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(Health-NewsWire.Net, June 28, 2022 ) Real-world data are the data related to patient health status and/or the delivery of health care, routinely gathered from a variety of sources such as EMR/EHR/clinical data, claims & billing data, pharmacy data, product/disease registries, and other sources such as mobile devices, wearable devices, and social media that can provide data on health statuses. RWD is used by pharmaceutical, biotechnology, & medical device companies, healthcare payers and providers, and other end users (academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies) for various applications such as market access & reimbursement/coverage decisions, drug development & approvals, drug development & approvals, post-market surveillance, and clinical & regulatory decision-making. Meticulous Research®, in its latest publication on RWD Market, states that the global RWD market will increase at a CAGR of 8.2% from 2022 to 2029, to reach $2.00 billion by 2029.
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The growth of this market is driven by factors such as rapidly growing big data in healthcare, the shift from volume to value-based care, and the rising focus on personalized healthcare.
Most market players are investing in integrating artificial intelligence (AI) at different levels of the RWD ecosystem. AI is employed in real-world data (RWD) to enhance data anomaly detection, standardization, and quality checking at the pre-processing stage. AI integration can be a valuable tool in collecting, organizing, and analyzing the increasing amount of data generated from different sources. AI integrated wearable devices/sensors can automatically and continuously collect patient data, relieving the patient of this task. Together with wearable technology, AI techniques offer new approaches to developing real-time, power-efficient, mobile, and personalized patient data. Adopting RWD studies is the latest trend in the RWD industry.
To provide efficient analysis, Meticulous Research has segmented by Source (EMR/EHR/Clinical Data, Claims & Billing Data, Pharmacy Data, Product/Disease Registries Data, Genomics Data, and Other Datasets), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post-market Surveillance, Medical Device Development & Approvals, and regulatory and clinical decision-making), End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), and Geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).
Based on geography, in 2022, North America is expected to command the largest market share of the real-world data market. This region's large market share is attributed to the increasing prevalence of chronic diseases, stringent regulations for drug approvals, implementation of the 21st Century Cures Act, availability of electronic datasets, advanced healthcare industry, and rising big data in healthcare. The adoption of EHRs in hospitals and patient registries is boosting the RWD market in North America. Basic EHR adoption has increased in the U.S. from 27.9% in 2010 to nearly 86% in 2017. As of 2021, around 94% of the hospitals in the US already have EHR or are in the process of adopting EHR.
Based on source, the EMR/EHR/clinical data segment is estimated to account for the largest share of the RWD market in 2022. EHRs are the most used form of healthcare database. EHR data plays a vital role in collecting & generating actionable information at the FDA. The federal agency is focused on making real-world data (RWD) available for clinical studies as a strategic priority and intends to issue guidance on supporting “more accessible clinical trials” through a decentralized approach. Such initiatives would propel the adoption of EHR data for real-world evidence generation during the forecast period. Government bodies across the world are undertaking initiatives to increase the adoption of EHR/EMR data. For instance, EHRs have featured prominently in the European Commission’s eHealth Action Plan 2012–2020, EU Health Programme 2014–2020, and multiple plans published in the Digital Agenda for Europe.
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Based on application, in 2022, the market access & reimbursement /coverage decisions segment is estimated to account for the largest market share of the RWD market. With rising therapy costs, healthcare payers are focusing on evidence of clinical value for making decisions associated with providing coverage. RWD helps and provides a means for demonstrating value, ranging from confirming randomized trial benefits in real-world populations to a fuller characterization of resource impacts. The pharmaceutical, biotech, and medical device manufacturers use RWD derived from patient populations to analyze the clinical trial data to deliver a value-based price that appeals to more payers with increased value and provides maximum profit to the company. Payers infrequently used RWD to understand how treatments work in the real world and guide their medication coverage and reimbursement decisions. Thus, increasing demand for real-world data to accelerate drug discovery and development is estimated to drive the growth of this segment.
Based on end user, in 2022, the pharmaceutical, biotechnology, and medical device companies segment is estimated to account for the largest market share of the RWD market. The large market share of this segment is attributed to the importance of RWD studies in drug development & approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings. Real-world data helps pharmaceutical, biotechnology, and medical device companies understand real-life clinical practices and the health outcomes of drugs. Pharmaceutical and biotech companies are increasingly utilizing real-world data in post-market studies to derive real-time information about drugs, which helps healthcare providers & researchers understand the negative reactions, side effects, and medication errors related to the drugs, enabling them to control the potential harm caused by the drugs.
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, such as Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).
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Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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