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.
New York, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Real World Evidence Solutions Market by Component, Application, End User - Global Forecast to 2027" - https://www.reportlinker.com/p05474776/?utm_source=GNW
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.
North America leads the RWE solutions market by region
North America accounted for the largest share of the global RWE solutions market.Majority of established players are based in North America.
Furthermore, rising geriatric population is contributing to increase in chronic disease in the region, which is driving the demand for new drugs and medical devices, thereby catering to an increasing demand for evidence generation during clinical trials and post-market surveillance activities.The Asia Pacific market is projected to register the highest CAGR during the forecast period.
Market growth in the Asia Pacific is attributed to the increasing government initiatives for the adoption of RWE studies.
The break-down of primary participants is as mentioned below:
• By Company Type - Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
• By Designation - C-level: 35%, Director-level: 45%, and Others: 20%
• By Region - North America: 55%, Europe: 20%, Asia Pacific: 15%, Latin America: 5%, and Middle East and Africa : 5%.
Key players in the RWE Solutions Market
The key players operating in the RWE solutions market include IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), Parexel International Corporation (US).
The report analyzes the RWE Solutions market and aims at estimating the market size and future growth potential of various market segments, based on component, applications, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, solution offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
• Market Penetration: Comprehensive information on the solution portfolios of the top players in the RWE solutions market. The report analyzes this market by component, application, end user, and region.
• Market Development: Comprehensive information on the lucrative emerging markets, by component, application, end user, and region
• Market Diversification: Exhaustive information about the solution portfolios, growing geographies, recent developments, and investments in the RWE solutions market
• Competitive Assessment: In-depth assessment of market ranking, growth strategies, solution offerings, and capabilities of the leading players in the RWE solutions market
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