The Global Real World Evidence Solutions Market size is expected to reach $65.1 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period
In medicine, clinical evidence about the use and possible advantages or dangers of a medical product that is produced from a study of real-world data (RWD) is known as real-world evidence (RWE).
New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Real World Evidence Solutions Market Size, Share & Industry Trends Analysis Report By Component, By Therapeutic Area, By End-user, By Application, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06422625/?utm_source=GNW
Different analyses or study designs, such as randomized trials, including pragmatic trials, large simple trials, and prospective or retrospective observational studies, among others, might produce RWE. When clinical trials cannot adequately represent the whole patient population for a given disease, real-world evidence is required.
Patients who did not take part in any clinical trials, have comorbid conditions, reside in a remote location, or are older than the recommended age range may not react to the medication in consideration as expected. RWE offers solutions to these issues as well as the ability to examine the effects of medications over a longer time frame. Pharmaceutical businesses, as well as health insurance payers, research RWE in order to comprehend patient pathways, provide appropriate care for the right people, and reduce their financial risk by funding patient-effective drugs.
The World Ageing Population report estimates that 703 million individuals worldwide were 65 years of age or older in 2019, and that figure is projected to rise to 1.5 billion by 2050. According to estimates, cancer, obesity, cardiovascular diseases, and diabetes, all of which are on the rise, are responsible for over half of all fatalities from chronic diseases. Pharmaceutical corporations spend billions on research & development with a minimal chance of success before bringing a new medication molecule to market.
Pharma research facilities need a strong understanding of treatment choices that are effective across a large population as opposed to small patient groups in clinical trials if they are to shorten drug development cycles. Thus, it is discovered that the usage of real-world evidence (RWE) findings is growing. This is because pharmaceuticals and biotech companies are becoming more aware of the potential value of RWE in life-cycle management and drug development, as well as how it can lower the cost of clinical trials and boost innovation efficiency.
COVID-19 Impact Analysis
The infectious coronavirus could economically impact most industries, including the pharmaceutical sector. Many medical professionals and pharmaceutical companies have used their resources to stop the COVID-19 pandemic’s spread and create efficient drugs and vaccinations. Thus, a tendency toward patient-centered virtual care and digitalization is being observed in the industry. This highlights the requirement for practical, workable solutions. Two prominent healthcare data science firms, Aetion and HealthVerity, were discovered partnering in 2020, strengthening their already established partnership to extract practical medical evidence from EHRs (electronic health records) and counsel drug producers and authorities on COVID-19 treatments.
Market Growth Factors
Rising investment in R&D to create new goods and medical devices along with lowering the price of medication development
Most biopharmaceutical, pharmaceutical, and medical device businesses continue to make significant investments in creating new medications and equipment. R&D is very important in the pharmaceutical business in particular. Pharmaceutical and biopharmaceutical businesses are choosing fully functional or integrated outsourcing services from the early development phase to the late-stage development phase to meet the requirements for drug development and discovery due to their increasing R&D spending. The pharmaceutical sector of the economy spends the highest proportion of its profits on research and development.
Increased emphasis on comprehensive RWE services
Healthcare stakeholders are looking for new solutions to deal with the unaffordable financial burden and relatively low return on investment, transforming the healthcare ecosystem and raising concerns about healthcare prices. Businesses require robust evidence lifecycle management skills to demonstrate value. In turn, this has increased the possibility of using an end-to-end strategy to leverage a life sciences organization’s data, proof, and knowledge resources. Thus, aiding in the dismantling of traditional silos and enabling insight-driven decision-making from the product R&D stage to its commercialization. Hence, the rising emphasis on using comprehensive RWE data is propelling the market’s growth.
Market Restraining Factors
Medical professionals’ and researchers’ reluctance to depend on real-world studies
Non-randomized observational studies have historically not been seen as appropriate for evaluating novel medical interventions or treatments due to methodological and research design concerns, such as the possibility of confounding and bias. RWE has spread quickly across applications, yet some stakeholders still hesitate to rely on them. For example, although payers have begun employing RWE, they opt to use internal observational data from randomized clinical trials (RCTs) to influence drug coverage choices. Even a study that is robust, well-planned, and non-randomized would be seen as lower-quality evidence in comparison to an RCT that is poorly conceived. These factors are preventing the Real-World Evidence Solutions Market from expanding.
Based on Component, the Real World Evidence Solutions Market is segmented into Services and Data Sets. The segment’s growth is linked to the widespread use of real-world evidence services by healthcare organizations and businesses involved in biotechnology and pharmaceuticals. Presently, Syneos Health, IQVIA, and ICON are providing late-phase services like research planning, protocol development, clinical study management & reporting, as well as endwise real-world evidence (RWE) solutions. Real-world evidence (RWE) solutions vendors may have more opportunities to increase their investments during the medication development cycle due to the growing demand for comprehensive evidence services all throughout the product lifetime.
Based on Application, the Real World Evidence Solutions Market is segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making, and Post Market Safety & Adverse Events Monitoring. The reimbursement/coverage and regulatory decision making segment recorded a substantial revenue share in the real world evidence solutions market in 2021. The increasing emphasis on clinical value evidence for choices to offer coverage and the rising cost of therapy is responsible for expanding the reimbursement/coverage and regulatory decision-making segment. The post-market safety and adverse event monitoring area are also projected to expand significantly.
Based on End-user, the Real World Evidence Solutions Market is segmented into Healthcare Companies, Healthcare Payers, Healthcare Providers, and Others. The healthcare companies segment witnessed the maximum revenue share in the real world evidence solutions market in 2021. The surge is linked to the growing significance of RWE studies in determining how well drugs operate in actual situations and mitigating drug recalls. RWE can assist and advance several processes, including determining which patient group will benefit from an intervention the most, assisting with regulatory approvals and completing data from randomized controlled trials, and assisting with reimbursement efforts and expanding usage indications.
Therapeutic Area Outlook
Based on Therapeutic Area, the Real World Evidence Solutions Market is segmented into Oncology, Cardiology, Neurology, Diabetes, Respiratory, and Others. The diabetes segment witnessed a significant revenue share in the real world evidence solutions market in 2021. Further understanding of the efficacy and safety of medications for diabetes and certain other diseases for which diabetes can be an underlying causative factor is necessary. This insight, in clinical settings, can be gained by combining data from randomized controlled trials with evidence from real-world settings.
Based on Region, the Real World Evidence Solutions Market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a considerable growth rate in the real world evidence solutions market in 2021. Increased government initiatives to implement RWE studies and numerous contract research organizations (CROs) and contract research manufacturing organizations in nations like China and India are responsible for this region’s rise. Additionally predicted to drive market growth is rising consumer desire for better healthcare services.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Medpace Holdings, Inc., IQVIA Holdings, Inc., ICON plc, PerkinElmer, Inc., Parexel International Corporation (Phoenix Parentco, Inc.), PPD, Inc. (Thermo Fisher Scientific, Inc.), UnitedHealth Group, Inc. (Optum, Inc.), and Syneos Health, Inc.
Strategies Deployed in Real World Evidence Solutions Market
Dec-2022: IBM signed an agreement to acquire Octo, a digital transformation service provider exclusively serving the U.S. federal government. The acquisition would combine the company’s consulting expertise and technical capabilities with Octo’s team that enable federal clients to transform faster and better serve citizens.
Jul-2022: IBM took over Databand, a leader in data observability software. With this acquisition, the company aimed to strengthen its software portfolio through automation, data, and AI in order to address the full spectrum of observability.
Nov-2021: PerkinElmer unveiled PKeye, a workflow monitor platform for remotely managing and monitoring workflows. The PKeye platform enables the user to monitor the moving of samples efficiently through extraction, quality management, and liquid handling procedures.
Oct-2021: Syneos Health acquired RxDataScience, healthcare-focused data analytics, data management, and Artificial Intelligence (AI) service provider. Together both companies aimed at providing technology-enabled, insights-powered solutions to biopharma customers by integrating RxDataScience’s AI and data-science capabilities with its therapeutic expertise.
Sep-2021: Syneos Health took over StudyKIK, technology-enabled clinical trial recruitment, and retention company. The acquisition would enhance Syneos Health’s ability to provide technology-enabled, insight-powered solutions. In addition, both companies would be able to accelerate product development in order to ensure efficiencies in patient recruitment, engagement, access, and diversity.
Sep-2021: IQVIA joined hands with HealthCore, a U.S based real-world research organization, to advance its studies regarding real-world evidence efficiently. The collaboration would allow the company to improve research design and impact of real-world studies with an aim to advance patient health and clinical results.
Jul-2021: ICON plc took over PRA Health Sciences, a contract research organization. Through this acquisition, the company would focus on developing drugs by using data, applying techniques, and identifying a variety of patient populations.
Dec-2020: Syneos Health completed the acquisition of Illingworth Research Group, a provider of clinical research home health services. Through this acquisition, the company aimed at adding new capabilities to its decentralized clinical trial solutions. Furthermore, these solutions would deliver to increase diversity in clinical trials, accessing remote-based patients who have difficulty accessing research sites.
Jan-2020: IBM acquired Envizi, an analytics software provider for environmental performance management. Through this acquisition, the company aimed at helping businesses create resilient and sustainable operations and supply chains.
Oct-2019: Parexel entered into a strategic partnership with HealthVerity, Inc., the service provider for rapid creation, exchange, and management of healthcare and consumer data. With this partnership, the company aimed at expanding Parexel’s network of real-world data (RWD) sources to deliver drug development solutions for customers. Furthermore, it would enable the company to bring new therapies to market by leveraging these studies.
Sep-2018: PAREXEL came into partnership with Datavant, a healthcare technology company focused on enabling the secure de-identification and linking of healthcare datasets. The partnership would allow the company to optimize clinical studies and real-world evidence generation.
Scope of the Study
Market Segments covered in the Report:
• Data Set
By Therapeutic Area
• Healthcare Companies
• Healthcare Payers
• Healthcare Providers
• Drug Development & Approvals
• Medical Device Development & Approvals
• Reimbursement/Coverage & Regulatory Decision Making
• Post Market Safety & Adverse Events Monitoring
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• Oracle Corporation
• Medpace Holdings, Inc.
• IQVIA Holdings, Inc.
• ICON plc
• PerkinElmer, Inc.
• Parexel International Corporation (Phoenix Parentco, Inc.)
• PPD, Inc. (Thermo Fisher Scientific, Inc.)
• UnitedHealth Group, Inc. (Optum, Inc.)
• Syneos Health, Inc.
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