According to a new analysis published by Future Market Insights, the Real World Evidence Solutions Market sales was valued at US$ 42.8 billion in 2022 and is expected to grow at a CAGR of 10%, reaching US$ 110 billion by the end of 2032. This projected growth rate exceeds the historical CAGR of 8.6%. The market is estimated to offer an absolute dollar opportunity of US$ 67.2 billion over the next 10 years.
With a compound annual growth rate of 10.4% from 2022 to 2032, the Services segment is estimated to provide an absolute dollar opportunity of US$ 41 billion and account for the largest share of the worldwide market. The rise of the pharmaceutical and biotechnology industries is driving market expansion by increasing their use of real-world services. Most medical research use clinical data acquired during ongoing patient care or as part of a formal clinical trial programme as a source of information.
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The global market is being driven by a move from volume-based to value-based care, favourable government regulations, greater R&D spending, and a growing emphasis on end-to-end RWE services. The Real World Evidence Solutions Market is expected to be worth US$ 110 billion by 2032. The market is predicted to grow further as a result of a greater emphasis on personalised healthcare, an increase in the prevalence of chronic diseases, an ageing population, and regulatory support for the deployment 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, Inc.
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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