Real World Evidence Solutions Market is Expected to Reach $4.5 Billion | MarketsandMarkets™

Chicago, March 05, 2024 (GLOBE NEWSWIRE) -- Real World Evidence Solutions market in terms of revenue was estimated to be worth $2.0 billion in 2024 and is poised to reach $4.5 billion by 2029, growing at a CAGR of 16.5% from 2024 to 2029 according to a latest report published by MarketsandMarkets™. The market growth is driven by the transition from volume to value-based care, increased investments in research and development for innovative pharmaceutical drugs and medical devices. Moreover, the growing emphasis on offering of end-to-end Real-World Evidence (RWE) services is anticipated to present growth opportunities for the RWE solution market over the forecast period.

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Real World Evidence Solutions Market Scope:

Based on component, the real-world evidence solution market is segmented into services and data sets. The service segment includes advanced analytics services and consulting services. In 2023, the service segment accounted for the largest share in the RWE solution market. The growth of this segment is attributed to advanced analytics services which helps in extracting meaningful patterns of information. This also helps the clinicians in making the precise treatment decisions. Moreover, consulting services play a crucial role in assisting end-users in organizing multifunctional workshops for the development of Real-World Evidence (RWE), patient-centered outcomes, and operational plans. Additionally, the RWE services helps healthcare professionals in transforming Real-World Data (RWD) into actionable Real-World Evidence.

Based on application, the real-world evidence solution market is segmented into drug development and approvals, medical device development and approvals, post market surveillance, market access and reimbursement/coverage decision making, and Clinical & regulatory decision making. The drug development and approval segment are further divided into oncology, cardiovascular disorders, neurology, immunology, and other therapeutic areas. The oncology subsegment dominated the drug development and approvals segment in 2023 owing to a rise in clinical trials conducted for the oncology field and increasing number of cancer cases across the globe.

Based on end user, the real-world evidence solution market is segmented into pharmaceutical and medical devices companies, healthcare payers, healthcare providers, and other end-users which includes CROs, academic institutions, patient advocacy groups, and HTA agencies. The pharmaceutical and medical devices companies dominated the segment in 2023. The growth of this segment is attributed to an increasing investment in R&D for the development of new medicines and medical devices.  The Real-World Evidence (RWE) solutions proves highly beneficial in the innovation of drugs and medical devices, contributing to cost and time reduction in the drug development process. Thus, to decrease the cost and time associated with drug development several pharmaceutical and medical device companies are adopting the RWE solution.

The real-world evidence solution market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the largest share of the RWE solutions market in 2023. This is attributed to the favorable regulatory policies and the increasing number of pharmaceutical and medical device companies in the region. Furthermore, the growing number of clinical trials conducted in the United States is driving the growth of the regional market. As US is a global hub for clinical trials, with the majority of these trials occurring within the country, attributed to its well-established regulatory system and extensive hospital infrastructure. Thus the substantial volume of clinical trials conducted in this region is expected to enhance the adoption and implementation of Real-World Evidence (RWE) solutions.

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Real World Evidence Solutions market major players covered in the report, such as:

• Iqvia holdings Inc. (US)
• Merative(US)
• Optum Inc. (US)
• Icon Plc. (Ireland)
• Syneos Health (US)
• Parexel International Corporation (US)
• Thermo Fisher Scientific Inc. (US)
• LABORATORY CORPORATION OF AMERICA HOLDINGS (US)
• Oracle (US)
• Medspace Holdings Inc. (US)
• ELEVANCE HEALTH, INC. (US)
• Clinigen Group plc (UK)
• Cegedim Health Data (France)
• Verantos (US)
• HealthVerity, Inc. (US)
• Datavant (US)
• Syapse, Inc. (US)
• Tempus (US)
• Flatiron Health (US)
• SAS Institute Inc. (US)
• Aetion Inc. (US)
• Trinetx Llc. (US)
• Trinity (US)
• PerkinElmer, Inc. (US)
• COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION (US)
• and Among Others

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The study categorizes the Real-World Evidence Solution Market based on components, application, end user at regional and global level.

Real-World Evidence Solution market, by components,

• Real-World Evidence Solution, Service
• Real-World Evidence Solution, Data sets
  • Disparate Data sets
    • Clinical settings data
    • Claims data
    • Pharmacy data
    • Patient-powered data
    • Other data sets
  • Integrated Data sets

Real-World Evidence Solution market, by application

• Drug development and approvals
  • Oncology
  • Cardiovascular diasease
  • Neurology
  • Immunology
  • Other therapeutic areas
• Medical device development and approvals
• Post-market surveillance
• Market access and reimbursement/coverage decision making
• Clinical and regulatory decision making

Real-World Evidence Solution market, by mode of deployment

• On -premises
• Cloud Based

Real-World Evidence Solution market, by revenue model

• Pay Per Usage (Value-Based Pricing)
• Subscription

Real-World Evidence Solution market, by end-User

• Pharmaceutical and medical device companies
• Healthcare payers
• Healthcare providers
• Other end users

Real-World Evidence Solution market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • RoE
• Asia Pacific
  • Japan
  • China
  • India
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • Rest of Middle East and Africa

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Key Market Stakeholders:

• Original Equipment manufacturers
• Pharmaceutical and biotechnology companies
• Medical device companies
• Clinical laboratories
• Contract research organizations
• Medical device research and consulting firms
• Academic and research institutes
• Government associations
• Market research and consulting firms
• Venture capitalists and investors
• Hospitals and clinics
• Insurers
• Academic medical centers
• Government research organizations
• Contract and research organizations
• Regulatory agencies

Report Objectives:

• To define, describe, and forecast the global Real-World Evidence Solution market on the basis of components, application, end user, and region.
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, opportunities, and challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and to provide details of
• the competitive landscape for market leaders.
• To forecast the size of the market segments with respect to five main regions, namely,
• North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. (along with major countries in these regions)
• To profile the key players and comprehensively analyze their market shares and core competencies in the RWE solutions market.
• To track and analyze competitive developments such as business expansions, partnerships, agreements, and collaborations; mergers& acquisitions; and new product/service launches in the global RWE solutions market.

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