Real World Evidence Solutions Market by Component (Dataset (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Immunology), End User (Pharmaceuticals, Medical Devices, Payers, Providers) - Global Forecast to 2023
“The global real world evidence market projected to grow at a CAGR of 14.3%.”
The global real-world evidence market is projected to reach 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). However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.
“The services segment is expected to register the highest CAGR during the forecast period.”
On the basis of component, the real world evidence market is segmented into data sets and services. The services segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment is mainly due to the rising need to convert data into actionable evidence, growing need to reduce drug development delays, and availability of large amounts of healthcare data are the major factors driving market growth in this segment.
“Pharmaceutical & medical device companies segment expected to grow at the highest CAGR during 2018 to 2023.”
Based on end user, the real-world evidence (RWE) market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & biopharmaceutical companies segment is the fastest-growing segment in the real world evidence market during the forecast period. The rising demand to assess comparative effectiveness of drugs in actual, real-world use and the value or economic impact from the use of new or existing drugs are the major factors driving the growth of the real world evidence market for pharmaceutical & medical device companies.
“APAC is projected to witness the highest growth during the forecast period.”
North America held the largest share of the global real world evidence market in 2017. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, due to the increasing government initiatives for the adoption of RWE studies, rising burden of chronic diseases, increasing demand for better healthcare services, and the rising geriatric population in the Asia Pacific region.
Break of primary participants was as mentioned below:
By Company Type - Tier 1-25%, Tier 2-50% and Tier 3-25%
By Designation - C-level-25%, Director Level-37%, Others-38%
By Region - North America-25%, Europe-25%, Asia Pacific-37%, Rest of World-13%
The prominent players in the global real world evidence market are IQVIA (US), International Business Machines Corporation (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
The report analyzes the various real world evidence and their adoption pattern. It aims at estimating the market size and future growth potential of the global real world evidence market for different segments such as by component, therapeutic area, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by the top players in the global real world evidence market. The report analyzes the global real world evidence market by component, therapeutic area, end user, and region
Service Development/Innovation: Detailed insights on upcoming trends and service launches in the global real world evidence market
Market Development: Comprehensive information on the lucrative emerging regions by component, therapeutic area, end user, and region
Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the global real world evidence market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and services of leading players in the global real world evidence market