What Fueled The Previous Growth In The Real World Evidence Solutions Market?
The real world evidence solutions market has seen considerable growth due to a variety of factors.
• In recent times, the market size for real-world evidence solutions has seen swift expansion. Its anticipated growth will skyrocket from $2.03 billion in 2024, landing at $2.34 billion in 2025, showcasing a compound annual growth rate (CAGR) of 14.9%.
This upward trend in the historical period is linked to the expansion in the pharmaceutical and healthcare sectors, desire for post-market surveillance and drug safety, proliferation of electronic health records and data, utilization in clinical research and outcomes evaluation, and the implementation of regulations around real-world evidence (rwe).
What Is The Expected Growth In The Real World Evidence Solutions Market Size?
The real world evidence solutions market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of real world evidence solutions is anticipated to witness accelerated growth, projecting to reach $4.21 billion by 2029, with a compound annual growth rate (CAGR) of 15.9%.
This growth within the forecast period can be credited to factors such as the development of tailored rwe solutions for specific therapeutic areas, widening of real-world data networks, advancements in real-world evidence production, acceptance of rwe in drug development and accessibility, as well as collaborations between the healthcare and technology sectors. Key trends over the forecast period involve the use of AI-based predictive analysis in rwe, adherence to regulations concerning rwe data privacy and security, individualized rwe solutions for healthcare providers, clarity in data interchange and rwe results, and the incorporation of rwe into drug pricing and reimbursement structures.
What Are the Critical Driver Fuelling the Real World Evidence Solutions Market's Growth?
The increase in the elderly population is predicted to spur the expansion of the real-world evidence solutions market. Those aged 65 and above, categorized as the elderly population, are more susceptible to several health issues such as postural hypotension, and balance or walking difficulties. The onset of chronic illnesses like stroke, heart diseases, type 2 diabetes, arthritis, and cancer tends to heighten as people age. For example, statistics from the Population Reference Bureau, an American nonprofit organization, projected in January 2024 that the US population aged 65 years and above would have a 47% surge from 58 million in 2022 to 82 million by 2050. Moreover, their proportion in the entire population is estimated to grow from 17% to 23%. Consequently, the escalating elderly population is catalyzing the real-world evidence solutions market's boom.
How Is the Real World Evidence Solutions Market segmented?
The real world evidence solutions market covered in this report is segmented –
1) By Component: Services, Data Sets, Clinical Setting Data, Claims Data, Pharmacy Data, Patient Powered Data
2) By Therapeutic Area: Oncology, Cardiovascular, Neurology, Immunology, Other Therapeutic Areas
3) By Application: Drug Development And Approvals, Medical Device Development And Approvals, Reimbursement/Coverage And Regulatory Decision Making, Post market Safety And Adverse Events Monitoring
4) By End-Users: Pharmaceutical And Medical Devices Companies, Healthcare Providers, Healthcare Payers, Other End-Users
Subsegments:
1) By Services: Consulting Services, Data Management Services, Regulatory Services, Analytics Services
2) By Data Sets: Electronic Health Records (EHR), Patient Registries, Clinical Trials Data, Observational Study Data
3) By Clinical Setting Data: Hospital Data, Outpatient Data, Specialty Care Data, Claims Data
4) By Insurance Claims Data: Medicare/Medicaid Data, Commercial Claims Data, Pharmacy Data
5) By Prescription Data: Pharmacy Claims Data, Drug Utilization Data
6) By Patient Powered Data: Patient Surveys, Patient-Reported Outcomes (PRO), Wearable Device Data
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What New Trends Are Influencing the Real World Evidence Solutions Market?
The real-world evidence market is increasingly being dominated by the growing trend of utilizing real-world evidence development. Its impact is becoming very instrumental in aiding successful commercial operations and facilitating effective decision-making processes with the help of real-world data. Real-world evidence caters to the rising need for supplemental information. As an example, Inspire, a data analytics and infrastructure company based in the US, unveiled its Real-World Evidence (RWE) solutions in May 2023. Inspire RWE is bent on providing advanced data and analytical solutions to life science firms. It does this through leveraging its patient engagement platform to accumulate real-world feedback from a multitude of patients. The ultimate goal is to ameliorate patient-centered healthcare results.
Who Are the Key Players in the Real World Evidence Solutions Market?
Major companies operating in the real world evidence solutions market include:
• Anthem Inc.
• Cegedim Health Data
• Clarivate PLC
• Clinigen Group
• Cognizant Technology Solutions Corporation
• Flatiron Health Inc.
• International Business Machines Corporation
• ICON plc
• IQVIA Holdings Inc.
• Medpace Holdings Inc.
• Optum Inc.
• Oracle Corporation
• PAREXEL International Corporation
• PerkinElmer Inc.
• PPD Inc.
• SAS Institute Inc.
• Syneos Health
• Symphony Innovation LLC
• UnitedHealth Group Incorporated
• Amerisource Bergen Corporation
• Cardinal Health
• Deloitte Touche Tohmatsu Limited
• Informa PLC
• Palantir Technologies
• UDG Healthcare PLC
• Thermo Fisher Scientific Inc.
• Elevance Health Inc.
• Covance Consulting Ltd.
• Clinipace Worldwide
• Evidera Inc.
• Pharmerit International
• Analysis Group Inc.
• HealthCore Inc.
• Inovalon Holdings Inc.
• KMK Consulting Inc.
What Is The Most Dominant Region In The Real World Evidence Solutions Market?
North America was the largest region in the real world evidence solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the real world evidence solutions market share during the forecast period. The regions covered in the real world evidence solutions market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
