Real World Evidence Solutions Market To Hit USD 7 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Real world evidence solutions industry is projected to witness a CAGR of 15.7% during the period 2024-2032. This growth can be attributed to increasing adoption of RWE Solutions for informed reimbursement decision-making.

Selbyville, Delaware, Oct. 31, 2024 (GLOBE NEWSWIRE) --

Real World Evidence Solutions market size is projected to be worth more than USD 7 billion by the end of 2032. Rising adoption of technologies that enhance predictive modeling, patient stratification, and pattern recognition in vast datasets for providing deeper insights into treatment outcomes will drive the market growth.

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Artificial intelligence (AI) and machine learning (ML) are being applied to process massive amounts of real-world data (RWD) from electronic health records (EHRs), claims data, wearables, and mobile health apps. Moreover, NLP tools are increasingly used to extract and structure unstructured data from clinical notes, pathology reports, and social media, which traditionally have been difficult to incorporate into RWE analysis.

Surging demand for post-market surveillance

The post-market surveillance application segment in the real world evidence solutions market recorded notable revenue in 2023 and will accrue notable growth by 2032. RWE solutions enable the collection and analysis of real-world data from patients using drugs or medical devices. This helps to detect rare and delayed adverse events that might not have appeared during clinical trials due to smaller or more controlled patient populations. These solutions are also used to compare the real-world effectiveness of a product against other treatments available to inform healthcare providers and payers about which treatments offer the best value and outcomes for patients in everyday clinical settings.

Rising preference for on-premise solutions

In terms of deployment model, the real world evidence solutions market from the on-premise segment is poised to witness a considerable CAGR up to 2032. On-premise RWE solutions can be customized to meet the specific needs of a particular organization or research study. This flexibility enables the integration of complex algorithms, custom analytics, and specialized tools that cloud-based solutions might not easily accommodate. Companies using on-premise solutions also avoid the recurring costs associated with cloud services, which can accumulate significantly as data storage needs grow.

Europe to offer lucrative growth opportunities

Europe real world evidence solutions market will register a significant revenue share by 2032 due to rising advances in data analytics, AI, and machine learning. Several pharma firms in the region are leveraging RWE to supplement clinical trial data, improve drug development processes, and support post-marketing surveillance. The need for more comprehensive evidence of drug efficacy and safety will also favor the regional business progression.

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Real World Evidence Solutions Market Participants

Some of the prominent real world evidence solution firms are Aetion, Inc., Cognizant Technology Solutions Corporation, Elevance Health, Inc., Fortrea Inc., ICON plc., IQVIA Holdings Inc., Merative, Optum, Inc., Oracle Corporation, Parexel International Corporation, PerkinElmer Inc., SAS Institute Inc., Syneos Health, Inc., Thermo Fisher Scientific Inc., and TriNetX LLC.

These industry players are focusing on investment initiatives, partnership strategies and innovations to proliferate their global presence. For example, in June 2022, digital health company Verana Health launched VeraSite, its new solution that helps identify potential clinical trial sites.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Research design

1.2.1 Research approach

1.2.2 Data collection methods

1.3 Base estimates & calculations

1.3.1 Base year calculation

1.3.2 Key trends for market estimation

1.4 Forecast model

1.5 Primary research and validation

1.5.1 Primary sources

1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.2 Industry impact forces

3.2.1 Growth drivers

3.2.1.1 Growing focus towards accelerating drug development and cost reduction

3.2.1.2 Growing demand for real-time safety and efficacy monitoring of drugs and medical devices

3.2.1.3 Increasing adoption of RWE Solutions for informed reimbursement decision-making

3.2.1.4 Increasing adoption of data analytics services in clinical decision making

3.2.2 Industry pitfalls & challenges

3.2.2.1 Lack of standardization in integration and interoperability of real-world data

3.2.2.2 Shortage of skilled professionals

3.3 Growth potential analysis

3.4 Technology landscape

3.5 Regulatory landscape

3.6 Porter's analysis

3.7 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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