Meticulous Research®—leading global market research company published a research report titled “Real-world Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Forecast to 2029.”
According to this latest publication from Meticulous Research®, the real-world evidence (RWE) solutions market is expected to grow at a CAGR of 11.8% from 2022–2029 to reach $4.9 billion by 2029. The rapid growth of large data in healthcare, shift from volume to value-based care, and rising focus towards personalized healthcare are expected to positively impact the RWE solutions market. However, the lack of standardized methodologies to develop RWE is a major challenge for the growth of this market.
The RWE solutions market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented by Component (Datasets and Consulting Services), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post Market Surveillance, Medical Device Development & Approvals, and Other Applications), End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on component, the datasets segment is estimated to account for a larger share of the RWE solutions market in 2022. The large share of this segment is mainly attributed to the growing amount of medical data generated in hospitals and the increasing dependence of outcome-based studies on real-world data. EHRs are the most commonly used form of healthcare database that helps in conducting outcome-based studies. EHR data is playing an increasingly vital role in collecting and generating actionable information at the FDA. Governments across the world are undertaking initiatives to increase the adoption of EHR/EMR data. For instance, in September 2020, to digitalize the entire healthcare ecosystem of India, the Ministry of Health and Family Welfare (MoHFW) released a draft policy termed the Health Data Management Policy.
Based on application, the market access & reimbursement/coverage decisions segment is estimated to account for the largest share of the RWE solutions market in 2022. The pharmaceutical, biotech, and medical device industries face unprecedented challenges due to the global economic crisis, COVID-19 pandemic, and concerns about escalating healthcare costs. Due to rising therapy costs, healthcare payers are increasingly focused on evidence of clinical value for making decisions associated with providing coverage. RWE helps provide a means for demonstrating value, ranging from confirming randomized trial benefits in real-world populations to a fuller characterization of resource impacts. Real-world data (RWD) is being increasingly considered by both industry and payers. Payers use the data to support coverage decisions, develop guidelines and decision support tools for use in clinical practice, generate estimates of the potential population they cover that could require the treatment, and estimate potential costs and cost offsets.
Based on end user, the pharmaceutical & medical device companies segment is estimated to account for a larger share of the RWE solutions market in 2022. The large market share of this segment is mainly attributed increasing importance of RWE studies in drug development & approvals, and the growing need to avoid costly drug recalls and assess drug performance in real-world settings. The healthcare landscape continues to shift from volume to value-based care and is continuously developing. Pharmaceutical companies have been looking for new ways to provide the best treatments for patients. Real-world evidence helps in understanding real-life clinical practices and actual health outcomes of drugs. Pharmaceutical and biotech companies are increasingly utilizing real-world evidence for collecting real-time post-trial information about drugs, which helps healthcare providers and researchers understand the negative reactions, side effects, and medication errors related to the drugs, thereby enabling them to control the potential harm caused by the drugs.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Latin America, and the Middle East & Africa.
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Key companies operating in the global RWE 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.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health (U.S.).
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