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Global Real World Evidence Solutions Market Report 2022: Increased R&D Spending for the Development of New Pharmaceutical Products and Medical Devices Drives Sector

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Global Real World Evidence Solutions Market

Global Real World Evidence Solutions Market
Global Real World Evidence Solutions Market

Dublin, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The "Global Real World Evidence Solutions Market by Component (Services, Disparate Data Sets, (Claims, Clinical, Pharmacy, Patient), Application (Oncology, Cardiovascular, Neurology, Immunology), End User (Pharma, Medtech, Payers, Providers) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global RWE Solutions market is projected to reach USD 2.9 Billion by 2027 from USD 1.5 Billion in 2022, at a CAGR of 15.2% during the forecast period. Rise in the geriatric population and the subsequent increase in the prevalence of chronic diseases and support from regulatory bodies for the use of RWE solutions is driving the growth of the RWE solutions market. Given the large pool of geriatric individuals requiring health and long-term care services, the healthcare cost per person is expected to increase in many countries. Solutions such as EHR and population health management are being employed to reduce the burden on the overworked healthcare delivery systems in several countries. The significant amount of RWD that is being generated through digital health solutions is helping in better understanding clinical outcomes. As a result, the adoption of RWE solutions is increasing globally.

Pharmacy data is expected to witness the fastest growth during the forecast period

Based on component, the RWE solutions market is segmented into data sets and services. In 2021, services segment dominated the RWE solutions market owing to the availability of a large volume of healthcare data on the basis of which advanced analytics and consulting services can be offered. The data sets segment has been further segmented into disparate data sets and integrated data sets. The disparate data sets is further segmented into clinical settings data, claims data, pharmacy data, patient-powered data, and other data sets . The pharmacy data sets segment is expected to witness fastes growth rate during the forecast period owing to rising efforts to decrease medication nonadherence and the increasing adoption of e-prescribing systems.

Drug development and approvals dominates the RWE solutions market in 2021

Based on the application, the RWE solutions market is broadly categorized into drug development and approvals, medical device development and approvals, post-market surveillance, market access and reimbursement/coverage decision making, and clinical & regulatory decision making. The drug development and approval segment dominated the RWE solutions market owing to increasing number of clinical trials specifically in the field of oncology and cardiovascular therapeutics. The drug development and approvals segment is further sub-segmented into oncology, cardiovascular disease, neurology, immunology, and other therapeutic areas. Cardiovascular disease segment is expected to witness fastest growth rate during the forecast period owing to increasing prevalence of CVDs and growing development of cardiovascular registries.

Pharmaceutical and medical device companies are expected to witnessing fastest growth during the forecast period

Based on end users, the RWE solutions market is segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users. The pharmaceutical & medical device companies segment are expected to witness the fastest growth rate through 2027. Pharmaceutical companies require data describing both the approved and medically accepted alternative uses of previously approved drugs. Increasing growth in investments on pharmaceutical and medical device R&D and growing number of approvals are driving the use of RWE solutions in this segment. Additionally, the use of RWE solutions in meeting regulatory compliances is increasing along with payer demands related to HEOR, which are also the key factors supporting the growth of RWE solutions market.

Market Dynamics

Drivers

  • Rise in the Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases

  • Shift from Volume- to Value-Based Care

  • Potential of RWE in Reducing Drug Development Costs and Expediting the Drug Development Process

  • Increased R&D Spending for the Development of New Pharmaceutical Products and Medical Devices

  • Support from Regulatory Bodies for the Use of RWE Solutions

Restraints

  • Reluctance of Medical Practitioners and Researchers to Rely on Real-World Studies

Opportunities

  • Growth Opportunities in Emerging Markets

  • Rise in Focus on End-To-End RWE Services

Challenges

  • Lack of Universally Accepted Methodology Standards and Data Processing Infrastructure

  • Shortage of Skilled Professionals

Key Players

  • Oracle Corporation

  • Thermo Fisher Scientific Inc.

  • Syneos Health, Inc.

  • Aetion Inc.

  • Syapse Inc.

  • Tempus Labs Inc.

  • Cognizant Technology Solutions Corporation

  • Elevance Health

  • Medpace Holdings Inc.

  • Perkinelmer Inc.

  • Clinigen

  • Iqvia Holdings Inc.

  • Optum Inc. (A Subsidiary of the United Health Group, Inc.)

  • Parexel International Corporation

  • Icon plc.

  • Cegedim Health Data

  • Datavant

  • Flatiron Health

  • Verantos Inc.

  • Labcorp Holdings

  • IBM Corporation

  • Sas Institute

  • Healthverity Inc.

  • Trinetx LLC

  • Trinity Life Sciences

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Insights

7 RWE Solutions Market, by Component

8 RWE Solutions Market, by Application

9 RWE Solutions Market, by End-user

10 RWE Solutions Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/az91sj

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