In the ever-evolving landscape of healthcare and pharmaceutical research, Real World Evidence Solutions Market has emerged as a game-changer. Traditional clinical trials are essential but often fall short in capturing the true impact and effectiveness of treatments in real-world settings. This is where RWE solutions step in, revolutionizing the way we understand and improve patient outcomes. Let’s explore the immense potential and benefits of these solutions.
The services sector is anticipated to have the greatest proportion of the global market and offer an absolute dollar opportunity of US$ 41 billion between 2022 and 2032, with a compound annual growth rate of 10.4%. The growth of the pharmaceutical and biotechnology sectors is causing the market to expand as a result of an increase in the usage of in-person services. The majority of medical research uses clinical data collected as a source of information, either as part of a formal clinical trial programme or as part of ongoing patient care.
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The Real World Evidence Solutions Market was estimated at US$ 42.8 billion in 2022, and Future Market Insights’ most recent report predicts that it will rise at a CAGR of 10% to reach US$ 110 billion by the end of 2032. This anticipated growth rate is higher than the average historical CAGR of 8.6%. Over the next ten years, the market is predicted to present an absolute monetary potential of US$ 67.2 billion.
The shift from volume-based to value-based care, favourable government legislation, more R&D spending, and an increasing focus on end-to-end RWE services are driving the global market. By 2032, it is anticipated that the Real World Evidence Solutions Market would be valued US$ 110 billion. A growing focus on individualised healthcare, an increase in the prevalence of chronic diseases, an ageing population, and regulatory backing for the use of RWE solutions are all expected to spur additional market growth.
Key Takeaways from the Market Study:
- The market is predicted to develop at a 10% CAGR, which is much higher than the 8.6% CAGR recorded in the past.
- The global market for Real World Evidence Solutions will be worth US$ 110 billion by the end of 2032.
- The market is estimated to offer an absolute dollar opportunity of US$ 67.2 billion between 2022 and 2032.
- With a CAGR of 10.4%, the services segment leads the development among components.
- The US market for Real World Evidence Solutions accounts for 29.9% of the global market. During the anticipated period of 2022 to 2032, it is expected to expand at a CAGR of 11.2%.
- 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.
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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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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