The global real world evidence solutions market size is expected to be worth around US$ 70.4 billion by 2030, according to a new report by Vision Research Reports.
The global real world evidence solutions market size is expected to be worth around US$ 70.4 billion by 2030, according to a new report by Vision Research Reports.
The global real world evidence solutions market size was valued at US$ 38.2 billion in 2020 and is anticipated to grow at a CAGR of 8.6% during forecast period 2021 to 2030.
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Growth Factors
The key factors driving the real world evidence solutions (RWE) market growth include the favorable government regulations and shift from volume to value-based care. Furthermore, the increasing prevalence of chronic disorders is anticipated to positively influence market growth.
Support from regulatory bodies for using real world evidence (RWE) solutions and an increase in R&D spending are anticipated to boost the market growth. Furthermore, the shift from volume to value-based care is expected to fuel market growth.
During the pandemic, companies in the market diverted their focus towards providing solutions for curbing the spread of COVID-19. For instance, IBM collaborated with Salesforce for building digital health passes, which incorporated data, such as vaccine status, temperature checks, and COVID-19 test results for helping organizations to reopen safely.
Report Coverage
|
Report Scope |
Details |
|
Market Size |
US$ 70.4 billion by 2030 |
|
Growth Rate |
CAGR of 8.6% From 2021 to 2030 |
|
Base Year |
2021 |
|
Forecast Period |
2021 to 2030 |
|
Segments Covered |
Component, Application, End user |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Companies Mentioned |
IQVIA; IBM; PPD, Inc.; Parexel International Corp.; PerkinElmer, Inc.; Icon Plc; Oracle; Syneos Health; Cegedim Health Data; Medpace |
By Component Analysis
The services segment accounted for the maximum revenue share of more than 57% in 2020. The market growth is attributed to the high adoption of real-world services by pharmaceutical & biotechnology companies as well as healthcare providers.
The data sets segment consists of clinical settings data, claims data, pharmacy data, and patient-powered data. The segment is anticipated to witness growth owing to arise in the volume of data generated in healthcare facilities and growing attention for additional insights on epidemiology.
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By Application Analysis
The drug development and approvals segment accounted for the highest revenue share of more than 29.5% in 2020. Real-world evidence solutions services allow pharmaceutical companies and healthcare providers as well as payers for efficient management of operations and accelerate the process of drug development and its approval.
The reimbursement/coverage and regulatory decision-making segment is expected to grow at the fastest CAGR of more than 8% from 2021 to 2030 owing to the rising focus towards clinical value evidence for making decisions to provide coverage and the rising therapy costs.
By End-user Analysis
The pharmaceutical & medical device companies segment accounted for the maximum revenue share of around 33.9% in 2020. The segment growth is attributed to the rising importance of RWE studies in the drug approval process, assessing drug performance in real-world settings, and preventing drug recalls.
The healthcare payers segment is expected to grow at the fastest growth rate of more than 8.5% over the forecast period owing to the increasing awareness among the payers regarding the importance of medical device/drug safety & their adverse effects and favorable reimbursement scenario, especially in developed countries.
By Regional Analysis
North America accounted for the largest revenue share of 44.4% in 2020. The large share of the region is credited to the presence of key players in the U.S. Rising number of RWE service providers and favorable government regulations in the region are expected to drive the market further.
Asia Pacific is expected to be the fastest-growing regional market during the forecast years owing to the rising government initiatives for the adoption of RWE studies and the presence of many Contract Research Organizations(CROs) and manufacturing companies in countries, such as China and India.
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Key Players
- IQVIA
- IBM
- PPD, Inc.
- Parexel International Corp.
- PerkinElmer, Inc.
- Icon Plc
- Oracle
- Syneos Health
- Cegedim Health Data
- Medpace
Market Segmentation
- By Component
- Services
- Data Sets
- Clinical Settings Data
- Claims Data
- Pharmacy Data
- Patient-Powered Data
- By Application
- Drug Development & Approvals
- Medical Device Development & Approvals
- Reimbursement/Coverage & Regulatory Decision Making
- Post Market Safety & Adverse Events Monitoring
- By End-user
- Pharmaceutical & Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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