Report Id: SNS/HC/1787 | June 2022 | Region: Global | 125 Pages
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.
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.
Unwillingness to rely on real-world studies
The importance of end-to-end RWE services is growing.
Economies in Emergence
Wearable technology and Artificial Intelligence are becoming more popular in RWE.
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.
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.
By Component Type
Clinical setting data
Patient powered data
By Therapeutic area Type
By End Users
Pharmaceutical and Medical Devices Companies
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 43.22 Billion|
|Market Size by 2030||US$ 78.83 Billion|
|CAGR||CAGR of 7.8% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• 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/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
|Company Profiles||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.|
|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.
|RESTRAINTS||• Unwillingness to rely on real-world studies|
Frequently Asked Questions (FAQ) :
The importance of end-to-end RWE services is growing, Economies in Emergence are the opportunities of Healthcare Analytics market.
Yes, this report covers qualitative and quantitative analysis.
North America had the highest revenue share.
The services sector accounted for a larger portion of the global RWE solutions market.
RWE Solutions (Real World Evidence) Market Size was projected at USD 40.1 billion in 2021.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Real World Evidence/RWE Solutions Market Segmentation, By Component Type
8.2 Pharmacy data
8.3 Clinical setting data
8.4 Data Sets
8.5 Claims data
8.6 Patient powered data
9. Real World Evidence/RWE Solutions Market Segmentation, By Therapeutic area Type
10. Real World Evidence/RWE Solutions Market Segmentation, By End Users
10.1 Healthcare Providers
10.2 Pharmaceutical and Medical Devices Companies
10.3 Healthcare Payers
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12 Company Profiles
12.1 PPD, Inc.
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.3 IQVIA, Parexel International Corp.
12.4 Syneos Health
12.5 Icon Plc
12.7 PerkinElmer, Inc.
12.9 Cegedim Health Data.
13 Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
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The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
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Step 4: QA/QC Process
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