Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Real-World Evidence Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Real-World Evidence Solutions Market is expected to register a CAGR of 12.5% during the forecast period.
The contagious coronavirus has a potential economic impact and implications on most of the sectors, including the pharmaceutical industry. Governments worldwide are now responding to the threat of COVID-19 with all the essential measures, such as social distancing, nationwide lockdown, travel restrictions, and large-scale quarantines that are anticipated to impact the businesses and consumer spending negatively.
In the context of the COVID-19, government organization in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on the development of effective and rapid diagnostic technologies. Moreover, many of the healthcare providers and drug developers have been stretching their available resources to curb the spread and develop effective medicines/vaccines for the COVID-19 pandemic The market is, thus, found witnessing a trend that is shifting toward digitalization and patient-centered virtual care. This is emphasizing the need for effective real-world solutions.
In April 2020, two healthcare data science companies, Aetion and HealthVerity, were found collaborating, extending their current relationship, to extract real-world medical evidence from electronic health records, to advise drug makers and regulators on COVID-19 treatments.
The real-world evidence solutions market will show rapid growth due to the shift from volume to value-based care, increasing aging population and prevalence of chronic diseases and delays in drug development and the subsequent increase in development costs. According to the World Ageing Population report, in 2019, approximately 702.9 million people living worldwide were aged 65 years and above, and the number is expected to reach 1,548.9 million by 2050. It has been calculated that almost half of the total chronic disease deaths are attributable to cardiovascular diseases, cancer, obesity, and diabetes that are showing increasing trends.
Pharmaceutical companies take several years to introduce a new drug molecule to market, and they invest billions in research and development with a low probability of success. To shorten the drug development cycles, pharma research centers need a clear insight on treatment options that work in a wide population compared to few patient pools in clinical trials. The use of real-world evidence (RWE) insights is thus found increasing as pharma and biotech companies realize that real-world evidence (RWE) can be important in drug development and life-cycle management and also increase efficiency in innovation and cost of clinical trials.
The big pharmaceutical companies are found using a clinico-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are thus able to broaden their indication range and conduct a small number of clinical trials for the rare biomarker-defined population. Thus it indicates the growth of real-world evidence solutions market, during the forecast period.
In addition, the real-world data sets are widely adopted by end-users for real-world evidence (RWE) for various applications such as drug development and approvals, market access and reimbursement/coverage decisions, clinical decision-making, and medical device development and approvals, among others, that helps in the growth of the overall market.
Key Market Trends
- Oncology is Anticipated to be the Dominant Segment
- North America is Expected to Hold a Significant Share
Competitive Landscape
The Real-World Evidence Solutions Market is fragmented competitive. Product launches, partnerships, collaborations, agreements, and market expansions are the key strategies adopted by players to grow and expand their presence in the real-world evidence solutions market. Some of the key players in the market includes IQVIA, ICON, PAREXEL, Oracle Corporation and Clinigen Group among others.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Shift From Volume- to Value-based Care
4.2.2 Increasing Aging Population and Prevalence of Chronic Diseases
4.3 Market Restraints
4.3.1 Unwillingness to Rely on Real-world Studies
4.3.2 Lack of Standards
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Claims Data
5.1.2 Clinical Settings Data
5.1.3 Patient-Powered Data
5.1.4 Pharmacy Data
5.1.5 Other Components
5.2 By Therapeutic Area
5.2.1 Oncology
5.2.2 Immunology
5.2.3 Neurology
5.2.4 Cardiovascular Disease
5.2.5 Other Therapeutic Areas
5.3 By End-user
5.3.1 Healthcare Payers
5.3.2 Healthcare Providers
5.3.3 Pharmaceutical & Medical Device Companies
5.3.4 Other End-users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Middle East & Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Clinigen Group PLC
6.1.2 Icon PLC
6.1.3 IBM
6.1.4 IQVIA
6.1.5 Oracle Corporation
6.1.6 Parexel International
6.1.7 PerkinElmer Inc.
6.1.8 Pharmaceutical Product Development (PPD Inc.)
6.1.9 SAS Institute
6.1.10 Syneos Health
6.1.11 Flatiron Health Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/510agb
