According to the most recent report published by Future Market Insights, the Real World Evidence Solutions Market is valued at US$ 39.2 billion in 2021 and is expected to reach US$ 110 billion by the end of 2032 at a CAGR of 10%.
The forecasted compound annual growth rate is significantly higher than the historical CAGR of 8.6%. Furthermore, the market is expected to see an absolute dollar opportunity of $67.2 billion over the next ten years.
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Services category is expected to garner an absolute dollar opportunity of US$ 41 Billion during 2022 to 2032. During this period, the services segment is projected to account for the majority share in the global market and is predicted to increase at a compound annual growth rate of 10.4%. The pharmaceutical and biotechnology industries are driving market expansion by increasing their use of real-world services. Among these segments, the clinical data collected during ongoing patient treatment or as a part of a formal clinical trial program is a common source of information in most medical studies.
There can be seen a shift from volume-based to value-based care, favorable policies from the government, increasing R&D expenditure and a growing focus on end-to-end RWE services, which are driving the global market. By the end of 2032, the Global Market for Real World Evidence Solutions will show a valuation of US$ 110 Bn. Furthermore, a growing emphasis on personalized healthcare, increase in the frequency of chronic diseases, growing geriatric population, and regulatory support for the implementation of RWE solutions are expected to drive market expansion.
Key Takeaways from the Market Study:
- The Market is expected to grow at a CAGR of 10% which is significantly higher than its historical CAGR of 8.6%.
- By the end of 2032, the global market for Real World Evidence Solutions will reach the valuation of US$ 110 Billion.
- Within the period between 2022 and 2032, the market is expected to offer an absolute dollar opportunity of US$ 67.2 Billion.
- The services segment leads the growth among components with a CAGR of 10.4%.
- The US market for Real World Evidence Solutions constitutes a majority stake of 29.9% in the global market. It is expected to grow at a CAGR of 11.2% during the forecasted period of 2022 to 2032.
- Drug Development and Approvals segment tops among the applications. Revenue through this segment is expected to grow at a CAGR of 10% during the forecast period.
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Due to the pandemic induced business disruptions, companies were unable to undertake on-site surveillance or deliver services that required one to one interactions. This prompted the market players to implement several cost-cutting measures and business continuity tactics to allow remote access and monitoring of patients, comments a Future Market Insights analyst.
Market Segments Covered in Real World Evidence Solutions Market Study:
By Component:
- Services
- Data Sets
- Clinical Settings Data
- Claims Data
- Pharmacy data
- Patient-powered Data
By Application:
- Reimbursement/Coverage & Regulatory Decision Making
- Drug Development & Approvals
- Medical Device Development & Approvals
- Post Market Safety & Adverse Events Monitoring
By End-user:
- Healthcare payers
- Pharmaceutical & Medical Device Companies
- Healthcare Providers
- Other End-users
Competitive Landscape:
The Real World Evidence Solutions Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Furthermore, to retain their dominance in global market they are expanding by means of strategic mergers and acquisitions and creating the market presence in the untapped market across the globe. They are anticipated to take advantage of the increased awareness, improved infrastructure and increased regulatory approvals for the RWE solutions.
The key competitors in the Real World Evidence Solutions Market are –
- Cegedim Health Data
- IBM
- Icon Plc.
- IQVIA
- Medpace
- Oracle
- Parexel International Corp.
- PerkinElmer, Inc.
- PPD, Inc.
- Syneos Health
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Key developments in the Market:
- In March 2022, the collaboration between Thermo Fisher and Symphogen has been expanded to include improved data workflow, which aids in the discovery and development of innovative cancer treatments.
- In February 2021, IBM begins the second phase of a contract with the National Institutes of Health to develop a verifiable health status reporting and contact tracing system.
- In January 2022, IQVIA partnered with Argenex SE for accelerating the clinical development of new indications for VYVGART. Furthermore, it will leverage its scientific advice and technology in supporting clinical development by Argenx.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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