At 13.9% CAGR, Global Real World Evident Solutions Market Size & Share to Hit USD 2.57 Billion by 2028 | RWE Solutions Industry Trends, Growth, Value, Statistics, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 17, 2022 /PRNewswire/ -- As per Zion Market Research study, The global real-world evidence solutions market reached the value of USD 1.29 billion in 2021 and is estimated to expand at a CAGR of 13.9 percent during the forecast period. The market is projected to achieve revenue growth of USD 2.57 billion by 2028. The report offers key market drivers, restraints, challenges, and their impact on the overall growth of the market.
Key Industry Insights & Finding of the Real-World Evident Solutions Market Reports:
- As per the analysis shared by our research analyst, the Real-World Evident Solutions Market is expected to grow annually at a CAGR of around 13.9 % (2022-2028).
- Through the primary research, it was established that the Real-World Evident Solutions Market was valued approximately USD 1.29 Billion in 2021 and is projected to reach to roughly USD 2.57 Billion by 2028.
- The growth of the RWE solutions market in North America is being driven by factors such as the growing number of pharmaceutical companies implementing RWE for drug approval processes, a rising number of RWE service providers, an increasing number of payers employing RWD, and favorable regulatory system.
- Asia Pacific RWE solutions market is being driven by the growing elderly population, rising need for enhanced healthcare services, the rising prevalence of chronic diseases, and increased government initiatives for the acceptance of RWE research.
- The healthcare environment is always evolving. Globally, "value" is being scrutinized more closely as healthcare finance players look for innovative ways of coping with the excessive economic burden and low return on investment.
Zion Market Research published the latest report titled as "Real-World Evidence Solutions Market By Component (Dataset And Services), Therapeutic Area (Oncology, Cardiovascular, Neurology, Immunology, And Others), End-User (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Devices Companies, And Other End Users), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Real-World Evident Solutions Market: Overview
When it comes to showing the efficacy of the therapy, real-world evidence (RWE) is a valuable resource. It aids in the comprehension of existing and possible novel treatment alternatives in terms of cost, safety, and efficacy. The real-world evidence solutions include services that help pharmaceutical, providers, payers, and healthcare firms manage their operations more efficiently while also speeding up the drug research and approval process.
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Industry Dynamics:
Real-World Evident Solutions Market: Growth Drivers
- Increase in backing from regulatory groups for the use of real-world evidence solutions to drive the market growth.
A post-market active safety surveillance system through newer digital tools, such as the FDA Sentinel Initiative as well as traditional pharmacovigilance tools such as the vaccine adverse event reporting system, periodic safety update report, and periodic benefit-risk evaluation report, are used by regulators to supervise the safety of marketed products. RWE is currently being employed in pre-approved efficacy determinations, and it has the ability that could be used more widely in pediatric ailments, rare diseases, and oncology where randomized controlled clinical trials are unethical or impracticable to execute. Simultaneously, the value of RWE solutions is also being recognized by legislators. RWE is a multifaceted FDA program. Internal processes, stakeholder involvement, and demonstration projects are all part of the plan to include top leadership in the RWE review. These factors are combinedly leading to the global real-world evidence solutions market growth.
Real-World Evident Solutions Market: Restraints
- Lack of willingness to depend on real-world research to impede the market growth.
Despite the fast adoption of RWE, certain stakeholders are still hesitant to depend on real-world research. Although payers have begun to embrace RWE, they prefer to base medication coverage decisions on randomized clinical trials (RCTs) rather than external observational data. The majority of RWD (real-world data) sources are not gathered for research reasons, implying that data quality is a problem. Businesses are also hesitant to use real-world evidence tactics since regulatory advice in this area is still in the works. Furthermore, for statistical validity, the approaches for correcting data discrepancies are not yet commonly acknowledged. Such difficulties are projected to stifle the market for RWE solutions.
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Global Real-World Evident Solutions Market: Opportunities
- Increasing emphasis on end-to-end real-world evidence services is likely to drive the market during the forecast period.
The healthcare environment is always evolving. Globally, "value" is being scrutinized more closely as healthcare finance players look for innovative ways of coping with the excessive economic burden and low return on investment. Companies require a robust evidence lifecycle management capability to establish value. This has opened the door for an end-to-end strategy to leveraging knowledge assets, evidence, and life sciences organization's data, breaking down conventional silos and enabling insight-driven decision-making from research & development activities through product commercialization. Additionally, the increased need for full evidence services all across the lifecycle of a product is likely to give RWE vendors with an opportunity to boost their investments during the whole drug development cycle. All these factors are estimated to have numerous opportunities for the global real-world evidence solutions market growth during the forecast period.
Global Real-World Evident Solutions Market: Challenges
- Inadequate data processing infrastructure and broadly acknowledged methodological standards may pose challenges for the market growth.
A fundamental difficulty in this sector is the lack of globally acknowledged rules or principles for the reporting, analysis, conduct, and design of RWE. Because of this lack of agreement, RWE is frequently not regarded as sufficient quality to be included in the body of data used to compare the efficacy of various treatment choices. This limits the ability to generate information by lowering the possible value of the data generated. Furthermore, important players are hesitant to embrace RWE as a result of this. Also, the most significant barrier is a serious lack of interoperable and digitalized patient data, particularly in rural areas. All such factors may act as a challenge to market growth.
Global Real-World Evident Solutions Market: Segmentation
- The global real-world evidence solutions market is divided based on component, therapeutic area, end-user, and region.
Based on the component, the global market is characterized by services and datasets. By therapeutic area, the market is classified into neurology, cardiovascular, oncology, immunology, and others. The end-user segment consists of healthcare payers, healthcare providers, pharmaceutical & medical devices companies, and other end users.
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List of Key Players of Real-World Evident Solutions Market:
- Optum Inc.
- PPD LLC
- PAREXEL International Corporation
- ICON plc.
- IBM Corporation
- IQVIA
- Syneos Health Inc
- SAS Institute Inc.
- Oracle Corporation
- Cognizant Technology Solutions Corporation
Key questions answered in this report:
- What are the growth rate forecast and market size for Real-World Evident Solutions Market?
- What are the key driving factors propelling the Real-World Evident Solutions Market forward?
- What are the most important companies in the Real-World Evident Solutions Market Industry?
- What segments does the Real-World Evident Solutions Market cover?
- How can I receive a free copy of the Real-World Evident Solutions Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- North America to lead the global market during the forecast period.
North America is expected to hold the greatest portion of the global real-world evidence solutions market during the forecast period. The growth of the RWE solutions market in North America is being driven by factors such as the growing number of pharmaceutical companies implementing RWE for drug approval processes, a rising number of RWE service providers, an increasing number of payers employing RWD, and favorable regulatory system. During the projected period, however, the Asia Pacific market is expected to expand at the fastest CAGR. Asia Pacific RWE solutions market is being driven by the growing elderly population, rising need for enhanced healthcare services, the rising prevalence of chronic diseases, and increased government initiatives for the acceptance of RWE research.
Global Real-World Evident Solutions Market is segmented as follows:
Real-World Evident Solutions Market: By Component Outlook (2022-2028)
- Services
- Data Sets
Real-World Evident Solutions Market: By Therapeutic Area Outlook (2022-2028)
- Oncology
- Cardiovascular
- Neurology
- Immunology
- Others
Real-World Evident Solutions Market: By End-Users Outlook (2022-2028)
- Pharmaceutical and Medical Devices Companies
- Healthcare Providers
- Healthcare Payers
- Other End Users
Real-World Evident Solutions Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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