Westford, USA, July 12, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the drug development process for pharmaceutical companies is a complex and time-consuming endeavor, often taking several years to introduce a new drug molecule to the real world evidence solutions market. This process is accompanied by significant investments, with billions of dollars allocated to research and development.
Browse in-depth TOC on the "Real World Evidence Solutions Market"
- Pages - 242
- Tables - 90
- Figures – 76
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Big pharmaceutical companies adoption of clinical-genomic databases with tumor sequencing information has become increasingly prevalent in cancer discovery studies and targeted drug development. These databases provide comprehensive genomic profiles of tumors, allowing researchers to identify specific genetic alterations and biomarkers associated with different cancer types in the real world evidence solutions market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 2.45 Billion |
| 2030 Value Projection | USD 4.97 Billion |
| CAGR | 8.2% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Real World Evidence Solutions Market
- IQVIA Inc.
- Optum, Inc.
- IBM Corporation
- Syneos Health, Inc.
- PPD, Inc.
- Cognizant Technology Solutions Corporation
- Oracle Corporation
- Anthem, Inc.
- Clinigen Group PLC
- Change Healthcare Inc.
- Pharmaceutical Product Development, LLC (PPD)
- Evidera, Inc.
- HealthVerity, Inc.
- ICON plc
- Medidata Solutions, Inc.
- Flatiron Health, Inc.
- Pharmerit International LP
- COTA, Inc.
- Aetion, Inc.
- OM1, Inc.
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Services Segment is Expected to Grow in the Market Due to the Extensive Utilization of Real-World Services
The services segment has emerged as a dominant force driving the real world evidence solutions market's growth, capturing the maximum revenue share of over 55.2% in 2022. Moreover, it is expected to continue its impressive performance by registering the highest CAGR during the forecast period. This remarkable expansion can be attributed to the healthcare and pharmaceutical industries' extensive utilization of real-world services.
The markets in the North America stand as the leader in real world evidence solutions market domination, accounting for the largest revenue share of over 40.2% in 2022. This supremacy can be attributed to several factors. The presence of key industry players, particularly in the United States, contributes significantly to the region's substantial share.
Pharmaceutical and Medical Device Companies Segment is Expected to Dominate the Market Due to Increasing Recognition of Real-World Evidence Studies
The real world evidence solutions market growth is primarily driven by the pharmaceutical and medical device companies segment, which has emerged as a dominant player, capturing the largest revenue share of over 30.5% in 2022. This segment's stronghold can be attributed to the increasing recognition of the significance of real-world evidence (RWE) studies in evaluating drug performance in real-world situations.
Regional markets in the Asia Pacific emerges as the fastest growing region, anticipated to expand at the highest CAGR during the forecast period. This rapid growth can be attributed to multiple factors. There is a prominent increase in government initiatives within the region to embrace real-world evidence (RWE) studies.
A comprehensive analysis of the major players in the real world evidence solutions market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Real World Evidence Solutions Market
- Cegedim, a prominent healthcare technology company, recently made a significant move to bolster its position in Real-World Data (RWD) by acquiring Clinityx, a leading French medical data expert. This strategic acquisition solidifies Cegedim's foothold in real-world evidence (RWE), allowing them to offer comprehensive solutions and services leveraging RWD for research, analysis, and decision-making in the healthcare sector.
- In 2022, Verantos, recognized as a global leader in high-validity real-world evidence (RWE), unveiled the launch of their cutting-edge Verantos Evidence Platform. This platform represents a significant advancement in RWE, offering a comprehensive and robust solution for generating high-quality evidence from real-world patient data.
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Key Questions Answered in Real World Evidence Solutions Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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