Global Real World Evidence Solutions Market (2021 to 2026) - Rising Focus on End-to-End RWE Services Presents Opportunities

DUBLIN, Aug. 17, 2021 /PRNewswire/ -- The "Global Real World Evidence (RWE) Solutions Market with COVID-19 Impact Analysis by Component (Dataset, Services), Therapeutic Area (Oncology, Cardiovascular, Neurology), End-user (Pharma, MedTech, Payers, Providers), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global RWE solutions market is projected to reach USD 2.3 billion by 2026 from USD 1.2 billion in 2021, at a CAGR of 14.4% during the forecast period.

The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.

The Services segment accounted for the largest market share in 2020

Based on component, the market is segmented into data sets and services. In 2020, the services segment accounted for a larger share of 58.8% of the global RWE solutions market. This segment is also estimated to grow at the highest CAGR of 16.0% during the forecast period. The rising need to convert data into actionable evidence, the growing need to reduce drug development delays, and the availability of a large volume of healthcare data are the major factors driving the growth of this market segment.

The Oncology segment accounted for the largest market share in 2020

Based on the therapeutic area, the RWE solutions market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of 24.8% of the RWE solutions market in 2020. This segment is projected to reach USD 560.5 million by 2026 from USD 285.5 million in 2021, at a CAGR of 14.4% during the forecast period. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

The Pharmaceutical and Medical Device Companies segment accounted for the largest market share in 2020

Based on end-user, the RWE solutions market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share of 46.3% of the RWE solutions market in 2020. This segment is also estimated to grow at the highest CAGR of 16.8% during the forecast period. The large share and high growth of this end-user segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

North America was the largest regional market for real world evidence solutions market in 2020

The global RWE solutions market is segmented into five major regions, namely, North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 60.8% of the global market. Factors such as the favorable regulatory environment, the increasing number of payers using RWD, the growing number of RWE service providers, and the increasing number of pharmaceutical companies adopting RWE for drug approval processes are driving the growth of the RWE solutions market in North America. The Asia-Pacific market, however, is estimated to grow at the highest CAGR during the forecast period. The increasing government initiatives for the adoption of RWE studies, the rising burden of chronic diseases, increasing demand for better healthcare services, and the increasing geriatric population are driving the growth of the RWE solutions market in the Asia-Pacific.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Real-World Evidence Solutions Market Overview
4.2 Asia-Pacific: Real-World Evidence Solutions Market, by End-user and Country (2020)
4.3 Real-World Evidence Solutions Market: Geographic Growth Opportunities
4.4 Regional Mix: Real-World Evidence Solutions Market (2021?2026)
4.5 Real-World Evidence Solutions Market: Developed vs. Developing Markets

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
5.2.1.2 Shift from Volume- to Value-based Care
5.2.1.3 Potential of RWE in Reducing Drug Development Costs and Expediting the Drug Development Process
5.2.1.4 Growth in R&D Spending
5.2.1.5 Support from Regulatory Bodies for the Use of RWE Solutions
5.2.2 Restraints
5.2.2.1 Reluctance to Rely on Real-World Studies
5.2.3 Opportunities
5.2.3.1 Growth Opportunities in Emerging Markets
5.2.3.2 Rising Focus on End-to-End RWE Services
5.2.4 Challenges
5.2.4.1 Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure
5.2.4.2 Shortage of Skilled Professionals

6 Industry Insights
6.1 Industry Trends
6.1.1 Emerging Role of Wearable Devices
6.1.2 Social Media-Sourced RWE
6.1.3 Growing Use of RWD and RWE Across the Pharmaceutical Industry
6.1.4 Internal vs. Outsourced RWE Analytics Approach
6.1.5 Incorporation of Artificial Intelligence in RWD Management
6.2 Real-World Data Sources
6.3 Ecosystem Analysis
6.4 COVID-19 Impact on the Real-World Evidence Solutions Market
6.5 Regulatory Recommendations for Real-World Evidence Solutions
6.5.1 North America
6.5.2 Europe
6.5.3 Asia-Pacific
6.6 HCIT Expenditure/Pricing Analysis
6.6.1 North America
6.6.2 Europe
6.6.3 Asia-Pacific

7 RWE Solutions Market, by Component
7.1 Introduction
7.2 Services
7.2.1 Rising Need to Convert Data into Actionable Evidence to Drive the Demand for RWE Services
7.3 Data Sets
7.3.1 Clinical Settings Data
7.3.1.1 Increasing Utilization of EHR Data for Trial Recruitment to Fuel the Growth of this Market Segment
7.3.2 Claims Data
7.3.2.1 Growing Need to Understand the Economic Benefits of Drug Reimbursement by Payers to Drive Growth in this Market Segment
7.3.3 Pharmacy Data
7.3.3.1 Increasing Adoption of e-Prescribing Systems to Drive the Growth of this Market Segment
7.3.4 Patient-Powered Data
7.3.4.1 Increasing Need to Access Opinions on Diseases and Treatments Across Social Media to Drive the Growth of this Market Segment

8 RWE Solutions Market, by Therapeutic Area
8.1 Introduction
8.2 Oncology
8.2.1 Growing Number of Clinical Trials Focused on Cancer Treatment to Drive the Growth of this Market Segment
8.3 Cardiovascular Disease
8.3.1 High Prevalence of CVD to Drive the Growth of this Market Segment
8.4 Neurology
8.4.1 Growing Prevalence of Neurological Disorders to Drive the Growth of this Market Segment
8.5 Immunology
8.5.1 Increasing Focus on Developing Innovative Products to Drive the Growth of this Market Segment
8.6 Other Therapeutic Areas

9 RWE Solutions Market, by End-user
9.1 Introduction
9.2 Pharmaceutical & Medical Device Companies
9.2.1 Increasing R&D Expenditure and Robust Pipeline to Drive Market Growth
9.3 Healthcare Payers
9.3.1 Increased Focus on Outcome-based Payment Models to Drive the Demand for RWE Solutions
9.4 Healthcare Providers
9.4.1 Rising Need to Improve the Profitability of Healthcare Operations to Boost the Use of RWE Solutions
9.5 Other End-users

10 RWE Solutions Market, by Region

11 Competitive Landscape
11.1 Introduction
11.2 Competitive Benchmarking
11.2.1 End-User Footprint of Companies
11.2.2 Product Footprint of Companies
11.2.3 Regional Footprint of Companies
11.3 Real-World Evidence Solutions Market: R&D Expenditure
11.4 Revenue Analysis of Key Market Players
11.5 Competitive Leadership Mapping
11.5.1 Stars
11.5.2 Emerging Leaders
11.5.3 Pervasive Players
11.5.4 Emerging Companies
11.6 Competitive Leadership Mapping - Start-Ups/SMEs
11.6.1 Progressive Companies
11.6.2 Starting Blocks
11.6.3 Responsive Companies
11.6.4 Dynamic Companies
11.7 Market Ranking Analysis
11.8 Competitive Situation and Trends
11.8.1 Solution Launches
11.8.2 Deals
11.8.3 Other Developments

12 Company Profiles
12.1 Key Players
12.1.1 IQVIA
12.1.2 IBM
12.1.3 Optum (a Subsidiary of the United Health Group, Inc.)
12.1.4 Pharmaceutical Product Development, LLC
12.1.5 PAREXEL International Corporation
12.1.6 PerkinElmer
12.1.7 ICON plc
12.1.8 Oracle
12.1.9 Cognizant
12.1.10 Syneos Health
12.1.11 Anthem
12.1.12 Clinigen
12.1.13 SAS Institute
12.1.14 Cerner Corporation
12.1.15 Cegedim Health Data
12.1.16 Aetion
12.1.17 TriNetX
12.1.18 Trinity
12.1.19 Verantos
12.1.20 Medpace Holdings
12.2 Other Players
12.2.1 Syapse
12.2.2 Ciox Health
12.2.3 Tempus
12.2.4 Flatiron Health
12.2.5 Sciformix

13 Appendix

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