Real World Evidence Solutions Market worth $2.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 1, 2022 /PRNewswire/ -- Real World Evidence Solutions Market size is projected to reach USD 2.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 15.2% during the forecast period according to a new report by MarketsandMarkets™. Potential of RWE in reducing drug development costs and expediting the drug development process, shift from volume- to value-based care, rise in the geriatric population and the subsequent increase in the prevalence of chronic diseases, and increased R&D spending for the development of new pharmaceutical products and medical devices are driving the growth of RWE solutions market.

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By component, services is expected to witness the fastest growth during the forecast period

Based on component, the RWE solutions market is segmented into data sets and services. In 2021, the services segment accounted for a larger share in the global RWE solutions market. Vendors in the RWE solutions market offers advanced analytics services and consulting services. Increasing demand for converting the data into actionable evidence is increasing the need to reduce drug development delays utilizing specific RWE services. The data sets are further segmented into disparate data sets and integrated data sets. The disparate data sets dominates by types of data sets in 2021. The growing adoption of digital healthcare trends has contributed to the increased availability of disparate data sources, such as EHR and patient/disease registries. Additionally, owing to the increasing use of these data sets in monitoring the safety of health products, regulatory authorities are taking initiatives to promote the better use of available data sets, which is driving the market growth for disparate data sets. The disparate data sets are further subsegmented into clinical settings data, claims data, pharmacy data, patient-powered data, and other data sets. In 2021, clinical settings data accounted for a dominating share owing to the rising demand for de-identified patient data for research purposes.

Post-market surveillance and clinical & regulatory decision making segments are expected to show fastest growth during the forecast period.

Based on application, the RWE solutions market is segmented into drug development and approvals, medical device development and approvals, post-market surveillance, market access reimbursement/coverage decision making, and clinical and regulatory decision-making. The post-market surveillance and clinical & regulatory decision making segments are expected to show the fastest growth rate during the forecast period owing to the increased incidence of adverse events, rise in concerns for patient safety, and growing importance of RWE in regulatory decision makings.

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Pharmaceutical & medical device companies is expected to remain the dominating  segment in 202

Based on end user, the RWE solutions market is segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users. The pharmaceutical & medical device companies segment dominates the end user segment and is also expected to witness highest growth rate during the forecast period. The large share and high growth of this end-user segment can be attributed to the need to prevent costly drug recalls and increasing importance of RWE studies in drug approvals. RWE data  is needed  for new drugs to sucessfuly pass-through clinical phases. Hence, the successful phase transition of any drugs across pharmaceutical company depends on the strong real-world outcomes.

Asia Pacific to witness the highest growth rate during the forecast period

By Region, the RWE solutions market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to show the highest growth rate during the forecast period. Increasing government initiatives for the adoption of RWE studies, rising geriatric population, and rising number of clinical trials are driving the growth of RWE solutions market in Asia Pacific region.

The key players operating in the RWE solutions market include IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), Parexel International Corporation (US).

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