Real world evidence solutions market Analysis Report: Market Position, Recent Developments, Trends, and Future Forecast 2030
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Real world evidence solutions market which is USD 1.48 billion in 2022, is expected to reach USD 4.33 billion by 2030, at a CAGR of 14.4% during the forecast period 2023 to 2030.
"Data Bridge Market research has recently issued comprehensive industry research on Global Real World Evidence Solutions Market which includes growth analysis, regional marketing, challenges, opportunities, and drivers analysed in the report. The market insights gained through this Real World Evidence Solutions market research analysis report facilitates more defined understanding of the market landscape, issues that may interrupt in the future, and ways to position definite brand excellently.
An analysis of competitors is conducted very well in the reliable Real World Evidence Solutions Market report which covers vital market aspects about the key players. Moreover, the report gives out market potential for many regions across the globe based on the growth rate, macroeconomic parameters, consumer buying patterns, their preferences for particular product and market demand and supply scenarios. It gives significant information and data pertaining to their insights in terms of finances, product portfolios, investment plans, and marketing and business strategies. Detailed market analysis has been performed here with the inputs from industry experts.
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The growing demand for RWE solutions to obtain precise and transparent information about the safety and efficacy of new products. Furthermore, the need for these solutions to detect various reactions, product subpopulation effects, and product value when used by complex and comorbid patients is increasing. This, along with the burgeoning healthcare industry, is propelling market growth. Furthermore, the increasing use of advanced analytics and technological solutions in RWE for clinical development, commercialization, accelerating innovation, and improving healthcare outcomes positively influences the market.
Real-world evidence (RWE) is organized information derived from clinical outcomes or judgments based on real-world data (RWD). RWD uses observational data to gain insights, extrapolate findings, and forecast diseases, medical devices, patient populations, and products. This is a data collection process used by the healthcare sector to make decisions. It gathers information from existing secondary sources, such as databases.
- Collaboration and innovations
An industry coalition to innovate and expand the use of RWE promotes market growth. For instance, in May 2021, five companies-Aetion, IQVIA, Flatiron Health, Tempus, and Syapse-joined forces to expand the use of data derived from EHRs, claims, and other sources beyond clinical trials. The coalition will also collaborate with pharmaceutical companies, medical device manufacturers, patient groups, and other key stakeholders to support broader efforts around using RWE, which members say helps developers, regulators, and providers better understand medical product safety and efficacy. These are the certain innovations which propel the growth of market.
- New product launches
In 2021, the International Society for Pharmacoeconomics and Outcomes Research, a US-based professional society for health economics and outcomes research, stated that the Real-World Evidence Transparency Initiative launched the Real-World Evidence Registry. By launching the RWE registry and establishing a culture of transparency for the analysis and reporting of RWE in healthcare and health research, the Real-World Evidence Transparency Initiative assists in addressing potential concerns with RWE studies.
Opportunities
- Reducing drug development costs and expediting the drug development process
The Tufts Center for the Study of Drug Development (CSDD) reported the median cost of bringing a new drug to market, which was significantly lower than previous research. According to the study's findings, a further USD 312 million is spent on post-approval development for a lifecycle, which includes tests of new indications, formulations, and dosage strengths. As the amount of RWD increases and its accessibility increases, companies will have the opportunity to use RWE earlier in the product lifecycle to help expedite development and reduce costs.
Market participants also shifted their focus to providing solutions to stem the spread of the COVID-19 pandemic, which hampered market growth. The market is expected to recover post-COVID, with a 6.07% year-on-year growth rate from 2020 to 2021. Many companies began to deploy many remote services during the pandemic, which is expected to help these companies expand their portfolios.
The real world evidence solutions market is segmented on the basis of component, therapeutic area and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
The real world evidence solutions market is analyzed and market size insights and trends are provided by country, component, therapeutic area and end user as referenced above.
The countries covered in the real world evidence solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the real world evidence solutions market due to a favourable regulatory environment, a well-established pharmaceutical industry, high number of RWE service providers, demand in clinical research activities and increasing research and development expenditure in the region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the growing incidence of cancer such as bladder, esophagus, liver, pancreas, and others, high presence of major manufacturers across the U.S. Furthermore, technological advancements and rising foreign investment.
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global Real World Evidence Solutions Market
Chapter 3: Regional analysis of the Global Real World Evidence Solutions Market industry
Chapter 4: Real World Evidence Solutions Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Key Questions Answered with this Study
1) What makes Real World Evidence Solutions Market feasible for long term investment?
2) Know value chain areas where players can create value?
3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Real World Evidence Solutions Market?
6) Risk side analysis connected with service providers?
7) How influencing factors driving the demand of Real World Evidence Solutions in next few years?
8) What is the impact analysis of various factors in the Global Real World Evidence Solutions Market growth?
9) What strategies of big players help them acquire share in mature market?
10) How Technology and Customer-Centric Innovation is bringing big Change in Real World Evidence Solutions Market?
Some of the major players operating in the real world evidence solutions market are:
- IBM Corporation (U.S.)
- IQVIA (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Parexel International Corporation (U.S.)
- Optum, Inc. (U.S.)
- PerkinElmer Inc. (U.S.)
- ICON plc (Ireland)
- Oracle (U.S.)
- Cognizant (U.S.)
- Syneos Health (U.S.)
- Anthem Insurance Companies, Inc. (U.S.)
- Clinigen Limited (U.K.)
- SAS Institute Inc. (U.S.)
- Deloitte Touche Tohmatsu Limited (U.K.)
- Quantzig (India)
- Cardinal Health (U.S.)
- AmerisourceBergen Corporation (U.S.)
By Component (Data Sets, Services), Therapeutic Area (Oncology, Cardiovascular Disease, Neurology, Immunology, Others Therapeutic Areas), End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers, Other End Users)
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