Global Real-World Evidence Solutions Market 2024-2031

Global Real-World Evidence Solutions Market 2024-2031

Global Real World Evidence Solutions Market Size, Share & Trends Analysis Report by Component (Services, and Data Sets), by Application (Drug Development and Approvals, Post-Market Surveillance, Market Access Reimbursement/Cover End-User Decision Making, and Clinical and Regulatory Decision-Making), and by End-User (Pharmaceutical & Medical Device Companies, Healthcare Providers, Healthcare Payers, and Others ) Forecast Period (2024-2031)

The global real-world evidence solutions market is anticipated to grow at a CAGR of 12.40% during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for healthcare industry is prioritizing patient-centric approaches, aiming for faster and more efficient clinical trials to expedite access to innovative treatments for patients.. For instance, in June 2023, Verana Health launched VeraSite, a subscription-based tool for identifying potential clinical trial sites. The tool allows sponsors and CROs to quickly identify practices with clinical expertise and patient populations, guiding site selection and allowing direct contact with practices of interest.

Segmental Outlook

The global real-world evidence solutions market is segmented by component, application, and end user. Based on the component, the market is sub-segmented into services, and data sets.. Based on the application, the market is sub-segmented intodrug development and approvals, post-market surveillance, market access reimbursement/cover end-user decision making, and clinical and regulatory decision-making.. Furthermore, based on end users, the market is sub-segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and others.. The pharmaceutical and medical device companies’ subcategory is expected to capture a significant portion of the market share within the end-user segment. The growth can be attributed to the increasing importance of real world evidence (RWE) studies are increasingly crucial in drug approval, real-world performance assessment, and preventing recalls, aiding in patient benefit identification, regulatory approvals, reimbursement, and increased indications of use.

Oncology Sub-Sub-Segment is Anticipated to Hold a Considerable Share of the Global Real-World Evidence Solutions Market

Among the applications, the oncology sub-sub-segment is expected to hold a considerable share of the global real-world evidence solutions market. The segmental growth is attributed to the growing emphasis for data-driven decision-making in cancer research and treatment, reflecting wider industry trends. Furthermore, the market players are looking for the new product launch to meet the demand for the solutions. . For instance, in May 2023, Flatiron Health expanded into oncology real-world evidence generation. Its Integrated real-world evidence (RWE) Solutions approach allows partners to generate strong RWE and insights. It enables Flatiron to become a 'one-stop-shop' for oncology RWD/E development across the product lifecycle, hence enhancing cancer patient experiences.

Regional Outlook

The global real-world evidence solutions market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing number of elderly individuals and the higher occurrence of cancer and chronic illnesses in the region, additionally there has been an increase in demand for healthcare services..

The North American region is Expected to Grow at a Significant CAGR in the global Real-World Evidence Solutions Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing availability of high-quality real-world data sources such as wearables, healthcare apps, and electronic health records. . According to the National Institute og Health (gov.), in October 2023, the publication provides an updated review of the global regulatory landscape for leveraging real-world evidence (RWE) in healthcare. It evaluates the availability of frameworks, guidance, data quality, study methods, and procedural guidance in different regions. The review also highlights gaps and potential opportunities for future development and harmonization, as well as the alignment among regulators and health technology assessment (HTA) bodies in utilizing RWE..

Market Players Outlook

The major companies serving the global real-world evidence solutions market include Dassault Systèmes S.E., IBM Corp., Oracle, PerkinElmer Inc., Thermo Fisher Scientific Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2023, Thermo Fisher Scientific Inc. acquired CorEvitas, LLC, focusing on real-world evidence collection and use in routine clinical care, a high-growth market segment for pharmaceutical and biotechnology customers.

In December 2023, BC Platforms acquired Medexprim, expanding its capability to offer global biopharma partners secure access to real-world clinical and imaging data assets.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global real-world evidence solutions market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.