The importance of real-world evidence is that it supplements data from randomized controlled studies (RCTs). Both have a design, interpretation, and extrapolation restrictions. It is critical to construct real-world research correctly; otherwise, it may be deceptive. Unlike RCTs, real-world research represents clinical experiences from a wider and more diverse range of patients. Regular aspects include larger sample volumes and longer follow-up periods. After a medicine is approved, this information can be used to examine long-term effects and give further safety information. Furthermore, because these investigations leverage existing data sources, they can be less expensive and time-consuming than RCTs.
Covid-19 Impact & Market Status
The spread of the COVID-19 pandemic has had both immediate and long-term effects for individuals and health systems throughout the world. Many pharmaceutical, biotechnology, and medical device businesses want to join the fight against COVID-19 by using human data science to promote health-system research in conjunction with the world's top academic academics. The healthcare sector is increasingly inclined to broadening the use of RWE beyond traditional safety-related applications, thanks to a drive to radically expedite R&D and a better knowledge of data science. Due to the transition from volume-based to value-based care, the ageing of the population and the presence of chronic conditions, as well as the delay in medication development and the subsequent increase in development costs, the market for genuine evidence solutions is growing fast. It has been estimated that cardiovascular illnesses, cancer, obesity, and diabetes, which are all on the rise, account for over half of all chronic disease fatalities. Huge amounts of medical data due to increasing attention to patient enrollment, increased adoption of EMR in hospitals, a surge in mobile health data and social media, and an increasing need for evidence from real-world data has been generated.
Services Will Become the Most Lucrative Sector
Depending on the component, the market is segmented into data sets, services, claims data, pharmacy data, clinical setting data, and patient driven data. The global market for solutions for real-world evidence was dominated by the services sector. During the forecast period, this category is expected to experience the fastest CAGR growth. This market sector is being driven ahead by the growing need to transform data into useful evidence, the growing desire to reduce medication development times, and the accessibility of a sizable amount of healthcare data.
Oncology Segment will grow Significantly
Cancer, immunology, neurology, cardiovascular disease, and other therapeutic areas are segmented in the market for therapeutic area solutions. Most of real world evidence solution sales came from the oncology category. The increasing number of clinical oncology studies being conducted and the increasing prevalence of cancer diseases worldwide occupy a significant share of this segment.
Pharmaceutical and medical device segment will continue atop
The primary market sectors for real world evidence solutions include payers, healthcare providers, pharmaceutical and medical device companies, and other end users. The largest market share for RWE solutions was still held by the pharmaceutical and medical device sectors. Over the course of the forecast period, this category is expected to increase at the fastest CAGR. This large share and rapid rise in the end-user segment is due to the growing importance of RWE research in drug approval, the need to minimize costly drug recalls, and the growing demand for assessing drug efficacy thing.
North America to Render Ample Investment Avenues
North America, Europe, Asia-Pacific, and South America are the regions that make up the worldwide Real World Evidence solutions market. The biggest proportion of the worldwide market was held by North America. A favourable regulatory environment, an increase in the frequency with which payers use RWD, an increase in the number of RWE service providers, and an increase in the number of pharma manufacturers using RWE for the drug development process are all driving the market for RWE solutions in North America forward.
RWE (real-world evidence) offers clinically rich insights into what happens in regular practice. Stakeholders from many parts of the healthcare system utilize this new information to help them make better decisions and enhance patient outcomes. It is critical to construct real-world research correctly, otherwise they may be deceptive.
RWE stands for real-world evidence (RWD), which is a quantitative measurement acquired outside of randomised controlled trials (RCTs) and generated in everyday clinical practice. RWE is calculated using data from hybrid trials, pragmatic trials, and late-stage studies. Such information is kept in electronic health records (EHR), databases for medical claims or billing operations, registries, patient-generated data, and mobile devices, among other places.
When clinical trials are unable to account for the full patient population of a condition, real-world data is used. Patients with comorbidities, patients in different geographic regions or age groups, or who have not participated in clinical trials may not respond to the drug as expected. RWE provides answers to these questions and a long-term assessment of their pharmacological effects.
The market for RWE solutions globally is anticipated to reach $3 billion by 2029. The rising older population (and, consequently, the prevalence of chronic illnesses) is a key factor in the expansion of this market. The shift from volume to value-based care, the delay in the discovery of new medications, higher R&D spending, and regulatory support for the implementation of RWE solutions are additional significant factors driving the growth of this industry.
IQVIA, Syneos Health, Inc., Oracle Corporation, PAREXEL International Corporation, IBM Corporation, SAS Institute Inc., ICON plc, Cognizant Technology Solutions Corporation, PPD, LLC, and Optum, Inc. are the major competitors in this industry. These are the major players on the international real-world evidence market.
Latest Innovations in the Real-World Evidence Solution Market
- Traditional clinical trials, in which new medications and equipment are thoroughly tested and tracked before being sold and widely distributed, drive much of medical innovation. By giving information on a larger cross-section of society, real-world evidence can assist overcome the limits of clinical trials. This can aid doctors, researchers, and industry partners in better understanding how their products perform. With patient-generated data, such as PRO (patient-reported outcomes) or biometric data that is simpler to collect between doctor visits, RWE can also improve routine outcome assessments in clinical trials.
Real-World Evidence Solution Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3 billion|
|Segment Covered||Component, Therapeutic Area, End Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IQVIA, Syneos Health, Inc., Oracle Corporation, PAREXEL International Corporation, IBM Corporation, SAS Institute Inc., ICON plc, Cognizant Technology Solutions Corporation, PPD, LLC, and Optum & among others.|
Key Segments of the Real-World Evidence Solution Market
Component Overview, 2022-2029 (USD Billion)
- Data Sets
- Claims data
- Patient powered data
- Clinical setting data
- Pharmacy data
Therapeutic Area Overview, 2022-2029 (USD Billion)
End Users Overview, 2022-2029 (USD Billion)
- Pharmaceutical and Medical Devices Companies
- Healthcare Payers
- Healthcare Providers
Regional Overview, 2022-2029 (USD Billion)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Rest of South America
Middle East and South Africa