Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Global Real World Evidence Solutions Market Size, Share & Trends Analysis Report by Component (Services, Data Sets), Application, End-use, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Market Outlook
The global real world evidence solutions market is on an unprecedented upsurge as the industry anticipates a compound annual growth rate of 8.4% from 2024 to 2030. A shift towards value-based care and favorable government regulations are spearheading this growth, with chronic disorders' prevalence further fueling market expansion. Real world evidence (RWE) is shaping up to become a cornerstone in the healthcare sector, enabling substantial advancements and efficiencies.
Pandemic Response and Technological Partnerships
In recent times, the COVID-19 pandemic catalyzed an accelerated pivot towards RWE solutions, and notable collaborations have emerged. Companies have focused on utilizing RWE to provide solutions aiming at pandemic response — from the development of digital health passports to automating IT operations that facilitate the reopening and continued operations of organizations safely and securely.
Economic Impact
The economic implications of RWE solutions within the U.S. healthcare industry alone present an opportunity ranging between USD 300 to 500 billion. These solutions are providing substantial value, with life sciences companies recognizing significant returns from RWE studies. The broad-spreading impact of RWE is expected to culminate in tens of billions of dollars in healthcare enhancements, marking it as a pivotal growth vector for the industry.
Regulatory Initiatives and Market Adoption
With strong market adoption in North America and Europe, the RWE solutions market is supported by robust initiatives from regulatory bodies. These initiatives range from the application in post-market safety monitoring to their usage in clinical trial design, observational studies, and decision-making processes for healthcare coverage. Such diverse applications are enhancing the appeal and integration of RWE into various healthcare facets, particularly as regulatory bodies like the FDA embrace RWE for analyzing COVID-19 treatments and other critical healthcare decisions.
Competitive Landscape
The competitive dynamic of the RWE solutions market vibrates with strategic corporate actions including mergers, partnerships, and product launches. Companies are keenly investing in these initiatives to stay ahead of the curve, continually enriching the RWE space with innovative solutions tailored to the evolving needs of clinical trials and patient outcomes.
Market Segments and Regional Dominance
Services within the RWE solutions hold a dominant market share, attributed to their surging demand, reflecting the industry’s pivot towards comprehensive, data-driven approaches. With drug development and approvals as the key application segments due to soaring adoption rates among pharmaceutical giants, the market is experiencing robust growth trajectories. Moreover, the healthcare payer's segment is predicted to witness exponential growth, driven by an enhanced awareness regarding the safety of medicines and medical devices. Geographically, North America leads the global market share, supported by the presence of leading market players, whereas Asia Pacific is emerging as a high-growth region with the rising prominence of contract research organizations.
The RWE solutions market is embodying the transition of healthcare towards a data-enriched future, promising improved patient outcomes, streamlined clinical workflows, and a value-based care framework. As the RWE landscape evolves, so does the promise of better healthcare delivery, efficiency, and innovation.
Companies Profiled
- IQVIA
- IBM
- PPD Inc.
- Parexel International Corporation
- PerkinElmer Inc.
- Icon Plc
- Oracle
- Syneos Health
- Cegedim Health Data
- Medpace
For more information about this report visit https://www.researchandmarkets.com/r/5522yr
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