“Support from regulatory bodies for the use of RWE solutions are driving market growth”
Real-world data and real-world evidence are used to monitor the post-market safety and adverse events of drugs. The monitoring of this data assists in making regulatory decisions. The healthcare community is using RWE and RWD to support coverage decisions and to develop guidelines and decision support tools for use in clinical practice.
The global RWE solutions market is projected to reach USD 2.3 billion by 2026 from USD 1.2 billion in 2021, at a CAGR of 14.4% during the forecast period. The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.
“The Services segment accounted for the largest market share in 2020.”
Based on component, the market is segmented into data sets and services. In 2020, the services segment accounted for a larger share of 58.8% of the global RWE solutions market. This segment is also estimated to grow at the highest CAGR of 16.0% during the forecast period. The rising need to convert data into actionable evidence, the growing need to reduce drug development delays, and the availability of a large volume of healthcare data are the major factors driving the growth of this market segment.
“The Oncology segment accounted for the largest market share in 2020.”
Based on the therapeutic area, the RWE solutions market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of 24.8% of the RWE solutions market in 2020. This segment is projected to reach USD 560.5 million by 2026 from USD 285.5 million in 2021, at a CAGR of 14.4% during the forecast period. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
“The Pharmaceutical and Medical Device Companies segment accounted for the largest market share in 2020.”
Based on end user, the RWE solutions market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share of 46.3% of the RWE solutions market in 2020. This segment is also estimated to grow at the highest CAGR of 16.8% during the forecast period. The large share and high growth of this end-user segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.
“North America was the largest regional market for real world evidence solutions market in 2020“
The global RWE solutions market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 60.8% of the global market. Factors such as the favorable regulatory environment, the increasing number of payers using RWD, the growing number of RWE service providers, and the increasing number of pharmaceutical companies adopting RWE for drug approval processes are driving the growth of the RWE solutions market in North America. The Asia Pacific market, however, is estimated to grow at the highest CAGR during the forecast period. The increasing government initiatives for the adoption of RWE studies, the rising burden of chronic diseases, increasing demand for better healthcare services, and the increasing geriatric population are driving the growth of the RWE solutions market in the Asia Pacific.
The break-down of primary participants is as mentioned below:
- By Company Type – Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
- By Designation – C-level: 25%, Director-level: 55%, and Others: 20%
- By Region – North America: 40%, Europe: 25%, Asia Pacific: 20%, Latin America: 10%, and the Middle East & Africa: 5%
Research Coverage:
The report analyzes the real world evidence solutions market and aims at estimating the market size and future growth potential of various market segments, based on by component, therapeutic area, end user and region.
The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
- Market Penetration:Comprehensive information on the product portfolios of the top players in the real world evidence solutions market. The report analyzes this market by type of component, therapeutic area, end user and region.
- Market Development:Comprehensive information on the lucrative emerging markets, by type of component, therapeutic area, end user and region.
- Market Diversification:Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the real world evidence solutions market
- Competitive Assessment:In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the real world evidence solutions market.
