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U.S. 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
Report ID: MRHC - 104556 Pages: 103 Oct-2022 Formats*: PDF Category: Healthcare Delivery: 2 to 4 Hours Download Free Sample ReportThe U.S. RWE Solutions Market is expected to grow at a CAGR of 13.1% from 2022 to 2029 to reach $2.22 billion by 2029. Real-world evidence (RWE) is clinical evidence gathered via RWD analysis on the use and potential benefits or risks of a medical product. RWE can be produced through various study designs or analyses, not limited to randomized trials, large simple trials, pragmatic trials, and observational studies (prospective or retrospective). RWE has several applications, including drug development life cycles, shortening development timelines, reducing the costs of clinical trials, and improving the probability of technical and regulatory success. Rapidly growing big data in healthcare, shift from volume to value-based care, and rising focus towards personalized healthcare have been considered to have a positive impact on the U.S. RWE solutions market.
The key players operating in the U.S. RWE solutions market experienced an initial shrinkage due to uncertainties associated with the impact of the COVID-19 pandemic. The market shrinkage was mainly due to significant restrictions on travel in many countries, shifting resources on COVID-19 treatments in healthcare settings, and limited access to hospitals. However, after initial shrinkage, the adoption of real-world evidence (RWE) is rising to fight against the COVID-19 outbreak.
Healthcare professionals are working tirelessly on faster diagnosis, rapid response, and effective use of human resources, and ensuring medical personnel's safety. As the COVID-19 outbreak continues to take its toll on U.S. markets, real-world evidence (RWE) is the most influential emerging technology to fight against the COVID-19 outbreak. Real-world evidence is becoming an essential tool in trying to suppress COVID-19.
There is growing interest in whether non-randomized real-world evidence (RWE) can be used to supplement RCT evidence and aid in clinical decision-making but concerns about non-randomized RWE have been highlighted by a proliferation of RWE studies on medications and COVID-19 outcomes with widely varying conclusions. A systematic approach to generating information to support clinical and public health decision-making is needed. Real-world data (RWD) captured directly from patients or through medical claims or electronic medical records (EMRs) have the potential to support clinical decision-making.
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Datasets Generated Larger Proportion of Revenue Compared to Consulting and Analytics
The datasets segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large share of this segment is primarily 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 in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information regarding drug safety among payers, regulatory bodies, and providers.
Market access & Reimbursement/Coverage Decisions to Dominate the Market
The market access & reimbursement/coverage decisions segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large share of this segment is primarily attributed to the increasing demand for real-world data and real-world evidence to accelerate drug discovery and development, increasing investments by biopharmaceutical companies in R&D, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE).
Real-world data (RWD) is being increasingly considered by both industry and payers in the U.S. 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.
Pharmaceutical & Medical Device Companies Segment is Expected to Account for the Largest Share in the U.S. RWE solutions market
The pharmaceutical & medical device companies segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large 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 understand 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.
Key Players
The report includes a competitive landscape based on extensive assessment of the key strategic developments that led market participants to adopt over the past four years. The key players profiled in the U.S. RWE solutions market report includes Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), 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, Inc. (U.S.).
Scope of the Report
U.S. RWE Solutions Market, by Component
U.S. RWE Solutions Market, by Application
U.S. RWE Solutions Market, by End User
Key questions answered in the report:
The U.S. RWE solutions market covers the market size & forecasts the various real-world evidence solutions offered by key market players to support pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers, and other end-users in making key decisions majorly related to market access & reimbursement/coverage decisions, drug development & approvals, post-market surveillance, medical device development & approvals. TheU.S. RWE solutions market studied in this report involves the value analysis of various segments and sub-segments of RWE solutions providers in the U.S.
The U.S. RWE solutions market is projected to reach $2.22 billion by 2029, at a CAGR of 13.1% during the forecast period.
Based on component, the datasets segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large share of this segment is primarily 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 in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information regarding drug safety among payers, regulatory bodies, and providers.
The drug development &approvals segment is estimated to register the fastest CAGR during the forecast period due to increasing demand for real-world data and real-world evidence to accelerate drug discovery and development, increasing investments by biopharmaceutical companies in R&D, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE).
Growing incidence of chronic & infectious diseases, delays in drug development and the subsequent increase in development costs, rising focus towards personalized healthcare, a shift from volume to value-based care, and rapidly growing big data in healthcare have been considered to have a positive impact on the U.S. RWE solutions market. Further, significant opportunities for existing market players and new entrants are provided by rising focus on end-to-end RWE services, and rising adoption of wearable devices and AI in RWE
Key companies operating in the U.S. 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 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, Inc. (U.S.).
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