With increasing prevalence of cancer, the burden of cancer remains high with an estimated 1,735,350 new cases of cancer registered in 2018 in the U.S. and 609,640 deaths from the disease. There were 17 million new cases of cancer and 9.6 million deaths from cancer worldwide in 2018 (Source: Cancer Research UK). The growing focus on rapid advancement in technologies is expected to enable early detection and development of effective and novel treatments such as immunotherapy, targeted therapy which will ultimately increase the number of cancer survivors. However, these important advances in cancer care will continue to place significant economic burden on healthcare systems. To tackle burden of cancer, the generation of real-world evidence from real-world data is rapidly gaining traction to leverage real-world insights for all healthcare and life sciences stakeholders so as to expedite innovation in oncology care, reduce the cost of drug development and drug recalls, and monitor drug/device safety.

Although the conventional clinical trials are designed to demonstrate efficacy and safety under controlled circumstances, payers and regulators require marketing authorization holders to undertake non-interventional observational studies to generate evidence of burden of illness, treatment patterns, drug effectiveness, cost, and safety in the real-world setting.

In spite of increasing investment in oncology R&D by biopharmaceutical companies, several finalized trials do not succeed to answer critical questions for payers, regulatory bodies and healthcare providers due to lack of evidence. To fill this evidence gap, biopharmaceutical companies are focusing to reap the benefits of RWE which plays a greater role in drug approvals.

In addition, new technologies such as wearable devices are also enabling patients to generate their own health data, thus providing opportunities to learn from patient experiences with treatments and their impact on day-to-day life and address a number of evidentiary gaps related to the effectiveness, safety, and utility of treatments for patients in real-world settings.

Owing to the unique properties of Real-World Data (RWD) and Real-World Evidence (RWE); the global RWE solutions market is expected to grow at a CAGR of 15.0% to reach $1,644.8 million by 2024, according to Meticulous Research®

Browse in depth Report: https://www.meticulousresearch.com/product/real-world-evidence-solutions-market/

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