The real-world evidence (RWE) solution market is a segment within the healthcare and pharmaceutical industry that deals with the collection, analysis, and utilization of real-world data from diverse sources, such as electronic health records, insurance claims, and patient registries. RWE provides valuable insights into treatment outcomes, drug safety, and health trends, complementing data obtained from clinical trials. This market includes software solutions and consulting services for generating evidence to support healthcare decision-making, drug development, and regulatory submissions. It caters to pharmaceutical companies, healthcare providers, and regulatory agencies seeking evidence-based insights.
According to the new market research report "Real World Evidence Solutions Market by Component (Services, Disparate Data Sets, (Claims, Clinical, Pharmacy, Patient), Application (Oncology, Cardiovascular, Neurology, Immunology), End User (Pharma, Medtech, Payers, Providers) & Region - Global Forecast to 2027"
The global real world evidence solutions market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 15.2% from 2022 to 2027.
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Driver: R&D spending has been increased for the development of new pharmaceutical products and medical devices.
Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in the development of novel drugs and devices. R&D is particularly important in the pharmaceutical industry. To meet the demands for both drug discovery and development, pharmaceutical and biopharmaceutical companies are opting for fully integrated or functional outsourcing services, from the early development stage to the late-stage development phase. Among all industry sectors, the pharmaceutical industry spends the largest percentage of its revenue on research and development. This growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug development process, is expected to drive the growth of the market.
The real world evidence solutions market is dominated by a few globally established players such as IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), and Parexel International Corporation (US).
Report Objectives
- To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically analyze the market structure and profile the key players of the market and comprehensively analyze their core competencies
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
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