Real-world Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User - Global Forecast to 2029

Real-World Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Forecast to 2029

The RWE solutions market is expected to grow at a CAGR of 11.8% from 2022 to 2029 to reach $4.9 billion by 2029

Following a thorough primary and secondary research and in-depth analysis of the market scenario, the report carries out the key industry drivers, restraints, opportunities, and challenges.

Rapidly growing big data in healthcare, shift from volume to value-based care, and rising focus towards personalized healthcare are the key factors driving the growth of the global RWE solutions market. Further, significant growth opportunities for existing market players and new entrants are provided by emerging markets, rising focus on end-to-end RWE services, and the rising adoption of wearable devices and AI in RWE.

The RWE solutions market is segmented by component (datasets and consulting services), application (market access & reimbursement/coverage decisions, drug development & approvals, post market surveillance, medical device development & approvals, and other applications), end user (pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers, and other end users) and Geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses their market shares at the global and regional levels.

Based on component, the datasets segment is expected to command the largest share of the global RWE solutions market in 2022 due to factors such as the rising dependence of outcome-based studies on real-world data, increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment, the growing amount of medical data generated in hospitals, and the rising demand for information regarding drug safety among payers, regulatory bodies, and providers.

Based on application, the drug development & approvals segment is expected to witness the fastest growth rate during the forecast period. The increasing investments by pharma and biopharma companies in R&D, increasing demand for real-world data and real-world evidence for accelerating drug discovery and development, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE) are the factors contributing to the growth of this segment.

Based on end user, the pharmaceutical, biotechnology, & medical device companies segment is expected to witness the fastest growth rate during the forecast period. The increasing importance of RWE studies in drug development &approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings are the factors contributing to the growth of this segment.

An in-depth analysis of the geographical scenario of the RWE solutions market provides detailed qualitative and quantitative insights about the five major geographies (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America is expected to command the largest share of the global RWE solutions market in 2022, followed by Asia-Pacific and Europe. However, Asia-Pacific is slated to register the fastest growth rate. The growth of this regional market is driven by the growing demand for data defining the value and effectiveness of medicines, the increasing need for conducting real-world studies in drug R&D, and the rising government initiatives for promoting the use of real-world studies for regulatory decision-making.

Some of the key companies operating in the global RWE solutions market are IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), SYNEOS HEALTH, INC. (U.S.), CLARIVATE PLC (U.S.), Medpace Holdings Inc. (U.S.), Symphony Innovation, LLC (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health (U.S.).

Scope of the Report

Global RWE Solutions Market, by Component

Datasets
Disparate Datasets
EMR/EHR/Clinical Data
Claims & Billing Data
Pharmacy Data
Product/Disease Registries Data
Other Disparate Datasets
Integrated Datasets
Consulting & Analytics

(Note: Other Disparate Datasets include data generated from mobile devices, wearable devices, and social media)

Global RWE Solutions Market, by Application

Market Access & Reimbursement/Coverage Decisions
Drug Development & Approvals
Oncology
Neurology
Immunology
Cardiovascular Diseases
Other Therapeutic Areas
Post Market Surveillance
Medical Device Development & Approvals
Other Applications

(Note: Other Therapeutic Areas include infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases, Other Applications include regulatory and clinical decision-making)

Global RWE Solutions Market, by End User

Pharmaceutical, Biotechnology, and Medical Device Companies
Healthcare Payers
Healthcare Providers
Other End Users

(Note: Other end users include academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies)

Global RWE Solutions Market, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
Japan
China
India
South Korea
Taiwan
Singapore
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

Real World Evidence Solutions Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	234
Units Referenced	Value (USD Million/Billion)
Segments/Key Topics	Market by Product, Market by End User, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America , and Middle East & Africa
Key Companies Mentioned	Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), Parexel International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.)

FAQs About the Report

What is the current value of revenue generated by the real-world evidence solutions market? At what rate is the global demand for real-world evidence solutions projected to grow in the next 5–7 years?

The real-world evidence solutions market is expected to reach a value of $4.93 billion by 2029, with a CAGR of 11.8% from 2022–2029.

Which component segment showcases high-growth opportunities for the players operating in the real-world evidence market?

Based on component, the consulting & analytics segment is slated to register the highest growth rate during the forecast period and provide significant opportunities for players operating in this market.

Which application segment showcases high growth opportunities for the players operating in the real-world evidence market?

Based on application, the drug development & approvals segment is slated to register the highest growth rate during the forecast period and provide significant opportunities for players operating in this market.

What are the Major Drivers for this Market?

Major drivers of the market include:
Rising Focus on Personalized Healthcare
Delays in Drug Development and the Consequent Increase in Development Costs
Growing Incidence of Chronic Diseases
Shift Toward Value-based Care
Rapidly Growing Big Data in the Healthcare Sector

What are the major restraints for the global real-world evidence market?

Major restraints of the market include:
Reluctance to Rely on Real-world Studies

Who are the major players operating in the real-world evidence market?

The major key players operating in the real-world evidence market are Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), Parexel International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).

Which are the high-growth countries/regions in the market?

Asia-Pacific will be the fastest growing regional market during the forecast period of 2022–2029 due to growing demand for data defining the value and effectiveness of medicines by payers, growing demand in conducting real-world studies in drug R&D, and increasing government interest in using real-world studies for regulatory decision-making..