Global Real World Evidence Solutions Market - Segmented by Component, Therapeutic Area, End-User (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies), and Geography - Growth, Trends, and Forecast (2022 - 2030)
The Global Real World Evidence Solutions Market is expected to register a CAGR of nearly 14% during 2018-2023 (the forecast period). Real World Evidence Solutions Market refers to services that enable healthcare payers, providers and pharmaceutical companies to efficiently manage their operations, and pharma companies to fasten drug development and approval process.
Delays in Drug Development and the Subsequent Increase in Development Costs
For pharmaceutical companies to bring a new drug molecule to market, it takes several years with increasing drug development lifecycle. They invest billions of dollars in research and development with little probability of success. To shorten the drug development cycles pharma research centers need a clear insight into treatment options that work in a wide population compared to few patient pool in clinical trials. The use of Real-world evidence (RWE) insights is increasing because pharma and biotech companies believe that RWE can be important in drug development and life-cycle management and also increase efficiency in innovation and cost of clinical trials. Big pharmaceutical companies use a clinical-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are able to broaden their indication range and conduct a small number of clinical trials for rare biomarker-defined population, thus this is contributing for the growth of real world evidence solutions market. Other factors which are driving the Real World Evidence Solutions Market growth are the shift from volume to value-based care and increasing aging population and prevalence of chronic diseases.
Unwillingness to Rely On Real-World Studies
Not all people have uniform access to real-world databases for research. There are also data security concerns for allowing access to data. Though the insights from RWE is valuable, the lack of any standardization of the analytical methods used for RWE generation restricts many players to rely on real-world studies. There are concerns about data collection, analyzing techniques and the reported data as the RWE output depends on prospective and retrospective studies. More often data collected via different sources are biased and when integrated to perform a quality analysis robust techniques are to be used to minimize the error in outcomes. The ethical use of real-world data is a challenge and many countries like Denmark are developing a national database for disclosing information. While in the UK and US the major concern is about the data privacy and accountability for giving access to information. There is no defined standard on how much data disclosure is sufficient and for what purposes, is necessary to ensure confidence in RWE. Regulatory Policies for data collection of real-world data vary across different countries that impacts the quality of data collected, thus restraining the growth of real world evidence solutions market.
The US Lead the Market in North America Region
In the United States, the 21st Century Cures Act passed in 2016 that establishes public-private partnerships in data collection to gain insights on diseases that help in targeted drug development and clinical trials design. The act ensures trusted exchange of electronic health information securely that promotes patient safety and ensures data integrity. Regulators like FDA use Real World Evidence data for monitoring post-market safety and make decisions such as approving a new indication for a previously approved drug. The FDA also wants to evaluate real-time evidence from individual EHR of at least 10 million individuals across all healthcare setting. In the United States with decreasing revenue margins due to value-based payments hospitals with a wide scale of operations are depending on real time evidence based analysis. Most real world data bases are in United States and Europe. All the above factors may propel the growth of Real World Evidence Solutions market in United States over the forecasted period.
Key Developments in the Real World Evidence Solutions Market
Mar 2018: IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys.
Major Players: CLINIGEN, ICON PLC, IBM, IQVIA, ORACLE, PAREXEL, PERKINELMER, PHARMACEUTICAL PRODUCT DEVELOPMENT (PPD), SAS INSTITUTE, and SYNEOS HEALTH among others.
Reasons to Purchase the Report
• Current and future Real World Evidence Solutions Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Delays in Drug Development and the Subsequent Increase in Development Costs
For pharmaceutical companies to bring a new drug molecule to market, it takes several years with increasing drug development lifecycle. They invest billions of dollars in research and development with little probability of success. To shorten the drug development cycles pharma research centers need a clear insight into treatment options that work in a wide population compared to few patient pool in clinical trials. The use of Real-world evidence (RWE) insights is increasing because pharma and biotech companies believe that RWE can be important in drug development and life-cycle management and also increase efficiency in innovation and cost of clinical trials. Big pharmaceutical companies use a clinical-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are able to broaden their indication range and conduct a small number of clinical trials for rare biomarker-defined population, thus this is contributing for the growth of real world evidence solutions market. Other factors which are driving the Real World Evidence Solutions Market growth are the shift from volume to value-based care and increasing aging population and prevalence of chronic diseases.
Unwillingness to Rely On Real-World Studies
Not all people have uniform access to real-world databases for research. There are also data security concerns for allowing access to data. Though the insights from RWE is valuable, the lack of any standardization of the analytical methods used for RWE generation restricts many players to rely on real-world studies. There are concerns about data collection, analyzing techniques and the reported data as the RWE output depends on prospective and retrospective studies. More often data collected via different sources are biased and when integrated to perform a quality analysis robust techniques are to be used to minimize the error in outcomes. The ethical use of real-world data is a challenge and many countries like Denmark are developing a national database for disclosing information. While in the UK and US the major concern is about the data privacy and accountability for giving access to information. There is no defined standard on how much data disclosure is sufficient and for what purposes, is necessary to ensure confidence in RWE. Regulatory Policies for data collection of real-world data vary across different countries that impacts the quality of data collected, thus restraining the growth of real world evidence solutions market.
The US Lead the Market in North America Region
In the United States, the 21st Century Cures Act passed in 2016 that establishes public-private partnerships in data collection to gain insights on diseases that help in targeted drug development and clinical trials design. The act ensures trusted exchange of electronic health information securely that promotes patient safety and ensures data integrity. Regulators like FDA use Real World Evidence data for monitoring post-market safety and make decisions such as approving a new indication for a previously approved drug. The FDA also wants to evaluate real-time evidence from individual EHR of at least 10 million individuals across all healthcare setting. In the United States with decreasing revenue margins due to value-based payments hospitals with a wide scale of operations are depending on real time evidence based analysis. Most real world data bases are in United States and Europe. All the above factors may propel the growth of Real World Evidence Solutions market in United States over the forecasted period.
Key Developments in the Real World Evidence Solutions Market
Mar 2018: IBM unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys.
Major Players: CLINIGEN, ICON PLC, IBM, IQVIA, ORACLE, PAREXEL, PERKINELMER, PHARMACEUTICAL PRODUCT DEVELOPMENT (PPD), SAS INSTITUTE, and SYNEOS HEALTH among others.
Reasons to Purchase the Report
• Current and future Real World Evidence Solutions Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Please Select a Format
