Pharmaceutical and Life Sciences Real World Evidence Market Outlook 2021-2030: Comparison of Randomized Clinical Trials and Real World Evidence

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May 04, 2021, 13:15 ET

DUBLIN, May 4, 2021 /PRNewswire/ -- The "Pharmaceutical and Life Sciences Real World Evidence (2nd Edition), 2021-2030: Distribution by Applications, Real World Data Sources, Key Therapeutic Areas and Geography" report has been added to ResearchAndMarkets.com's offering.

Drug discovery and development is a complex and time intensive process that requires a significant amount of resources and capital investments (~USD 2.6 billion). In fact, on an average, the journey from establishment of initial proof-of-concept to product launch, takes around 10-12 years. Moreover, regulatory approval is dependent on the results of randomized clinical trials (RCTs), which are estimated to account for a staggering 40% of the pharmaceutical industry's budget in the US. It is also well known that clinical research is fraught with various other challenges, including inefficiencies in medical data management and processing, unforeseen delays, risk of failure / study termination and several patient recruitment and retention-related concerns.

Further, since such trials are conducted under controlled conditions and involve a fairly homogenous patient population, there are chances that, post commercial launch, approved products fail to perform as expected. In this context, the application of insights from real world data, accrued from past trials, has been demonstrated to have the potential to save up to USD 1 billion per year. In fact, real world evidence can actually complement results from controlled RCTs, thereby, validating the therapeutic potential of a new chemical / biological entity.

In December 2016, after the 21st Century Cures Act was passed, the United States Food and Drug Administration (USFDA) began considering the application of real world evidence in healthcare decision-making. Ever since, pharmaceutical companies and health economists have developed advanced tools and analytical algorithms to mine pharmaceutical big data, in order to better understand the clinical value of product candidates targeting some of the rarest medical conditions. Presently, big pharmaceutical companies are estimated to spend nearly USD 20 million on an annual basis, on generating real world evidence to support their respective clinical development programs. Over time, insights from real world data have not only influenced product approval-related decisions, but also helped convince insurance provider / payers into offering reimbursement for new drugs / therapies. The growing adoption of artificial intelligence and machine learning in big data analysis, is anticipated to better inform future drug discovery initiatives, thereby, reducing the risk of product failure. The adoption of real world evidence in healthcare decision making is projected to grow substantially as the healthcare industry shifts towards the personalized medicine.

The report features an extensive study of the current market landscape and future potential of the industry players that are engaged in offering real world data / analytics / services to the pharmaceutical and life sciences industries. The study presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this domain.

The USD 4.5 billion (by 2030) financial opportunity within the real world evidence market has been analyzed across the following segments:

Type of Application
Types of Real World Data Sources
Therapeutic Area
Geography

Companies Mentioned

AbbVie
Acceliant
Accenture
Accsight
Advera Health Analytics
Aetion
AG Mednet
Aixial
Allergan
Allscripts
Alpha MD
AMA Innovation Lab
AstraZeneca
ASUS Life
ATAI Life Sciences
Atrium Health
Axonal-Biostatem
Axtria
Bayer
BC Platforms
Bio Valley
Bioserv
Boehringer Ingelheim
Boston Scientific Corporation
Bristol-Myers Squibb
CB Insights
Celeri Health
Cisiv
CitiusTech
CK Aspire
Clarivate Analytics
Cleveland Clinic
Clinerion
Clinical Trial EndPoint
Clinigen Group
Cloudera
CloudMoyo
Cluell
Cognizant
conferenceseries.com
Covance
Custodix
Cytel
D Cube Analytics
Daiichi Sankyo
Data2Life
Databricks
Datavant
DCC
DHIS2
DIGIPHARM
DuPage Medical Group
eClinical Forum
Econcare
Eli Lilly
Elligo Health Research
Ephicacy
EPID Research
ESiOR
EUCROF
EVERSANA
Evex Medical
Evidera
Evidilya
Excelra
ExL Events
eyeforpharma
Flatiron Health
Fuzzy Logix
Gate2Biotech
Genentech
Genospace
GlaxoSmithKline
GNS Healthcare
Graticule
GSK
Harvard Medical School
Healiant
IBC Asia
IBM Watson Health (IBM)
iClusion
Idorsia
Indegene
Infosys
Ingress Health
Innovation Enterprise
Inovalon
Insight Pharma Services
IntrinsiQ Specialty Solutions
IQVIA
Janssen
JDRF
Johaus Global
Johns Hopkins University
Kaiku Health
Kaiser Permanente
LynxCare
M2Gen
M2S
MA Provider
MakroCare
MAP BioPharma
marcus evans
MarkLogic
Medialis
Medpace
MedSoft
Medstreaming
Medtronic
Merck
Metaforms
Model Answers
Novartis
Novo Nordisk
Numerus
O4 Research
Omega CRO
OncoStats
OPEN Health
Optra Systems
OptumInsight
Opyl
Oracle
OrbitalRX
Oriola
Pfizer
pH Associates
phUSE
PotentiaMED
PRA Health Sciences
Premier
Provisio
Public Health England
Qlik
Quantify Research
Quantzig
Raven Biosciences
Real Consulting Data
REAL Europe
Roam
Roche
RTI Health Solutions
RWE Genesys
RxAnte
S3 Connected Health
SAS
Savana
Sciformix
Self Care Catalysts
Semicrol
SerenaGroup
SHYFT Analytics
SmartAnalyst
SMi Group
SQN Clinical
Stanford University
StatFinn
Strategy Institute
SVMPharma
Syapse
Syneos Health
Synergus
Syntel
Takeda Pharmaceuticals
Talking Medicines
Talosix
Target RWE
Techtrials International
Tempus
TFS
TriNetX
Trinity Industries
T-Systems
United BioSource (UBC)
Validic
Verantos
Verily Life Sciences
Vestrum Health
Vitaccess
Wipro
Xcenda
xCures
Yale University
Zeblok
ZEINCRO
Zem Solutions
Zephyr Health

For more information about this report visit https://www.researchandmarkets.com/r/pizh9z

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