Redding, California, July 11, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Real-World Evidence Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Forecast to 2029”, published by Meticulous Research®, the RWE solutions market is expected to grow at a CAGR of 11.8% from 2022–2029 to reach $4.9 billion by 2029.
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Real-world evidence (RWE) is clinical evidence gathered via RWD analysis on the use and potential benefits or risks of a medical product. RWE can be produced through various study designs or analyses, including but not limited to randomized trials, large simple trials, pragmatic trials, and observational studies (prospective or retrospective). RWE has several applications, including drug development life cycles, shortening development timelines, reducing the costs of clinical trials, and improving the probability of technical and regulatory success. The growth of this market is driven by key factors such as the rapid growth of large data in healthcare, the shift from volume to value-based care, and the rising focus towards personalized healthcare.
Impact of COVID-19 on RWE Solutions Market
The key players operating in the RWE solutions market experienced an initial market shrinkage due to uncertainties associated with the impact of the COVID-19 pandemic. The market shrinkage was mainly due to significant restrictions on travel in many countries, shifting of resources on COVID-19 treatments in healthcare settings, and limited access to hospitals. These factors affected the amount of real-world data generated globally.
However, after the initial shrinkage, real-world evidence (RWE) is set to become the most influential emerging technology to fight against the COVID-19 outbreak. Real-world evidence solutions can provide valuable insights to better understand, monitor, and prepare for the challenges caused by the COVID-19 pandemic. RWD has been used increasingly to map the progression of the disease and to discover vaccines and immediate treatments. Thus, the effectiveness of the use of RWD made a significant impact during the pandemic and continues to play a significant role in the treatment of infected patients.
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RWE Solutions Market: Future Outlook
The RWE solutions market is segmented by component (datasets and consulting services), application (market access & reimbursement/coverage decisions, drug development & approvals, post market surveillance, medical device development & approvals, and other applications), end user (pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers, and other end users) and Geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on component, the datasets segment is estimated to account for the largest share of the RWE solutions market in 2022. The large market share of this segment is attributed to the increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment, the growing amount of medical data generated in hospitals, increasing dependence of outcome-based studies on real-world data, and rising demand for information regarding drug safety among payers, regulatory bodies, and providers. However, the consulting services segment is expected to witness the fastest growth rate during the forecast period. Real-world evidence consulting service providers make use of robust real-world datasets generated by conducting prospective/observational studies to offer customized consulting services to generate fit-for-purpose data and insights for their stakeholders instead of providing terabytes of data.
Based on application, the market access & reimbursement/coverage decisions segment is estimated to account for the largest share of the RWE solutions market in 2022. However, the drug development & approvals segment is expected to witness the fastest growth rate during the forecast period. Factors attributing to the growth of this segment include increasing demand for real-world data and real-world evidence to accelerate drug discovery and development and increasing investments by biopharmaceutical companies in R&D. In the field of drug development, quality-of-life metrics and Patient-reported Outcome Measures (PROMs) are now becoming common elements in clinical trials. The evidence generated from real-world data is regularly utilized to inform aspects of drug development. The role of RWE in drug development is expanding as RWE studies are significantly less costly and time-consuming than RCTs, providing easier access to long-term effectiveness data and helping overcome some of the feasibility barriers of running RCTs.
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Based on end user, the pharmaceutical, biotechnology, & medical device companies segment is expected to witness the fastest growth rate during the forecast period. Rising pharmaceutical R&D spending is the major factor attributed to the growth of this segment. The cost of developing a new drug was more than $2,600 million in 2020 compared to $802 million in 2003. This increase in drug development costs reflects various technical, regulatory, and economic challenges pharmaceutical R&D pipelines face. The global R&D spending in 2021 surged by 7.0% ($212 billion) compared to 2020. Real-world evidence helps in understanding real-life clinical practices and actual health outcomes of drugs. It also helps generate broader scientific evidence and commercial insights, valuable for the pharmaceutical industry.
Geographically, North America is expected to command the largest share of the RWE solutions market in 2022. The large market share of this region is mainly attributed to the increasing prevalence of chronic diseases, stringent regulations for drug approvals, implementation of the 21st Century Cures Act, availability of electronic datasets, advancements in the healthcare industry, and rising big data in healthcare sectors. The adoption of EHRs in the hospitals and patient registries is boosting the RWE solutions market in North America. The basic EHR adoption had increased since 2010 in the U.S. from 27.9% in 2010 to nearly 86% in 2017. As of 2022, 94% of the hospitals in the US are in the process of adopting EHRs.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Asia-Pacific (Japan, China, India, Australia, and RoAPAC), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Latin America, and the Middle East & Africa.
Key companies operating in the global RWE solutions market are IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), SYNEOS HEALTH, INC. (U.S.), CLARIVATE PLC (U.S.), Medpace Holdings Inc. (U.S.), Symphony Innovation, LLC (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM 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.), and Flatiron Health (U.S.).
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Scope of the Report:
RWE Solutions Market, by Component
- Datasets
- Disparate Datasets
- EMR/EHR/Clinical Data
- Claims & Billing Data
- Pharmacy Data
- Product/Disease Registries Data
- Other Disparate Datasets
- Integrated Datasets
- Disparate Datasets
- Consulting & Analytics
(Note: Other Disparate Datasets include data generated from mobile devices, wearable devices, and social media)
RWE Solutions 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
- Other Applications
(Note: Other Therapeutic Areas include infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases, Other Applications include regulatory and clinical decision-making)
RWE Solutions 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)
RWE Solutions 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
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