Burlingame, Oct. 06, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global real-world data (RWD) market is estimated to be valued at US$ 1.59 billion in 2023 and is expected to exhibit a CAGR of 14.4% during the forecast period (2023-2030).
Real-world data (RWD) involves information collected from different sources and settings outside controlled clinical trials. It comprises data from insurance claims, electronic health records, wearable devices, patient registries, and more. RWD offers valuable insights into real-world patient experiences, disease patterns, and treatment outcomes, healthcare research support, development of evidence-based interventions, and decision-making.
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Market Drivers:
Increasing demand for evidence-based medicine to fuel market growth
There is a rise in emphasis on evidence-based medicine that relies on real-world evidence which comes from real-world data. Market players in healthcare industries, including regulators, healthcare providers, and payers are becoming more aware of the importance of using RWD for making informed decisions regarding comparative effectiveness, treatment effectiveness, cost-effectiveness, and safety. As a result, the demand for real world data solutions is increasing rapidly, which is further driving growth of the market.
Regulatory support and guidance to boost market pace
Regulatory agencies such as the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) are making use of real-world evidence in regulatory decision making processes. These regulatory authorities have frameworks and guidelines for using RWE and RWD in regulatory submissions, post-market surveillance, and drug approvals. As a result, the demand for real-world data is rising, which in turn is expected to support growth of the market in the coming future.
Real-world Data (RWD) Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.4% |
| Market Size in 2023 | $1.59 billion |
| 2030 Value Projection | $4.07 billion |
| Base Year | 2022 |
| Historical Data for | 2017 to 2021 |
| Segments covered | • By Source, By Application, By End User |
| Growth Drivers | • Increasing Adoption of Electronic Health Records (EHRs) • Growing Demand for Evidence-Based Medicine • Regulatory Support and Guidance • Advancements in Data Analytics and Technologies |
Market Key Developments:
In 2022, IQIVA completed acquisition of Enlight Analytics, a leading provider of real-world data solutions for life sciences industry.
In 2021, PPD, Inc. which is now acquired by Thermo Fisher Scientific Inc. revealed that it has completed acquisition of Aetion, who provides RWD insights and analytics.
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Market Opportunities:
Access to market and lucrative reimbursement policies are generating growth opportunities in the global real-world data (RWD) market. The use of real-world evidence derived from RWD demonstrates value and cost-effectiveness of medical devices and drugs for healthcare technology assessment agencies and payers. With this evidences, market access becomes easier and it also enables reimbursement negotiations. This further facilities the inclusion of new therapies in the coverage of healthcare. This in turn creates major opportunities in the global market.
Key Trends and Analysis of the Global Real-world Data (RWD) Market:
Growing advancements in AI and Data Analytics is a major trend in the global real-world data (RWD) market. RWD solutions are rapidly advancing in Data analytics techniques and tools, which includes machine learning and artificial intelligence. Due to these technologies, high sophisticated analysis of complex and large datasets is now possible, along with correlations and trends, and uncovering patterns that could not be possible with conventional statistical approaches. This trend is anticipated to grow in the global market over the forecast future.
Market Restrain:
Regulatory compliance and data privacy to limit market growth
Using real-world data creates concerns around data protection and patient privacy. Due to regulatory requirements, such as HIPAA and GDPR, stringent regulations on collection, storing, and use of patient are imposed everywhere. Complying with these regulations further create more complexity and increases cost of RWD initiatives, which further requires strong data de-identification as well as security measures for protecting patient privacy. This factor further limits growth of the global real-world data (RWD) market.
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Key Market Takeaways:
Global real-world data (RWD) market is expected to exhibit a CAGR of 14.4% during the forecast period. The real-world data (RWD) market is growing rapidly in response to the growing adoption of electronic health records (EHRs) by healthcare providers, leading to accumulation of large amount of patient data.
On the basis of Source, Electronic Health Records (EHRs) Segment is expected to dominate the market during the forecast period and this is attributed to the higher adoption of EHRs for obtaining real-world data.
On the basis of Application, Drug development and approvals Segment is expected to dominate the market during the forecast period and this is attributed to the rise in number of clinical trials, especially in cardiovascular and oncology therapeutics.
On the basis End User, Pharmaceutical and medical device companies Segment is expected to dominate the market during the forecast period and this is attributed to the rising importance of real-world data in drug approvals, assessment of drug performance in real-world settings, and prevention of costly drug recalls.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in prevalence of chronic diseases, stringent approval regulations for drugs, and availability of well-developed healthcare infrastructure in the region.
Key players operating in the global real-world data (RWD) market include SAS Institute Inc., IQVIA Holdings Inc., Palantir Technologies Inc., Optum, Inc. (a subsidiary of UnitedHealth Group), Evidera, Inc., Cerner Corporation, Syneos Health Inc., Flatiron Health, Inc. (a subsidiary of Roche), Tempus Labs Inc., and IBM Corporation.
Detailed Segmentation:
- Global Real World Data Market, By Source:
- Electronic health records (EHRs)
- Claims data
- Pharmacy data
- Patient-reported outcomes (PROs)
- Disease registries
- Other sources
- Global Real World Data Market, By Application:
- Drug development and approvals
- Market access and reimbursement/coverage decisions
- Post-market surveillance
- Clinical research
- Other applications
- Global Real World Data Market, By End User:
- Pharmaceutical and medical device companies
- Healthcare payers
- Healthcare providers
- Government agencies
- Others
- Global Real World Data Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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