The Real-world Evidence Analytics Market is expected to grow at a CAGR of 15.1% during the forecast period 2022–2029 to reach $2.93 billion by 2029. The report analyses various RWE analytics solutions offered by key companies for different applications, including market access & reimbursement/coverage decisions, drug development & approvals, post-market surveillance, medical device development & approvals, and clinical & regulatory decision-making. These solutions are used by various end users such as pharmaceutical, biotechnology, and medical device companies, healthcare payers, and healthcare providers. Rapidly-growing big data in healthcare, a shift from volume to value-based care, and a rising focus on personalized healthcare are the primary drivers for the growth of the RWE analytics market.
AI Integration in RWE Analytics Current Trend in the Market
Data management & integration enhancements help improve the speed & quality of drug discovery and clinical trial processes. Artificial intelligence (AI) is employed in real-world data (RWD) to enhance data anomaly detection, standardization, and quality check at the pre-processing stage. AI is expected to offer pharma & biotech companies the ability to increase meaningful RWE output, decrease time to insights, and make the most of the available vast data sources. RWE technology platforms delivering smart data processing, analysis, and outcomes offer an unparalleled opportunity to capitalize on these computing advancements. When used as a part of a comprehensive RWE strategy, AI innovations can enhance drug development, improve patient treatment & access, and drive valuable new business opportunities.
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Key Findings in the Global RWE Analytics Market Study
Market Access & Reimbursement/Coverage Decisions to Dominate the Market
The market access & reimbursement/coverage decisions segment is estimated to account for the largest share of the RWE analytics market in 2022. The large market share of this segment is mainly attributed to the increasing demand for RWD and RWE to accelerate market access & reimbursement/coverage decisions, increasing investments by biopharmaceutical companies in R&D, and the growing inclination of regulatory bodies toward the use of RWE.
Pharmaceutical, Biotechnology, and Medical Device Companies Segment to Register the Largest Share in the RWE Analytics Market by 2029
The pharmaceutical, biotechnology, and medical device companies segment is estimated to account for the largest share of the RWE analytics market in 2022. The large market share of this segment is mainly attributed to the increasing importance of RWE analytics in drug development & approvals, and the growing need to avoid costly drug recalls and assess drug performance in real-world settings.
North America to Dominate the Regional Market
North America is estimated to command the largest share of the global RWE analytics market in 2022, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The rising burden of chronic diseases in the geriatric population, a shift towards value-based care, growing personalized healthcare, availability of electronic datasets, a well-developed healthcare industry, and rising big data in the healthcare sector are some of the major factors expected to drive the growth of this segment.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past four years . The key players profiled in the global RWE analytics market report include Clinigen Group plc (U.K.), ICON plc (Ireland), IQVIA Holdings 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.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health (U.S.).
Scope of the Report
Real-world Evidence Analytics Market, by Application
- Market Access & Reimbursement/Coverage Decisions
- Drug Development & Approvals
- Oncology
- Neurology
- Immunology
- Cardiovascular Diseases
- Other Therapeutic Areas
- Post Market Surveillance
- Medical Device Development & Approvals
- Regulatory and Clinical Decision-making
Real-world Evidence Analytics Market, by End User
- Pharmaceutical, Biotechnology, and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Other End Users
(Other end users include academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies)
Real-world Evidence Analytics Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- South Korea
- Taiwan
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: