Redding, California - August 14, 2024
Real-world Evidence Solutions Market to be Worth $6.37 Billion by 2031
Real-world Evidence Solutions Market Size, Share, Forecast, & Trends Analysis by Component (Datasets [Clinical, Claims, Pharmacy], Services) Application (Market Access, Drug Development & Approvals, PMS), and End User - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled,'Real-world Evidence Solutions Market Size, Share, Forecast, & Trends Analysis by Component (Datasets [Clinical, Claims, Pharmacy], Services) Application (Market Access, Drug Development & Approvals, PMS) End User - Global Forecast to 2031’.
The global RWE solutions market was valued at $2.62 billion in 2023. This market is expected to reach $6.37 billion by 2031 from an estimated $2.94 billion in 2024, at a CAGR of 11.7% during the forecast period of 2024-2031.
The increasing prevalence of chronic illnesses, drug development delays and the resulting rise in development costs, the growing emphasis on personalized healthcare, the move toward value-based care, and the expanding use of real-world evidence solutions in drug development and commercialization are the main factors propelling the growth of the real-world evidence solutions market. Moreover, participants in the real-world evidence solutions market could expect to see substantial development prospects due to the emergence of emerging economies and the growing emphasis on end-to-end RWE services. Many organizations use delivery methods that can offer value-based care with the goal of improving population health and achieving better results. An end-to-end strategy for utilizing a life sciences organization's data, evidence, and knowledge assets enables R&D to commercialization through insight-driven decision-making.
Key Players
The key players operating in the global real-world evidence solutions market are IQVIA Holdings Inc. (U.S.), Elevance Health, Inc. (U.S.), ICON plc (Ireland), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Revvity, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Parexel International Corporation (U.S.), and HealthVerity, Inc. (U.S.).
Real-world Evidence Solutions Market: Future Outlook
The global RWE solutions market is segmented by Component (Datasets [Disparate Datasets {EMR/HER/Clinical Data, Claims & Billing Data, Pharmacy Data, Product/Disease Registries Data, Genomics Data, and Other Disparate Datasets}, and Integrated Datasets], and Consulting & Analytics), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals [Oncology, Neurology, Immunology, Cardiovascular Diseases, and Other Therapeutic Areas], Medical Device Development & Approvals, Post-market Surveillance, and Other Applications), End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), and Geography. This study also evaluates industry competitors and analyzes the market at the global and regional levels.
Among all the components studied in this report, in 2024, the datasets segment is expected to account for the largest share of 53% of the RWE solutions market. The significant market share of this segment can be attributed to several factors, including the growing amount of medical data generated by hospitals, the growing reliance on outcome-based research on real-world data (RWD), and the growing healthcare payer, regulatory, and provider demand for drug safety information.
Among all the applications studied in this report, the drug development & approvals segment is projected to witness the highest growth rate of 13.1% during the forecast period of 2024–2031. The pharmaceutical and biopharmaceutical industries have been forced to concentrate on medication development due to the increasing prevalence of diseases, which has fueled the market's expansion. All parties involved can benefit from RWE's assistance in responding to these developments. By facilitating drug approvals, quickening the pace of development, and assisting in the analysis of the effects of novel medicines, the efficient application of RWE can propel the market's expansion.
Among all the end users studied in this report in 2024, the pharmaceutical, biotechnology, and medical device companies segment is expected to account for the largest share of 39.1% of the RWE solutions market. The largest portion of the market is accounted for by pharmaceutical and biotechnology businesses, which are using RWE more and more to gather real-time post-trial data about medications. Researchers and healthcare professionals can better comprehend and manage medication errors, side effects, and drug responses with the aid of the RWE drug information. Furthermore, the life sciences sector is utilizing RWE solutions at a quick pace to perform observational research, expedite medication development, and find qualified candidates for marketing campaigns and clinical trials.
This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Taiwan, Singapore, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa.
Among all the regions studied in this report, in 2024, the North America region is expected to account for the largest share of 48.9% of the RWE solutions market. The pharmaceutical and biotechnology industries' rising R&D spending, the existence of significant market participants, government measures that are supportive, the adoption of EHR in hospitals, and strict drug approval procedures are all responsible for this region's substantial market share.
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Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, end user, and region/country?
- What was the historical market size for the RWE solutions market globally?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global RWE solutions market?
- Who are the major players in the global RWE solutions market?
- What is the competitive landscape like, and who are the market leaders in the global RWE solutions market?
- What are the recent developments in the global RWE solutions market?
- What are the different strategies adopted by the key players in the global RWE solutions market?
- What are the geographical trends and high-growth regions/countries?
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