Real-World Evidence Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Real-World Evidence Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global real-world evidence solutions market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.57% during 2023-2028.

Real-world evidence (RWE) refers to clinical evidence about the use and potential benefits or risks of medical products via real-world data (RWD). It can be produced via different study designs or analyses, including randomized trials, big simple trials, pragmatic trials, and observational studies. It provides insight into real-world treatment patterns in patient groups, including dosing, compliance, adherence, off-label use, and the balance between efficacy and safety. As it can also assist researchers in discovering possible patients and developing correct inclusion criteria for clinical trials, which can help them design better pre-trial studies, there is a rise in the demand for RWE solutions around the world.

Real-World Evidence Solutions Market Trends:
The growing demand for RWE solutions to get precise and clear information about the safety and efficacy of new products represents one of the key factors driving the market. Moreover, there is a rise in the demand for these solutions to detect varied reactions, product subpopulation effects, and product value when utilized by complex and comorbid patients. This, along with the burgeoning healthcare industry, is propelling the growth of the market. Additionally, the growing utilization of advanced analytics and technological solutions in RWE for clinical development, commercialization, speed innovation, and accelerating improvements in healthcare outcomes is positively influencing the market. Besides this, there are various initiatives undertaken by governments of several countries to promote the use of RWE solutions, which provide the efficacy of drugs and vaccines. This, coupled with a shift from volume to value-based care, is offering lucrative growth opportunities to industry investors. Apart from this, the growing adoption of digitalization and patient-centered virtual care is catalyzing the demand for RWE solutions. Furthermore, there is an increase in the prevalence of chronic diseases, such as cancer, obesity, and diabetes, across the globe. In line with this, the rising delays in drug development and the subsequent increase in development costs are bolstering the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global real-world evidence solutions market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, therapeutic area and end user.

Breakup by Component:

Clinical Settings Data
Claims Data
Patient-Powered Data
Pharmacy Data
Others

Breakup by Therapeutic Area:

Oncology
Immunology
Neurology
Cardiovascular Disease
Others

Breakup by End User:

Pharmaceutical and Medical Device Companies
Healthcare Payers
Healthcare Providers
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc. and Syneos Health.

Key Questions Answered in This Report:
How has the global real-world evidence solutions market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global real-world evidence solutions market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the therapeutic area?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global real-world evidence solutions market and who are the key players?
What is the degree of competition in the industry?