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Meticulous Research®– leading global market research company published a research report titled “Real World Evidence (RWE) Solutions Market by Component [Data Sets, EMR, Consulting Services], Application [Drug Development & Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User - Forecast to 2027”.
According to this latest publication from Meticulous Research®, the real-world evidence (RWE) solutions market is expected to grow at a CAGR of 16.5% from 2020 to $3.13 billion by 2027. The high growth of the real-world evidence solutions market is mainly attributed to the rising geriatric population and burden of chronic diseases, focus towards value-based care, growing attention for personalized healthcare, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making. However, reluctance to rely on real-world studies and uneven quality of real-world data sources is expected to hinder the growth of real-world evidence solutions market. In addition, growth opportunities in emerging markets, rising focus on end-to-end RWE services, emerging roles of wearable devices, social media, and AI in RWE represent high-growth opportunities for players operating in the real-world evidence solutions market.
Rising Adoption of Wearable Devices and AI in RWE
Wearable devices are useful for better monitoring of real-time, long-term, and dynamic physiological and pathological processes. They are convenient for managing chronic illnesses and track consumers' fitness activities, sleeping habits, body temperature, and heart rate. The wearable devices not only help in capturing relevant patient health information but are also convenient and user-friendly. In the last few years, the adoption of wearable devices has increased along with the growing adoption of healthcare apps. The wearables industry is constantly changing and continuously evolving. However, the wearables market is still growing and currently dominated by health, wellness, and activity tracking devices. For instance, in March 2020, Fitbit Inc. (U.S.) launched Fitbit Charge 4 with the most advanced health & fitness tracker with built-in GPS, active zone minutes, and sleep tools.
Currently, life science companies are adopting advanced tools, such as AI and big data, to prepare organizations to better adapt to this RWE market. A combination of these technologies with RWE can make life science organizations more effective in developing better products in a shorter timeline.
The real-world evidence solutions market study presents historical market data in terms of values (2018 & 2019), estimated current data (2020), and forecasts for 2027- Real World Evidence (RWE) Solutions Market by Component (Data sets, EMR, Consulting Services), Application (Drug Development, Neurology, Market Access, Medical Device Development), End User (Pharmaceutical Companies, Healthcare Payers) and Geography–Forecast to 2027. The study also evaluates industry competitors and analyzes the market at regional and country levels.
On the basis of component, in 2020, the data sets segment is expected to hold the largest share of the real-world evidence solutions market. The largest share of this segment is mainly attributed to the increasing need for additional insights on epidemiology; compliance, adherence, & costs in a realistic environment; the growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information by the payers, regulatory bodies, and providers regarding drug safety.
The real-world data sets market is further segmented into disparate data and integrated data. Disparate data is estimated to account for the largest share in 2020 owing to greater availability and access to individual data sources over integrated data sets, increasing adoption of EHR/EMRs in hospitals, the growing use of wearable devices, technological advancement in the storage of medical data, growing use of registries, and greater availability of claims data. However, integrated data sets are expected to witness the fastest growth during the forecast period.
On the basis of application, the drug development and approvals segment is estimated to account for the largest share in 2020. An increase in the demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE are expected to propel the growth of this segment. The drug discovery and development segment is further segmented based on the therapeutic area into oncology, cardiovascular diseases, neurology, immunology, and other therapeutic areas. The oncology segment is estimated to account for the largest share in 2020 and is also expected to witness the fastest growth during the forecast period owing to the rising prevalence of cancer worldwide, growing R&D expenditure for cancer drugs, and greater adoption of RWE for innovation in oncology.
Based on end user, the real-world evidence solutions market is segmented into pharmaceutical, biotech, & medical device companies; healthcare payers; healthcare providers; and other end users. The increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, and the increasing need to assess drug performance in real-world settings supported the largest share of pharmaceutical, biotech & medical device companies.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is expected to dominate the real-world evidence solutions market in 2020, followed by Europe and Asia-Pacific. Availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, presence of major RWE players in the region, and implementation of 21st Century Cures Act (December 2016), and FDA’s Framework for RWE (December 2018) in the U.S. supported the largest share of North America in the real-world evidence solutions market.
The key players operating in the real-world evidence solutions market are Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (A Subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc. (U.S.), and Syneos Health, Inc. (U.S.), among others.
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Key questions answered in the report-
- What is the current value of revenue generated by real-world evidence solutions across the globe?
- At what rate the demand for real-world evidence solutions is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for real-world evidence solutions across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the real-world evidence solutions market at various levels in the value chain?
- Which segments in terms of the component, application, and end-user create the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the RWE data sets market?
- Who are the major players in the real-world evidence solutions market? And also, what are their specific data sets/ consulting service offering in the real-world evidence industry?
- What recent developments have taken place in real-world evidence solutions, and how these strategic developments create a global impact in this market?
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According to the latest publication from Meticulous Research®, the global medical practice