Real-world Evidence Solutions Market to be Worth $5.04 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) 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’,

According to this latest publication from Meticulous Research^®, the global real-world evidence solutions market is expected to reach $5.04 billion by 2031 at a CAGR of 9.8% from 2024 to 2031. The growth of this market is driven by the growing incidence of chronic diseases, delays in drug development and the consequent increase in development costs, the rising focus on personalized healthcare, the shift toward value-based care, and the growing adoption of real-world evidence solutions in drug development and commercialization. However, reluctance to rely on real-world studies and lack of quality control in data collection are restraining the market's growth.

Furthermore, emerging economies and the rising focus on end-to-end RWE services offer growth opportunities for the players operating in this market. However, the lack of standardized methodologies for developing RWE and data privacy and security concerns are major challenges for the market’s growth.

Key Players

The key players operating in the global real-world evidence solutions market are Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), Parexel International Corporation (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), Merative L.P. (U.S.), Optum, Inc. (U.S.), Elevance Health, Inc. (U.S.), and Flatiron Health, Inc. (U.S.).

Real-world Evidence Solutions market: Future Outlook

The global real-world evidence 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, Clinical & Regulatory Decision Making), 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 50.2% of the real-world evidence (RWE) solutions market. This segment’s large market share is attributed to the increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment, the growing amount of medical data generated by hospitals, increasing dependence of outcome-based studies on real-world data (RWD), and rising demand for information regarding drug safety among healthcare payers, regulatory bodies, and providers.

Among all the applications studied in this report, the drug development & approvals segment is projected to witness the highest growth rate during the forecast period of 2024–2031. The rising incidence of diseases has compelled pharmaceutical and biopharmaceutical companies to focus on drug development contributing to the growth of this market. RWE can help address these developments in a manner aligned with the interests of all stakeholders. The effective deployment of RWE can accelerate the pace of discovery, enable drug approvals, and help understand the impact of new therapies, subsequently driving the market’s growth.

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 42.1% of the real-world evidence (RWE) solutions market. Pharmaceutical and biotechnology companies are increasingly utilizing RWE to collect real-time post-trial information about drugs, thus contributing to the largest share of the segment. The RWE drug information helps healthcare providers and researchers understand and control drug reactions, side effects, and medication errors. Additionally, the life sciences industry is rapidly adopting RWE solutions to speed up drug development, conduct observational research, and identify suitable individuals for clinical trials and marketing campaigns.

Geographic Review

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 52.9% of the real-world evidence (RWE) solutions market. This region’s large market share is attributed to the increasing R&D expenditure by pharmaceutical & biotechnology companies, the presence of key market players, supportive government initiatives, the implementation of EHR across the hospitals, and stringent regulations for drug approvals.

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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 real-world evidence (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 real-world evidence (RWE) solutions market?
Who are the major players in the global real-world evidence (RWE) solutions market?
What is the competitive landscape like, and who are the market leaders in the global real-world evidence (RWE) solutions market?
What are the recent developments in the global real-world evidence (RWE) solutions market?
What do the major players adopt the different strategies in the global real-world evidence (RWE) solutions market?
What are the geographical trends and high-growth regions/countries?

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