Pune, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Real-World Evidence (RWE) Solutions Market Size & Growth Analysis:
According to SNS Insider, The Real-World Evidence (RWE) Solutions Market, valued at USD 2.5 billion in 2023, is projected to grow substantially, reaching USD 5.2 billion by 2032. This growth reflects a robust CAGR of 8.5% from 2024 to 2032, fueled by the rising need for actionable healthcare insights and streamlined drug development processes.
Market Overview
The Real-World Evidence /RWE Solutions Market is witnessing significant expansion due to the increasing demand for insights derived from real-world data. This market includes various components such as data sets and services, supporting the pharmaceutical, biotechnology, and healthcare sectors. Services, which represented 57.6% of total revenue in 2023, are propelled by the extensive use of RWE in research planning, clinical study management, and reporting.
The growing emphasis on understanding real-world compliance and healthcare costs is driving the demand for data sets. Additionally, RWE is becoming crucial in optimizing drug development and regulatory decision-making processes, as well as in evaluating treatment outcomes and patient safety. The market's growth is also supported by technological advancements and increased investments in healthcare research.
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Key Real-World Evidence (RWE) Solutions Companies Profiled:
- Syneos Health
- ICON plc
- Clinigen Limited
- IQVIA Inc.
- PerkinElmer Inc.
- Oracle
- IBM
- Medpace
- PPD Inc. (Acquired by Thermo Fisher Scientific Inc.)
- Cognizant
- Cegedim Health Data
- Parexel International (MA) Corporation
- SAS Institute Inc.
- Optum Inc
- Other Players
Real-World Evidence (RWE) Solutions Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.5 Billion |
| Market Size by 2032 | US$ 5.2 Billion |
| CAGR | CAGR of 8.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segment Analysis
By Component: The services segment dominated the Real-World Evidence/RWE Solutions market in 2023, accounting for 57.6% of the revenue. This growth is driven by comprehensive RWE solutions from companies like IQVIA, Syneos Health, and ICON plc, which include research planning, protocol development, clinical study management, and reporting. The data sets segment is anticipated to grow significantly due to rising demand for insights into real-world compliance, epidemiology, and healthcare costs.
By Application: The drug development and approvals segment led the market in 2023 with 26.7%, benefiting from RWE's ability to streamline operations and expedite drug approval processes. Recent FDA guidance has encouraged the use of RWE in medical device development, further driving growth in this segment. The reimbursement/coverage and regulatory decision-making segment is expected to grow rapidly, supported by new protocols and guidelines for evaluating real-world data.
By Therapeutic Area: The oncology segment held the largest revenue share in 2023 with a 29.0% share, reflecting RWE's critical role in cancer drug development and approval. With the global prevalence of cancer rising, RWE solutions are essential for reducing clinical trial costs and accelerating treatment approvals. The cardiology segment is also expected to grow notably, driven by valuable insights RWE provides from diverse patient data sources.
By End-Use: Healthcare companies led the market in 2023 with a 35.0% share, due to RWE's crucial role in drug approvals and performance assessment. For instance, PINC AI Applied Sciences (PAS) expanded its collaboration with Datavant in February 2024 to enhance healthcare research. The healthcare payers segment is anticipated to grow rapidly, driven by increased awareness of drug safety and favorable reimbursement landscapes.
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Real-World Evidence (RWE) Solutions Market Key Segmentation:
By Component
- Services
- Data Sets
By Application
- Drug Development & Approvals
- Medical Device Development & Approvals
- Reimbursement/Coverage and Regulatory Decision Making
- Post Market Safety & Adverse Events Monitoring
By Therapeutic Area
- Oncology
- Cardiology
- Neurology
- Diabetes
- Psychiatry
- Respiratory
- Other Therapeutic Areas
By End-use
- Healthcare Companies
- Healthcare Payers
- Healthcare Providers
- Others
Regional Analysis
North America: North America remains the leading region in the Real-World Evidence Solutions /RWE Solutions Market in 2023 with a 43.5% share, driven by substantial investments in healthcare R&D and advanced healthcare infrastructure. The region's dominance is also attributed to major companies like IQVIA and Syneos Health, which provide extensive RWE solutions.
Europe: Europe is the fastest-growing region in the Real-World Evidence Solutions /RWE Solutions Market, with significant contributions from countries like Germany and the UK. The region's rapid growth is due to increasing healthcare investments and the adoption of RWE solutions for improving drug development processes. European healthcare systems are increasingly incorporating RWE to support regulatory approvals and reimbursement decisions.
Recent Developments
- IQVIA announced the launch of its new RWE analytics platform in June 2024, designed to enhance data integration and analysis capabilities.
- Syneos Health introduced a comprehensive RWE solution for oncology research in May 2024, aimed at accelerating cancer drug development.
- ICON plc released an updated version of its RWE solution for regulatory decision-making in April 2024, offering advanced tools for real-world data evaluation.
Key Takeaways
- The Real-World Evidence Solutions /RWE Solutions Market is set for substantial growth, driven by increasing demand for actionable healthcare insights and efficient drug development processes.
- The services segment remains the largest contributor to market revenue, while the data sets segment is expected to see significant growth.
- North America continues to lead the market, with Europe emerging as the fastest-growing region.
- Recent developments highlight advancements in RWE analytics and expanded collaborations to enhance data integration and research capabilities.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Adoption Rates, 2023
- User Demographics, By User Type and Roles, 2023
- Feature Analysis, by Feature Type
- Cost Analysis, by Software
- Integration Capabilities
- Regulatory Compliance, by Region
6. Competitive Landscape
7. Real-World Evidence (RWE) Solutions Market Segmentation, by Component
8. Real-World Evidence (RWE) Solutions Market Segmentation, by Application
9. Real-World Evidence (RWE) Solutions Market Segmentation, by Therapeutic Area
10. Real-World Evidence (RWE) Solutions Market Segmentation, by End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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