Global Real-world Data (RWD) Market Report 2022: Growing Adoption of RWD in Drug Development and Commercialization to Shape Sector Moving Forward

DUBLIN, Dec. 30, 2022 /PRNewswire/ -- The "Real-world Data (RWD) by Source (EMR, Claims, Pharmacy, Disease Registries), Application [Market Access, Drug Development & Approvals (Oncology, Neurology), Post Market Surveillance], and End User (Pharma, Payers, Providers) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The real-world data (RWD) market is expected to grow at a CAGR of 7.4% from 2022 to 2029 to reach $1.66 billion by 2029.

Following a detailed secondary and primary research and an in-depth analysis of the market scenario, the report provides the key drivers, restraints, challenges, and opportunities in the real-world data (RWD) market.

The growing burden of chronic diseases, delays in drug development and the consequent increase in development costs, the rising attention towards personalized healthcare, the shift toward value-based care, and rapidly growing big data in the healthcare sector are the major drivers for the real-world data (RWD) market. However, the lack of standardized methodologies for developing real-world data solutions is a major challenge for market growth.

Based on source, the pharmacy data segment is slated to register the CAGR during the forecast period. The increasing focus on e-prescriptions and the volume of pharmacy data can serve as real-world data sources to help guide sales and market access strategy, provide data-driven insights to aid the payers' and HTAs' decision-making, maximize payer coverage, and improve patient outcomes.

Based on application, the drug development & approvals segment is slated to register the highest CAGR during the forecast period. RWD can be applied in drug development to support label expansion, optimize clinical use to support label revisions and meet postmarketing information and safety monitoring requirements. RWD insights can help accelerate the drug development & approvals process in a manner aligned with the interests of all stakeholders. Thus, the effective deployment of RWD can accelerate the pace of discovery, enable drug approvals, and help understand the impact of new therapies, thereby boosting the market's growth.

Based on end user, the pharmaceutical, biotechnology, and medical device companies segment is slated to register the highest CAGR during the forecast period. The increasing importance of real-world data studies in drug development & approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings are driving the growth of this segment.

Based on geography, North America is expected to grow with the highest CAGR during the forecast period. The growth of this regional market is attributed to the increasing prevalence of chronic diseases, stringent regulations for drug approvals, implementation of the 21st Century Cures Act, availability of electronic datasets, the region's well-developed healthcare industry, and the increasing utilization of big data in healthcare.

Market Dynamics

Drivers

• Rising Awareness of Personalized Healthcare
• Delay in Drug Development and the Consequent Increase in Development Costs
• Growing Burden of Chronic Diseases
• Shift toward Value-based Care
• Rapidly Growing Big Data in the Healthcare Sector

Restraints

• Reluctance to Rely on Real-world Data Studies

Opportunities

• Emerging Economies
• Rising Focus on End-to-end RWE Services

Challenges

• Lack of Standardized Methodologies for Developing Real-world Data Solutions

Key Market Trends

• Growing Adoption of RWD in Drug Development and Commercialization
• Rising Number of Consolidations

Scope of the Report:
Global Real-world Data Market, by Source

• EMR/EHR/Clinical Data
• Claims & Billing Data
• Pharmacy Data
• Product/Disease Registries Data
• Genomics Data
• Other Datasets

Note: Other sources include data gathered from other sources, such as mobile devices, wearable devices, and social media, which can provide information on health status.

Global Real-world Data Market, by Application

• Market Access & Reimbursement/Coverage Decisions
• Drug Development & Approvals
• Oncology
• Neurology
• Immunology
• Cardiovascular Diseases
• Other Therapeutic Areas
• Post-market Surveillance
• Medical Device Development & Approvals
• Regulatory and Clinical Decision-making

Note: Other Therapeutic Areas include infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.

Global Real-world Data Market, by End User

• Pharmaceutical, Biotechnology, and Medical Device Companies
• Healthcare Payers
• Healthcare Providers
• Other End Users

Note: Other end users include academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.

Global Real-world Data Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• India
• South Korea
• Taiwan
• Singapore
• Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Insights

5. Global Real-world Data Market: Regulatory Analysis

6. Global Real-world Data Market, by Pricing Model

7. Global Real-world Data Market, by Source

8. Global Real-world Data Market, by Application

9. Global Real-world Data Market, by End User

10. Real-world Data Market, by Geography

11. Competitive Landscape

12. Company Profiles (Business Overview, Financial Overview, Solution Portfolio, Strategic Developments)

13. Appendix

Companies Mentioned

• Anthem Inc. (U.S.)
• IQVIA Holdings Inc. (U.S.)
• ICON plc (Ireland)
• PPD Inc. (U.S.)
• Clinigen Group plc (U.K.)
• Cognizant Technology Solutions Corporation (U.S.)
• Oracle Corporation (U.S.)
• PAREXEL International Corporation (U.S.)
• PerkinElmer Inc. (U.S.)
• SAS Institute Inc. (U.S.)
• UnitedHealth Group Incorporated (U.S.)
• Flatiron Health Inc. (U.S.).

For more information about this report visit https://www.researchandmarkets.com/r/oxit96

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SOURCE Research and Markets