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(Health-NewsWire.Net, January 16, 2020 ) With the rapid transition of the care delivery model towards value-based care, the patient data and healthcare outcomes data has gained enormous importance in key decisions made in the healthcare industry. In order to improve the quality of care, there is a growing demand for real-world evidence datasets and solutions, which are dependent on patient data recorded by practitioners and administrators during the routine course of care. These data are collected from various sources and are utilized for decision making, drug/device development, post-market monitoring, costs reduction or optimization, and improving care coordination. Meticulous Research® states that the global Real-World Evidence (RWE) market will increase at a CAGR of 15.0% from 2019 to 2024 to reach $1.64 billion by 2024.
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The overall growth of the global Real World Evidence (RWE) market
is attributed to the growing shift of the healthcare industry towards value-based care, growing focus on personalized health care, the need to address delays in drug development and the subsequent increase in development costs, and expanding the use of RWE for regulatory decision making. However, the reluctance of regulatory authorities to rely on real-world studies, uneven quality of real-world data sources, and lack of standards may restrain the market growth during the forecast period.
To provide efficient analysis, Meticulous Research® has segmented this market on the basis of component (data sets, consulting/services), application (drug development & approvals, market access & reimbursement/coverage decisions, clinical decision making, medical device development & approvals, and others), end-user (pharmaceutical, biotechnology & medical device companies, healthcare payers, healthcare providers, others) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Geographically, North America commanded the largest share of the real world evidence solutions market followed by Europe. The major share of North America is mainly attributed to significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis of pharma and biotech companies in the region on early drug/device development and approvals. In addition, presence of major RWE players in the region, stringent regulations for drug approvals, and supporting government policies (implementation of 21st Century Cures Act (December 2016) and FDA’s new 2019 strategic Framework for RWE (December 2018) in the U.S.) further supports the growth of the market in this region.
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While in terms of components, the RWE data sets accounted for the largest share in the global Real World Evidence (RWE) market in 2018, owing to increasing need for additional insights on epidemiology, compliance, adherence and costs in a realistic environment; growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for patient information by the payers, regulatory bodies, and providers for various applications.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum, Inc. (U.S.), Oracle (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer Inc. (U.S.), Pharmaceutical Product Development, LLC. (U.S.), SAS Institute Inc. (U.S.), Syneos Health (U.S.).
Read in detail about Top 10 Companies in Real World Evidence Solutions
https://meticulousblog.org/top-10-companies-in-real-world-evidence-solutions-market/
Key questions answered in the report-
Shift towards value-based care & Growing focus on personalized health care to drive the adoption of RWE Solutions
How does the penetration of RWE Solutions in Drug Development & Approvals is differ from that in Market Access & Reimbursement/Coverage Decisions applications?
What impact does this have on the adoption of RWE Solutions to other conventional technologies for various application?
Pharmaceutical, biotechnology and medical device companies account for largest proportion of all End-user of RWE solution globally
What factors contribute to the frequent usage of RWE solution for Pharmaceutical, biotechnology and medical device?
Conversely, which geographic segment is expected to experience the fastest growth for Pharmaceutical, biotechnology and medical device?
The North American RWE solution market favours both larger and local manufacturers that compete in multiple segments
Who are the top competitors in this market and what strategies do they employ to gain shares?
What is driving growth and which market segments have the most potential for revenue expansion during the forecast period?
What strategies must companies adopt who are looking to enter this market and compete effectively?
What are the major drivers, restraints, opportunities, and challenges in the global RWE solution market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/ countries?
Recent new service launches, acquisitions, collaborations, partnerships, and expansions have taken place in the RWE solution space.
What companies have recently merged/acquired and how will these unions affect the competitive landscape of the RWE solution space?
What companies have created partnerships and how will these partnerships promote a competitive advantage?
Who are the major players in the global RWE solution market and what share of the market do they hold?
What are the local emerging players in the global RWE solution market and how do they compete with the global players?
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Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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