The global real world evidence solutions market, valued at US$ 42.8 billion in 2022, is anticipated to witness an impressive surge, projecting a remarkable CAGR of 10% to reach a staggering US$ 110 billion by 2032. This anticipated growth rate notably surpasses the historical CAGR average of 8.6%, signifying a robust expansion trajectory within the industry.
The analysis conducted by Future Market Insights underscores the substantial market potential, predicting an absolute financial upswing of US$ 67.2 billion during the next decade. The market’s evolution is attributed to multifaceted factors propelling its ascent.
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The proliferation of real-world evidence solutions finds resonance in its pivotal role in augmenting healthcare decision-making processes. These solutions offer comprehensive insights derived from real-world data, empowering stakeholders with evidence-based strategies to enhance patient outcomes and streamline healthcare practices.
The market’s upward trajectory is further buoyed by a confluence of factors. Governments, industry players, and healthcare institutions are increasingly recognizing the intrinsic value of leveraging real-world evidence to inform regulatory decisions, optimize healthcare delivery, and drive operational efficiencies.
Key segments within the market, including electronic health records, claims and billing data, and patient registries, are witnessing a surge in adoption owing to their instrumental role in providing comprehensive, real-time insights into patient populations and treatment outcomes.
Furthermore, advancements in analytics and artificial intelligence are revolutionizing data analysis, thereby fostering the development of sophisticated real-world evidence solutions that offer deeper insights and predictive capabilities.
The evolving landscape of the real world evidence solutions market stands as a testament to its pivotal role in shaping the future of healthcare. As the market continues its trajectory of unprecedented growth, stakeholders across the healthcare spectrum are poised to harness the transformative potential of real-world evidence.
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.
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.
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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
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
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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