The global real-world evidence solutions market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.57% during 2023-2028.
Real-World Evidence Solutions Market Size in 2022
US$ 1.6 Billion
Real-World Evidence Solutions Market Forecast in 2028
Real-world evidence (RWE) refers to clinical evidence about the use and potential benefits or risks of medical products via real-world data (RWD). It can be produced via different study designs or analyses, including randomized trials, big simple trials, pragmatic trials, and observational studies. It provides insight into real-world treatment patterns in patient groups, including dosing, compliance, adherence, off-label use, and the balance between efficacy and safety. As it can also assist researchers in discovering possible patients and developing correct inclusion criteria for clinical trials, which can help them design better pre-trial studies, there is a rise in the demand for RWE solutions around the world.
Real-World Evidence Solutions Market Trends:
The growing demand for RWE solutions to get precise and clear information about the safety and efficacy of new products represents one of the key factors driving the market. Moreover, there is a rise in the demand for these solutions to detect varied reactions, product subpopulation effects, and product value when utilized by complex and comorbid patients. This, along with the burgeoning healthcare industry, is propelling the growth of the market. Additionally, the growing utilization of advanced analytics and technological solutions in RWE for clinical development, commercialization, speed innovation, and accelerating improvements in healthcare outcomes is positively influencing the market. Besides this, there are various initiatives undertaken by governments of several countries to promote the use of RWE solutions, which provide the efficacy of drugs and vaccines. This, coupled with a shift from volume to value-based care, is offering lucrative growth opportunities to industry investors. Apart from this, the growing adoption of digitalization and patient-centered virtual care is catalyzing the demand for RWE solutions. Furthermore, there is an increase in the prevalence of chronic diseases, such as cancer, obesity, and diabetes, across the globe. In line with this, the rising delays in drug development and the subsequent increase in development costs are bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global real-world evidence solutionsmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, therapeutic area and end user.
Breakup by Component:
Clinical Settings Data
Breakup by Therapeutic Area:
Breakup by End User:
Pharmaceutical and Medical Device Companies
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc. and Syneos Health.
Base Year of the Analysis
Component, Therapeutic Area, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc. and Syneos Health.
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Key Questions Answered in This Report
The global real-world evidence solutions market was valued at US$ 1.6 Billion in 2022.
We expect the global real-world evidence solutions market to exhibit a CAGR of 12.4% during 2023-2028.
The rising demand for real-world evidence solutions to detect varied reactions, product subpopulation effects, and its value when utilized by complex and comorbid patients is primarily driving the global real-world evidence solutions market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption for real-world evidence solutions to monitor the efficacy and safety of drugs and vaccines against the coronavirus infection.
Based on the component, the global real-world evidence solutions market can be categorized into clinical settings data, claims data, patient-powered data, pharmacy data, and others. Currently, clinical settings data holds the majority of the total market share.
Based on the therapeutic area, the global real-world evidence solutions market has been segregated into oncology, immunology, neurology, cardiovascular disease, and others. Among these, oncology currently exhibits a clear dominance in the market.
Based on the end user, the global real-world evidence solutions market can be bifurcated into pharmaceutical and medical device companies, healthcare payers, healthcare providers, and others. Currently, pharmaceutical and medical device companies account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global real-world evidence solutions market include Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc., and Syneos Health.
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