Global Real World Evidence (RWE) Solutions Market Size, Share And Forecast To 2030

(MENAFN- Straits Research) Introduction

Real-world evidence is produced through analysis of electronic health records (EHR), healthcare claims and billing management systems, registries, patient-provided data, mobile devices, and other resources. It can come from databases and research that is both experimental and observational. These problems are addressed by real-world evidence (RWE), which also provides a more thorough analysis of the effects of medications. The global market for evidence outcomes will be anticipated to grow significantly over the projection period due to regulatory bodies' Promotion of real-world evidence solutions . Regulators utilize real-world evidence to monitor the safety of drugs on the market by combining classic pharmacovigilance methods with modern digital tools. In addition, regulators are willing for real-world evidence to play a critical role in their operations. However, industry expansion is expected to be stimulated by delays in medication development, which would increase development costs. Currently, real-world evidence is utilized in pre-approved efficacy determinations.

Market Dynamics Real-World Evidence's Potential to Lower Drug Development Costs, Expedite the Drug Development Process, and Growing Population of Senior Citizens Drives the Global Market

According to a report issued by the Tufts Center for the Study of Medicine Development (CSDD), the median cost of introducing a new drug to the market is USD 985 million, and the average cost was USD 1.3 billion, which was significantly lower than earlier estimates of USD 2.80 billion. As the number of RWD increases and their accessibility improves, businesses will be able to utilize RWEs sooner in the product lifecycle to expedite the development and reduce costs. IQVIA (US) partnered with AP-HP, enabling IQVIA to enhance the number of complicated clinical trials and real-world evidence studies in France and Europe. The escalating cost of drug development and avoidable delays have shifted the emphasis to real-world evidence as a supplement to existing clinical trials to expedite medication development.

Population aging needs continual, long-term care; hence, the market demands additional medical devices for healthcare. The market demand for contemporary medical healthcare devices and therapies is growing due to an aging population and a changing lifestyle that causes most older adults to suffer from chronic diseases like diabetes. Additionally, as the prevalence of rare diseases and the trend toward personalized healthcare increase, universal health care and research organizations may encounter challenges like high costs and long wait times for patient treatments. During the forecast period, the growing prevalence of chronic diseases such as cancer and diabetes, among others, would propel the rise of the market for real-world evidence solutions.

The healthcare ecology is ever-changing. "Value" is being scrutinized worldwide as financial healthcare players explore creative techniques to reduce unsustainable costs and relatively low returns on investment. Businesses need a strong evidence lifecycle management capability to prove value. This has created an opportunity for an end-to-end strategy to leverage a life sciences organization's data, evidence, and knowledge assets in a way that eliminates traditional silos and enables insight-driven decision-making from the research and development phase to product commercialization. This includes the creation of a practical governance framework, the use of technologies such as cloud and self-service analytics, and the ability to connect data sets and comprehend the resources required for the necessary analyses.

Regional Analysis

North America accounted for the most significant revenue share, and a substantial portion of the North American market is attributable to key competitors in the United States. An increasing number of real-world evidence service providers and favorable regional government regulations are anticipated to assist the market's growth. In addition, the shift from volume-based to value-based care is anticipated to fuel market expansion. In addition, the expanding geriatric population and the resulting rise in the prevalence of chronic diseases are major drivers driving the expansion of this market.

Key Highlights

• The global real-world evidence solutions market was valued at USD 39.75 billion in 2021. It is projected to reach USD 80.79 billion by 2030, growing at a CAGR of 8.2% during the forecast period (2022–2030).
• Based on components, the market is further divided into services and data sets services segment had the highest revenue share due to the widespread adoption of real-world services by pharmaceutical and biotechnology businesses and healthcare providers.
• Based on application, the market is further categorized into drug development and approvals, medical device development and approvals, reimbursement/coverage and regulatory decision making, and post-market safety and adverse events monitoring. The drug development and approvals segment have the most significant revenue share.
• Based on end-user, the market is subdivided into pharmaceutical and medical device companies, healthcare payers, and healthcare providers segment is dominated by pharmaceutical and medical devices during the forecast period.
• North America accounted for the most significant revenue share, and a substantial portion of the North American market is attributable to key competitors in the United States.