Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global real world evidence solutions market size was valued at USD 15.52 billion in 2022 and is projected to grow from USD 16.13 billion in 2023 to USD 36.24 billion by 2030, exhibiting a CAGR of 12.3% during the forecast period.
The introduction of advanced real world evidence solution analytics has made real world data an even more powerful resource for pharmaceutical and medical device companies. Advanced real world evidence solutions analytics include predictive models, machine learning, probabilistic causal models, and unsupervised algorithms to extract meaningful data from rich data sets.
This information is provided by Fortune Business Insights™ in its research report titled “Real World Evidence Solutions Market, 2023-2030.”
Key Industry Development:
- November 2022: Castor, a provider of hybrid and decentralized clinical trial technology solutions, introduced a new offering to simplify post-marketing clinical trials.
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Key Takeaways:
- Advancements in data analytics and technology
- Increasing demand for real-world evidence (RWE) solutions
- IQVIA Inc., UnitedHealth Group, IBM, and Cognizant are the major players operating in the market.
- North America dominated the market in 2022.
Discover the Leading Players Featured in the Report:
Leading Players in Real World Evidence Solutions Market are IQVIA Inc. (U.S.), IBM (U.S.), Cognizant (U.S.), Syneos Health (U.S.), Oracle (U.S.), Clinigen Limited (U.K.), Icon plc (Ireland), Optum Inc. (United Health Group) (U.S.), Flatiron Health (F. Hoffmann-La Roche) (U.S.), Thermo Fisher Scientific Inc. (U.S.), Parexel International Corporation (U.S.), SAS Institute Inc. (U.S.), Perkin Elmer Inc. (U.S.), Cegedim Health Data (France)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.3% |
| 2030 Value Projection | USD 36.24 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 16.13 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 154 |
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Drivers and Restraints:
Improvement of Drug Development and Approvals to Foster the Market Growth
The proper criteria for identification of potential patients and clinical trial can be done with the help of real world evidence solutions. These solutions play a wide range of applications in the areas of the testing of medications, the vaccine development process, and the designing of digital therapeutics. Hence, the real world evidence solutions market growth is anticipated to witness a rise in demand during the pandemic.
With the rising demand and usage of real world evidence solutions, there is an urgent need for standardized regulations for these solutions globally. The lack of standardization in terms of analytics relating to real world data and real world evidence can generate an analysis of substandard quality, lack of transparency in terms of techniques, inability to integrate data from disparate sources, and unreliable results.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Segments:
Clinical Settings Data Held the Largest Share Due to the Growing Number of Clinical Trials Globally
On the basis of type, the market is divided into clinical setting data, claims data, pharmacy data, patient-powered data, and others.
The clinical settings data segment dominated the real-world evidence solutions market share in 2022 due to various factors such as value-based reimbursements in key regions, increased Electronic Health Records (EHR) adoption, and constant growth in the number of clinical trials.
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Pharmaceutical and Medical Device Companies Segment to Dominate the Market Owing to Increasing Usage of these Solutions in Drug Development
Based on application, the market is segregated into pharmaceutical and medical device companies, healthcare payers, healthcare providers, and others.
The pharmaceutical and medical devices companies segment is credited to hold the largest share in 2022. This dominance is majorly credited to the increasing adoption of these solutions in drugs and medical device development and approvals.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Regional Insights:
North America Dominated the Market Owing to High Adoption of Advanced Health and Drug Development
North America led the market with the highest revenue in 2022. The dominance of the market can be credited to the high adoption of real-world evidence solutions by key pharmaceutical companies and increased spending on R&D to develop advanced health and drug development record systems in the region.
Europe is credited with a significant share of the market. The increase in the adoption of these solutions by regulatory bodies is driving the growth of the market.
Competitive Landscape:
IQVIA Inc. Led the Market in 2022 with Strong Product and Service Offerings
Prominent players in the market such as Cognizant, Optum Inc., IQVIA Inc, and IBM Corporation held a significant share. These players are continuously focusing on diversifying their service offerings and entering into agreements, acquisitions, and partnerships to back their position in the market. Other key players, such as PerkinElmer Inc., Oracle Corporation, Syneos Health, Parexel International Corporation, are also focusing on introducing new services to maintain their presence in the market.
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FAQ’s
How big is the Real World Evidence Solutions Market?
Real World Evidence Solutions Market size was USD 36.24 billion by 2030.
How fast is the Real World Evidence Solutions Market growing?
The Real World Evidence Solutions Market will exhibit a CAGR of 12.3% during the forecast period, 2023-2030
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