As per the latest report published by Future Market Insights, the Real World Evidence Solutions Market is valued at US$ 39.2 Billion in 2021 and is anticipated to reach the valuation of US$ 110 Billion by the end of 2032 by growing at a CAGR of 10%.
The compound annual growth rate for the forecasted period is significantly higher from the historical CAGR of 8.6%. Furthermore, the market is expected to witness an absolute dollar opportunity of US$ 67.2 in the coming 10 years.
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Services category is expected to garner an absolute dollar opportunity of US$ 41 Bn during 2022 – 2032. During this period, the services segment is projected to account for the majority share in the global market and is predicted to increase at a compound annual growth rate of 10.4%. The pharmaceutical and biotechnology industries are driving market expansion by increasing their use of real-world services. Among these segments, the clinical data collected during ongoing patient treatment or as a part of a formal clinical trial program is a common source of information in most medical studies.
There can be seen a shift from volume-based to value-based care, favorable policies from the government, increasing R&D expenditure and a growing focus on end-to-end RWE services, which are driving the global market. By the end of 2032, the Global Market for Real World Evidence Solutions will show a valuation of US$ 110 Bn. Furthermore, a growing emphasis on personalized healthcare, increase in the frequency of chronic diseases, growing geriatric population, and regulatory support for the implementation of RWE solutions are expected to drive market expansion.
Due to the pandemic induced business disruptions, companies were unable to undertake on-site surveillance or deliver services that required one to one interactions. This prompted the market players to implement several cost-cutting measures and business continuity tactics to allow remote access and monitoring of patients, comments a Future Market Insights analyst.
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Market Segments Covered in Real World Evidence Solutions Market Study:
By Component:
- Services
- Data Sets
- Clinical Settings Data
- Claims Data
- Pharmacy data
- Patient-powered Data
By Application:
- Reimbursement/Coverage & Regulatory Decision Making
- Drug Development & Approvals
- Medical Device Development & Approvals
- Post Market Safety & Adverse Events Monitoring
By End-user:
- Healthcare payers
- Pharmaceutical & Medical Device Companies
- Healthcare Providers
- Other End-users
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Competitive Landscape:
The key players in the Real World Evidence Solutions Market are –
- Cegedim Health Data
- IBM
- Icon Plc.
- IQVIA
- Medpace
- Oracle
- Parexel International Corp.
- PerkinElmer, Inc.
- PPD, Inc.
- Syneos Health
Key Takeaways from the Market Study:
- The Market is expected to grow at a CAGR of 10% which is significantly higher than its historical CAGR of 8.6%.
- By the end of 2032, the global market for Real World Evidence Solutions will reach the valuation of US$ 110 Bn.
- The services segment leads the growth among components with a CAGR of 10.4%.
- The U.S. market for Real World Evidence Solutions constitutes a majority stake of 29.9% in the global market. It is expected to grow at a CAGR of 11.2% during the forecasted period of 2022 to 2032.
- Drug Development and Approvals segment tops among the applications. Revenue through this segment is expected to grow at a CAGR of 10% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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