Real World Evidence Solutions Market Size, Share & Trends Analysis Report By Component (Services, Data Sets), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Real World Evidence Solutions Market Size, Share & Trends Analysis Report By Component (Services, Data Sets), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Real World Evidence Solutions Market Growth & Trends

The global real world evidence solutions market size is expected to reach USD 4.6 billion by 2030, registering a CAGR of 8.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Key factors driving the market include favorable government regulations and a shift from volume to value-based care. Furthermore, the increasing prevalence of chronic disorders is anticipated to positively influence market growth.

During the pandemic, companies in the RWE solutions market diverted their focus on providing solutions for curbing the spread of COVID-19. For instance, IBM collaborated with Salesforce to build digital health passes, which incorporated data such as vaccine status, temperature checks, and COVID-19 test results to help organizations reopen safely. It also partnered with ServiceNow on Watson AIOps to support it to continue its leadership in transformative artificial intelligence by helping clients automate IT operations and reduce risks.

According to PerkinElmer, real world evidence solutions offer around USD 300 to 500 Billion in top-down opportunity for the U.S. healthcare industry alone. In addition, many life science companies are witnessing ad hoc value from selected RWE case studies and demonstrating around USD 100 million of bottom-up impact. Therefore, if a company captures USD 1 billion in real world evidence value, it ultimately creates more than USD tens of billions in terms of healthcare improvements. This is anticipated to boost market growth over the coming years.

Adoption and usage of RWE solutions are higher in developed markets of North America and Europe owing to supportive initiatives by legal, government, and other regulatory bodies. For instance, in October 2021, FDA selected Aetion Evidence Platform to use RWE to analyze COVID-19 interventions and further regulatory science and innovation. Initiatives by regulatory agencies are supporting the expansion of RWE from post-market safety monitoring to other applications, such as for clinical trial design and observational studies and to substantiate coverage decisions.

Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in June 2023, Verana Health launched VeraSite, a novel solution for clinical trial site solutions.

Real World Evidence Solutions Market Report Highlights

• Favorable government initiatives and a shift from volume to value-based care are expected to boost the market growth
• Services component segment led the largest market share of 57.6% in 2023 owing to its increasing demand over the forecast period
• Drug development and approvals application segment dominated the market with a revenue share of 28.7% in 2023 owing to the rising adoption of RWE solutions in pharmaceutical companies for this application
• Healthcare payers end-user segment is anticipated to expand at the fastest CAGR over the forecast period owing to the increasing awareness among payers regarding drug and medical device safety
• North America led the global market with a revenue share of 43.5% in 2023 owing to the presence of major players in the region. Asia Pacific is expected to be the fastest-growing regional market from 2024 to 2030 owing to the presence of contract research organizations in the region

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