The Real World Evidence Solutions Market has become a game-changer in the constantly changing world of healthcare and pharmaceutical research. Traditional clinical trials are important, but they frequently miss the mark when it comes to accurately measuring the impact and efficacy of therapies in real-world contexts. RWE solutions revolutionise how we comprehend and enhance patient outcomes in this situation. Let’s examine these solutions’ enormous potential and advantages.
The services sector is predicted to account for the largest share of the worldwide market and present an absolute dollar opportunity of US$ 41 billion between 2022 and 2032, with a compound annual growth rate of 10.4%. The market is growing as a result of an increase in the demand for in-person services brought on by the expansion of the pharmaceutical and biotechnology industries. The majority of medical research employs clinical data gathered as a source of knowledge, either as part of a formal clinical trial programme or as part of ongoing patient care.
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According to the most recent analysis from Future Market Insights, the Real World Evidence Solutions Market was valued at US$ 42.8 billion in 2022 and is expected to grow at a CAGR of 10% to reach US$ 110 billion by the end of 2032. This projected growth rate exceeds the historical CAGR average of 8.6%. The market is expected to have an absolute financial potential of US$ 67.2 billion during the next 10 years.
The global market is being driven by the switch from volume-based to value-based care, favourable government legislation, increased R&D spending, and a growing emphasis on end-to-end RWE services. The Real World Evidence Solutions Market is projected to reach a value of US$ 110 billion by 2032. Additional market expansion is anticipated as a result of factors like a rising emphasis on customised healthcare, an ageing population, a rise in the prevalence of chronic diseases, and regulatory support for the use of RWE solutions.
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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