Real-World Evidence (RWE) Solutions Market Worth $3.13 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
Real World Evidence (RWE) Solutions Market by Component [Datasets, EMR, Services], Application [Drug Development and Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User - Forecast to 2027
Redding, California, Sept. 23, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Real-World Evidence (RWE) Solutions Market by Component [Datasets, EMR, Services], Application [Drug Development & Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User - Forecast to 2027”, published by Meticulous Research®, the real-world evidence (RWE) solutions market is projected to reach $3.13 billion by 2027, at a CAGR of 16.5% from 2020.
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Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from RWD analysis. RWE can be generated by different study designs or analyses, including but not limited to randomized trials, including large simple trials, pragmatic trials, and observational studies (prospective and/or retrospective).
With a shift towards personalized healthcare and the rising emergence of rare diseases, healthcare and research organizations are facing challenges posed by high costs and lengthy timelines of delivering medicines to patients as the development of new pharmaceutical entities is time-consuming, extremely costly, and of high risk with little chance of successful outcome.
Impact of COVID-19 on the Real-World Evidence Solutions Market
The COVID-19 pandemic has put a tremendous burden on the healthcare sector all over the world. With a rise in the number of patients, limited resources, and the medical staff's vulnerability during treatment & prevention procedures, the healthcare sector is struggling to deal with the pandemic. As the COVID-19 outbreak continues to take its toll on global markets, real-world evidence (RWE) is set to become the most influential emerging technology to help in the fight against the COVID-19 outbreak as it provides valuable insights to understand better, monitor, and prepare for the challenges caused by the pandemic.
Real-world evidence solutions provide valuable insights to understand better, monitor, and prepare for the challenges caused by the COVID-19 pandemic. Understanding where and how quickly the outbreak is likely to spread, the same tracking models could be adapted to fight any upcoming COVID-19 outbreaks. Further, technological advancements have allowed it to aggregate the data from more traditional reporting tools and technology networks, such as mobile apps.
Mobile contact-tracing apps have played an important role in easing the spread of COVID-19 in China. Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and risk level to contract COVID-19. Following success in China, an increasing number of countries have started looking for ways to implement similar measures nationwide. In countries with strict data privacy laws, the implications of contract-tracing apps on individual privacy are considered a major associated concern. Throughout the pandemic, real-world data was essential in informing decisions and deepening the understanding of the real-world impact of COVID-19.
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The global real-world evidence solutions market is segmented on the basis of component [datasets, EMR, services], application [drug development & approvals (oncology, neurology, immunology), market access, medical device development], end user [pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers], and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on component, the datasets segment dominated the overall real-world evidence solutions market in 2020 due to the increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment. Apart from this, the growing amount of medical data generated in hospitals, increasing dependence of outcome-based studies on real-world data, and rising demand for information regarding drug safety among payers, regulatory bodies, and providers are the key factors supporting the segment's growth.
Based on type, the datasets segment is segmented into disparate and integrated datasets. The disparate datasets segment accounted for the largest share of the overall real-world datasets market in 2020. The largest share of this segment is primarily attributed to the increasing adoption of EHRs/EMRs in hospitals, growing use of wearable devices, technological advancements in medical data storage, growing use of registries, and greater availability of claims data. However, the integrated datasets segment is expected to witness the fastest growth during the forecast period.
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Based on application, the overall real-world evidence (RWE) solutions market is segmented into drug development & approvals, medical device development & approvals, market access & reimbursement/coverage decisions, clinical decision-making, and other applications. In 2020, the drug development and approvals segment accounted for the largest share due to the increasing demand for real-world data and real-world evidence to accelerate drug discovery and development, increasing investments by biopharmaceutical companies in R&D, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE). The drug discovery and development segment is categorized based on therapeutic areas, such as oncology, cardiovascular diseases, neurology, immunology, and other therapeutic areas. Oncology accounted for the largest share in 2020 and is also expected to witness the fastest growth during the forecast period owing to the rising prevalence of cancer worldwide, growing R&D expenditure for cancer drugs, and increased adoption of RWE for innovation in oncology.
Based on end user, the real-world evidence (RWE) solutions market is broadly segmented into pharmaceutical, biotechnology, and medical device companies; healthcare payers; healthcare providers; and other end users. In 2020, the pharmaceutical, biotech & medical device companies segment accounted for the largest share due to the increasing need to prevent costly drug recalls, growth in the significance of RWE studies in drug development and approvals, and inclination towards assessing drug performance in real-world settings supported the fastest growth of this segment.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years. In recent years, the real-world evidence solutions market has witnessed several agreements, partnerships, collaborations, agreements, and acquisitions. For instance, in June 2020, IBM Watson (U.S.) collaborated with Cegedim Health Data (France) to integrate clinically rich real-world data from Cegedim’s Health Improvement Network into IBM Watson Health’s real-world evidence solution portfolio.
Some of the key players operating in the global RWE solutions market are Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (A Subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc.(U.S.), and Syneos Health, Inc. (U.S.), among others.
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Scope of the Report:
Real-World Evidence Solutions Market, by Component
Claims & billing Data
Product/Disease Registries Data
Other Disparate Datasets
(Other disparate datasets comprise data gathered from other sources that can inform health statuses, such as mobile devices, wearable devices, and social media.)
Real-World Evidence Solutions Market, by Application
Drug Development & Approvals
Others Therapeutic Areas
(Other therapeutic areas comprise infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.)
Medical Device Development &Approvals
Market Access &Reimbursement/Coverage Decisions
(Other applications comprise regulatory decision-making, post-approval monitoring, and post-market device surveillance.)
Real-World Evidence Solutions Market, by End User
Pharmaceutical, Biotechnology, and Medical Device Companies
Other End Users
(Other end-users comprise academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.)
Real-World Evidence Solutions Market, by Geography
Rest of Europe (RoE)
Rest of APAC (RoAPAC)
Middle East & Africa
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