gain shares?
- What is driving growth and which market segments have the most potential for revenue expansion during the forecast period?
- What strategies must companies adopt who are looking to enter this market and compete effectively?
- What are the major drivers, restraints, opportunities, and challenges in the global RWE solution market?
- Who are the major players in various countries and what share of the market do they hold?
- What are the geographical trends and high growth regions/ countries?
Recent new service launches, acquisitions, collaborations, partnerships, and expansions have taken place in the RWE solution space.
- What companies have recently merged/acquired and how will these unions affect the competitive landscape of the RWE solution space?
- What companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global RWE solution market and what share of the market do they hold?
- What are the local emerging players in the global RWE solution market and how do they compete with the global players?
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