Real World Evidence/RWE Solutions Market Size, Share & Segmentation by Component Type (Services, Pharmacy data, Clinical setting data, Data Sets, claims data, Patient powered data), By Therapeutic area Type (Cardiovascular, Oncology, Immunology, Neurology, Others), By End Users (Healthcare Providers, Pharmaceutical and Medical Devices Companies, Healthcare Payers), by Regions and Global Forecast 2023-2030

Report Scope & Overview:

The Real World Evidence/RWE Solutions Market Size was projected at USD 43.22 billion in 2022, and is expected to increase at a CAGR of 7.8% from 2023 to 2030, reaching USD 78.83 billion by 2030.

Clinical evidence derived from real-world data on a medical product's use and potential benefits or risks is known as real-world evidence (RWE). It refers to evidence derived from observational data collected outside of randomized controlled trials (RCTs) and generated in ordinary clinical practice. RWD utilizes observational information to create bits of knowledge, extrapolative results, foreknowledge on illnesses, clinical gadgets, neglected patient prerequisites, the worth presented side-effects to sub-populaces, and patient socioeconomics. Patients' outcomes are also analysed using real-world data to ensure that they receive the finest treatment possible.

Data from electronic health records (EHR), databases of medical claims and billing processes, mobile devices, registries, patient-generated data, and other sources is used to create RWE. It can be derived from retrospective and prospective observational studies and registries. When clinical evaluations cannot account for the full patient population affected by an illness, Real-World Evidence is used. Patients with illnesses, those from a different geographic region or age range, or those who have not participated in a clinical trial, may not respond to the treatment in the issue as expected. RWE provides solutions to these problems as well as a longer-term assessment of pharmaceutical consequences.

RWE is being studied by pharmaceutical companies and healthcare payers in order to gain a better understanding of patient pathways so that they can offer appropriate care to the right individuals at the right time and reduce their own financial risk by investing in effective drugs. In many cases, RWE can provide a holistic view of patients that cannot be examined in regular clinical trials. Real-world evidence is increasingly being used to promote awareness, in addition to the apparent benefits of demonstrating value to pharmaceutical businesses. Well-designed and conducted observational research can reveal hidden aspects of diseases, assisting researchers and policymakers in improving care delivery.

MARKET DYNAMICS"

DRIVERS

• Increased frequency of chronic diseases due to a growing senior population

• RWE has the potential to lower drug development costs while also accelerating the process.

• Spending on R&D is increasing.

• Regulatory organisations have backed the usage of RWE solutions.

RESTRAINTS

• Unwillingness to rely on real-world studies

OPPORTUNITIES

• The importance of end-to-end RWE services is growing.

• Economies in Emergence

• Wearable technology and Artificial Intelligence are becoming more popular in RWE.

CHALLENGES

• There are no globally agreed methodological guidelines or infrastructure for data processing.

• Lack of qualified professionals

IMPACT OF COVID-19

There is a continuous lull in the medical care business because of the worldwide flare-up of COVID-19 and the resulting lockout. Coronavirus unleashed devastation on significant world economies, especially the medical services area, notwithstanding networks. Driving partners are proceeding to change their systems because of the rapidly changing climate.

Coronavirus unleashed destruction on significant world economies, especially the medical care area, notwithstanding networks. Driving partners are proceeding to change their procedures in light of the rapidly evolving climate.

Coronavirus is supposed to have long haul ramifications for the medical care industry. Nations and huge entertainers would need to make critical changes in accordance with their medical services frameworks. Medical services changes are probably going to incorporate mechanical progressions, cost control, and expanded admittance sooner rather than later. In the current pandemic, advanced wellbeing and telemedicine have become the overwhelming focus.

The need of distant finding, care, and discussion was focused on again at COVID-19. Administrative and social obstacles have hampered the spread of telemedicine lately. Be that as it may, on the grounds that numerous medical care suppliers are now exploring different avenues regarding video conferencing and calls, this portion's development is anticipated to soar in the following two years.

Patients with moderate symptoms were also required to consult online as part of the social distancing procedures. Furthermore, it significantly reduced the strain on hospitals that were already overburdened by COVID-19 patients. Medical IoT devices are now being utilised to improve outpatient care and eliminate recurring visits by staying with patients at home. These devices can also be used in an emergency. There were severe resource constraints as a result of the pandemic. This is projected to lead to the creation of competitive pricing and value-based pricing structures, increasing future market growth for real-world evidence solutions. Real-world evidence solutions are expected to play a key role in providing evidence for research being conducted to develop a cure for coronavirus, to understand the anatomy of coronavirus, and to track the current situation.

By Component Type

The market is divided into two categories: data sets and services. The services sector accounted for a larger portion of the global RWE solutions market. This section is estimated to grow at the fastest pace of 17.0 percent during the forecast period. The increased need to turn data into meaningful evidence, as well as the availability of a large number of healthcare data, are all propelling this market sector forward.

By Therapeutic area Type

Oncology, cardiovascular disease, neurology, immunology, and other therapeutic areas are divided into the RWE solutions market. In 2020, the oncology segment accounted for 25.8 percent of the RWE solutions market.  The huge share of this category can be attributable to the large number of oncology clinical trials done and the expanding global cancer prevalence.

By End Users

Pharmaceutical and medical device firms, healthcare providers, healthcare payers, and other end users are all part of the RWE solutions industry (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). In 2021, the pharmaceutical & medical device firms category represented for 47.3 percent of the RWE solutions market. The rising importance of RWE studies in drug approvals, the need to avoid costly drug recalls, and the growing requirement to assess drug performance in real-world situations can all be attributable to this end-user segment's substantial share and rapid expansion.

COMPETITIVE LANDSCAPE

Some of the major key players of Real-world Evidence/RWE Solutions Market are as follows:  IBM, PPD, Inc., IQVIA, Parexel International Corp., Syneos Health, Icon Plc, Medpace, PerkinElmer, Inc., Oracle, and, Cegedim Health Data.

MARKET SEGMENTATION:

By Component Type

• Services

• Pharmacy data

• Clinical setting data

• Data Sets

• Claims data

• Patient powered data

By Therapeutic area Type

• Cardiovascular

• Oncology

• Immunology

• Neurology

• Others

By End Users

• Healthcare Providers

• Pharmaceutical and Medical Devices Companies

• Healthcare Payers

REGIONAL ANALYSIS

In 2021, North America had the highest revenue share of 45.4 percent. The presence of significant actors in the United States is credited with the region's large share. The market is likely to grow further due to an increase in the number of RWE service providers and favourable government regulations in the region.

Due to expanding government incentives for the implementation of RWE studies and the existence of many Contract Research Organizations (CROs) and manufacturing businesses in countries such as China and India, Asia Pacific is likely to be the fastest-growing regional market during the forecast years. The industry is expected to increase in response to rising demand for better healthcare services.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :