DUBLIN, January 11, 2022--(BUSINESS WIRE)--The "Real-World Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The RWE solutions market is expected to grow at a CAGR of 11.8% from 2021 to 2028 to reach $4.4 billion by 2028
Rapidly growing big data in healthcare, shift from volume to value-based care, and rising focus towards personalized healthcare are the key factors driving the growth of the global RWE solutions market. Further, significant growth opportunities for existing market players and new entrants are provided by emerging markets, rising focus on end-to-end RWE services, and the rising adoption of wearable devices and AI in RWE.
Based on component, the datasets segment is expected to command the largest share of the global RWE solutions market due to factors such as the rising dependence of outcome-based studies on real-world data, increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment, the growing amount of medical data generated in hospitals, and the rising demand for information regarding drug safety among payers, regulatory bodies, and providers.
Based on application, the drug development & approvals segment is expected to witness the fastest growth rate during the forecast period. The increasing investments by pharma and biopharma companies in R&D, increasing demand for real-world data and real-world evidence for accelerating drug discovery and development, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE) are the factors contributing to the growth of this segment.
Based on end user, the pharmaceutical, biotechnology, & medical device companies segment is expected to witness the fastest growth rate during the forecast period. The increasing importance of RWE studies in drug development &approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings are the factors contributing to the growth of this segment.
An in-depth analysis of the geographical scenario of the RWE solutions market provides detailed qualitative and quantitative insights about the five major geographies (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America is expected to command the largest share of the global RWE solutions market in 2021, followed by Asia-Pacific and Europe.
Growing Burden of Chronic Diseases
Rising Focus Towards Personalized Healthcare
Delays in Drug Development and the Subsequent Increase in Development Costs
Shift Towards Value-Based Care
Rapidly Growing Big Data in Healthcare
Reluctance to Rely on Real-World Studies
Rising Focus on End-To-End RWE Services
Rising Adoption of Wearable Devices and Artificial Intelligence in RWE
Lack of Standardized Methodologies to Develop RWE
Impact Assessment of COVID-19
Key Market Trends
Growing Adoption of RWE in Drug Development and Commercialization
Rising Number of Consolidations
Improved Patient Outcomes and value Creation from real world Evidence
Pricing Models (Emr/Genomic/Integrated Datasets)
Pay Per Patient Record (Volume-Based Pricing)
Pay Per Usage (Value-Based Pricing)
The key companies operating in the global RWE solutions market are
IQVIA Holdings Inc.
SYNEOS HEALTH Inc.
Medpace Holdings Inc.
Symphony Innovation LLC
Clinigen Group plc
Cognizant Technology Solutions Corporation
PAREXEL International Corporation
SAS Institute Inc.
UnitedHealth Group Incorporated
Scope of the Report
Global RWE Solutions Market, by Component
Claims & Billing Data
Product/Disease Registries Data
Other Disparate Datasets
Consulting & Analytics
(Note: Other Disparate Datasets include data generated from mobile devices, wearable devices, and social media)
Global RWE Solutions Market, by Application
Market Access & Reimbursement/Coverage Decisions
Drug Development & Approvals
Other Therapeutic Areas
Post Market Surveillance
Medical Device Development & Approvals
(Note: Other Therapeutic Areas include infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases, Other Applications include regulatory and clinical decision-making)
Global RWE Solutions Market, by End User
Pharmaceutical, Biotechnology, and Medical Device Companies
Other End Users
(Note: Other end users include academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies)
Global RWE Solutions Market, by Geography
Rest of Europe (RoE)
Rest of APAC (RoAPAC)
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/nqlzkw
View source version on businesswire.com: https://www.businesswire.com/news/home/20220111005862/en/
Laura Wood, Senior Press Manager
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