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(Health-NewsWire.Net, July 02, 2020 ) Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings. Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data.
How much is the Real World Evidence Market worth?
The Real World Evidence Solutions market to grow from USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period. The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs). North America is expected to register the highest growth rate during the forecast period mainly due to the high number of RWE service providers.
By component, the data sets segment accounted for the largest share of the real world evidence market in 2017.
On the basis of component, the data sets segment accounted for the largest share of the global real world evidence market. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
By therapeutic area, the oncology segment held the largest market share of the real world evidence market in 2017.
Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence solutions market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
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By end user, the pharmaceutical & medical device companies segment held the largest market share of the real world evidence market solutions in 2017.
Based on end user, the pharmaceutical & medical device companies segment accounted for the largest share of the real world evidence market. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.
North America dominated the Real World Evidence Solutions market in 2017.
Geographically, the real world evidence market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the real world evidence market in 2017, followed by Europe and Asia Pacific.
Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real world evidence market.
The rising focus on end-to-end RWE services and growth opportunities in emerging markets are expected to provide further growth opportunities for players operating in the real world evidence market.
Leading Companies
IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
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