According to a new market research report titled, “Real-World Evidence
Solutions Market by Component (Datasets
[Clinical, Claims, Pharmacy, Integrated], Services), Application (Market
Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma
Companies, Providers) - Forecast to 2029”, published by Meticulous
Research®, the RWE solutions market is expected to grow at a
CAGR of 11.8% from 2022–2029 to reach $4.9 billion by 2029.
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Real-world evidence (RWE) is clinical evidence gathered via RWD analysis
on the use and potential benefits or risks of a medical product. RWE can be
produced through various study designs or analyses, including but not limited
to randomized trials, large simple trials, pragmatic trials, and observational
studies (prospective or retrospective). RWE has several applications, including
drug development life cycles, shortening development timelines, reducing the
costs of clinical trials, and improving the probability of technical and
regulatory success. The growth of this market is driven by key factors such as
the rapid growth of large data in healthcare, the shift from volume to
value-based care, and the rising focus towards personalized healthcare.
RWE Solutions Market: Outlook
The RWE solutions market is segmented by component (datasets and
consulting services), application (market access & reimbursement/coverage
decisions, drug development & approvals, post market surveillance, medical
device development & approvals, and other applications), end user
(pharmaceutical, biotechnology, and medical device companies, healthcare
payers, healthcare providers, and other end users) and Geography (North
America, Asia-Pacific, Europe, Latin America, and the Middle East &
Africa). The study also evaluates industry competitors and analyzes their
market shares at the global and regional levels.
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Based on component, the datasets segment is estimated to account for the
largest share of the RWE solutions market in 2022. The large market share of
this segment is attributed to the increasing need for additional insights on
epidemiology, compliance, adherence, and costs in a realistic environment, the
growing amount of medical data generated in hospitals, increasing dependence of
outcome-based studies on real-world data, and rising demand for information
regarding drug safety among payers, regulatory bodies, and providers. However,
the consulting services segment is expected to witness the fastest growth rate
during the forecast period. Real-world evidence consulting service providers
make use of robust real-world datasets generated by conducting prospective/observational
studies to offer customized consulting services to generate
fit-for-purpose data and insights for their stakeholders instead of providing
terabytes of data.
Based on application, the market access & reimbursement/coverage
decisions segment is estimated to account for the largest share of the RWE
solutions market in 2022. However, the drug development & approvals segment
is expected to witness the fastest growth rate during the forecast period.
Factors attributing to the growth of this segment include increasing demand for
real-world data and real-world evidence to accelerate drug discovery and
development and increasing investments by biopharmaceutical companies in
R&D. In the field of drug development, quality-of-life metrics and
Patient-reported Outcome Measures (PROMs) are now becoming common elements in
clinical trials. The evidence generated from real-world data is regularly
utilized to inform aspects of drug development. The role of RWE in drug
development is expanding as RWE studies are significantly less costly and
time-consuming than RCTs, providing easier access to long-term effectiveness
data and helping overcome some of the feasibility barriers of running RCTs.
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Based on end user, the pharmaceutical, biotechnology, & medical
device companies’ segment is expected to witness the fastest growth rate during
the forecast period. Rising pharmaceutical R&D spending is the major factor
attributed to the growth of this segment. The cost of developing a new drug was
more than $2,600 million in 2020 compared to $802 million in 2003. This
increase in drug development costs reflects various technical, regulatory, and
economic challenges pharmaceutical R&D pipelines face. The global R&D
spending in 2021 surged by 7.0% ($212 billion) compared to 2020. Real-world
evidence helps in understanding real-life clinical practices and actual health
outcomes of drugs. It also helps generate broader scientific evidence and
commercial insights, valuable for the pharmaceutical industry.
Geographically, North America is expected to command the largest share
of the RWE solutions market in 2022. The large market share of this region is
mainly attributed to the increasing prevalence of chronic diseases, stringent
regulations for drug approvals, implementation of the 21st Century Cures Act,
availability of electronic datasets, advancements in the healthcare industry,
and rising big data in healthcare sectors. The adoption of EHRs in the
hospitals and patient registries is boosting the RWE solutions market in North
America. The basic EHR adoption had increased since 2010 in the U.S. from 27.9%
in 2010 to nearly 86% in 2017. As of 2022, 94% of the hospitals in the US are
in the process of adopting EHRs.
This research report analyzes major geographies and provides
comprehensive analysis for North America (U.S., Canada), Asia-Pacific (Japan,
China, India, Australia, and RoAPAC), Europe (Germany, France, U.K., Italy,
Spain, and Rest of Europe), Latin America, and the Middle East & Africa.
Key companies operating in the global RWE solutions market are 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.), IBM 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.).
Here are the top 10 companies operating in
the Real-World Evidence Solutions Market @ https://meticulousblog.org/top-10-companies-in-real-world-evidence-solutions-market/?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=08-12-2023
Related Report:
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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
Here are the top 10 companies operating in the RWE Oncology Market >>>
https://meticulousblog.org/top-10-companies-in-rwe-oncology-market/?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=08-12-2023
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U.S. Real-World Evidence (RWE) Solutions Market by Component [Datasets (Clinical, Claims,
Pharmacy, Integrated), Services], Application (Market Access, Oncology,
Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) -
Forecast to 2029
Here are the top 10 companies operating in the U.S. Real-World Evidence
(RWE) Solutions Market >> https://meticulousblog.org/top-10-companies-in-u-s-real-world-evidence-solutions-market/?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=08-12-2023
