Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Real World Evidence Solutions Market by Components (Consulting Services and Data Sets), by Application (Medical Device Development and Approvals, Drug Development and Approvals, Post Market Surveillance, Market Access and Reimbursement Coverage Decisions, and Others), by End User (Healthcare Providers, Healthcare Payers, Pharmaceutical and Medical Device Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global real world evidence solutions industry was expected to gain $5.0 billion by 2031, having witnessed a value of $1.4 billion in 2021, and is exhibiting a CAGR of 13.7% from 2022 to 2031.
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Prime Factor Influencing Market Growth:
The global real world evidence solutions market is driven by the rise in the incidence of cancer and chronic illnesses, a significant increase in the utilization of advanced evidence technologies in the real world, and an increase in pipeline drugs. However, a lack of awareness and an unwillingness to use real-world data hampered the market growth. On the contrary, the growing economies of the world have the ability to experience rapid economic growth, and the rising emphasis on complete, real-world evidence services offers new opportunities for market growth in the coming years.
The data sets segment to maintain its dominance throughout the forecast period-
In terms of components, the data sets segment held the major share in 2021, accounting for three-fifths of the global real world evidence solutions market revenue, and is projected to maintain its dominance throughout the forecast period. The same segment would also display the fastest CAGR of 14.3% from 2022 to 2031. This is due to an increase in chronic and autoimmune diseases, as well as an increase in the adoption of RWE solutions based on artificial intelligence by pharmaceutical companies. This is due to an increase in chronic and autoimmune diseases, as well as an increase in the adoption of RWE solutions based on artificial intelligence by pharmaceutical companies.
Recent Development for Real World Solution Market
- In January, 2022 U.S. FDA issued draft guidance on data source regarding assessing electronic health records and medical claims data to support regulatory decision making for drug and biological products.
- In December 2021, the Center for Biologics Evaluation and Research (CBER), Center for Drug Evaluation and Research (CDER, and Center for Devices and Radiological Health (CDRH) have released proposal guidance on the use of "Digital Health Technologies for Remote Data Acquisition in Clinical Investigations". This guidance outlines the use of computing platforms, software, and sensors to facilitate remote data acquisition during clinical investigations.
- In October 2021, Syneos Health, Inc. (U.S.) acquired RxDataScience (U.S.), a healthcare-focused data analytics, AI, and data management company. This acquisition was aimed at offering biopharmaceutical customers technology-enabled, insights-powered solutions to accelerate performance across the product lifecycle.
- In November, 2021 IQVIA launched, SmartSolve eQMS a post market surveillance tool which is used to manage, track and document all the steps from PMS planning through reporting. It can reduce both costs and demands on resources, while increasing product safety and performance.
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The market access and reimbursement coverage decisions segment to maintain its lead position during the forecast period-
In terms of application, the market access and reimbursement coverage decisions segment held the major share in 2021, accounting for nearly one-third of the global real world evidence solutions market revenue, and is anticipated to maintain its lead position during the forecast period. The same segment would also portray the highest CAGR of 14.5% by 2031. The other segments that are studied in the report include drug development and approval, post-market surveillance, and the development and approval of medical devices.
The pharmaceutical and medical device companies segment to retain its lion's share over the forecast period-
In terms of end user, the pharmaceutical and medical device companies segment grabbed the largest market share in 2021, holding two-fifths of the global real world evidence solutions market revenue, and is anticipated to retain its lion's share over the forecast period. The same segment would also cite the highest CAGR of 14.7% from 2022 to 2031. This is due to the prevalence of chronic illnesses and the increase in research and development (R&D) activities that are driving the segment's expansion.
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North America region to dominate the share by 2021-
In terms of region, North America held the largest share in 2021, garnering around two-fifths of the global real world evidence solutions market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the increasing need for evidence-based solutions in the real world, the shift towards value-based care services, as well as several strategies used by leading players for product development. On the other hand, the Asia-Pacific region would cite the fastest CAGR of 14.8% during the forecast period. This is due to the increasing geriatric population and the prevalence of cancer and other chronic illnesses in the region.
Industry-Leading Market:
- Flatiron Health
- Clinigen Group PLC
- IBM Corporation
- Parexel International Corporation
- Elevance Health Inc.
- ICON PLC
- Clarivate PLC
- IQVIA
- Perkin Elmer Inc.
- Cognizant Technology Solution Corporation
- Symphony Innovation LLC
- Medpace Holding Corporation
- Syneos Health Inc.
- SAS Institute Inc
- Oracle Corporation
The report offers a detailed analysis of the leading players in the global real world evidence solutions market. These players have employed various strategies, including new product launches, geographic expansion, partnerships, and agreements to expand their market presence and remain dominant in various regions. The report represents the top segments, product portfolio, business performance, and strategic actions of market participants to emphasize the competitive landscapes.
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