The global real-world evidence solutions market is on track for a remarkable surge, the market is expected to reach the valuation of USD 42.8 Billion by the end of 2022, with a projected Compound Annual Growth Rate (CAGR) of 10% that will propel it to a staggering USD 110 billion by 2032. This impressive growth significantly outpaces the historical average CAGR of 8.6%, highlighting the industry’s robust expansion trajectory.
A new analysis by Future Market Insights underscores the market’s substantial potential, predicting a staggering financial upswing of USD 67.2 billion over the next decade. This growth is driven by the critical role real-world evidence solutions play in improving healthcare decision-making.
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Real-World Data Empowering Better Healthcare Decisions:
Real-world evidence solutions offer healthcare stakeholders invaluable insights derived from real-world data. This empowers them with evidence-based strategies to enhance patient outcomes and streamline healthcare practices.
The market’s upswing is further fueled by a confluence of factors. Governments, healthcare institutions, and industry players are increasingly recognizing the immense value of real-world evidence in informing regulatory decisions, optimizing healthcare delivery, and driving operational efficiency.
Key Segments Witnessing Strong Growth:
Key segments within the market, such as electronic health records, claims and billing data, and patient registries, are experiencing significant adoption. This is due to their instrumental role in providing comprehensive, real-time insights into patient populations and treatment outcomes.
Advancements in Technology Driving Innovation:
Furthermore, advancements in analytics and artificial intelligence are revolutionizing data analysis. This fosters the development of sophisticated real-world evidence solutions offering deeper insights and predictive capabilities.
The evolving real-world evidence solutions market landscape underscores its pivotal role in shaping the future of healthcare. As the market experiences unprecedented growth, stakeholders across the healthcare spectrum are poised to leverage the transformative potential of real-world evidence.
Key Takeaways from the Market Study:
- The market is predicted to develop at a 10% CAGR, which is much higher than the 8.6% CAGR recorded in the past.
- The global market for Real World Evidence Solutions will be worth USD 110 billion by the end of 2032.
- The market is estimated to offer an absolute dollar opportunity of USD 67.2 billion between 2022 and 2032.
- With a CAGR of 10.4%, the services segment leads the development among components.
- The US market for Real World Evidence Solutions accounts for 29.9% of the global market. During the anticipated period of 2022 to 2032, it is expected to expand at a CAGR of 11.2%.
- 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.
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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Competitive Landscape:
The Real World Evidence Solutions Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Furthermore, to retain their dominance in global market they are expanding by means of strategic mergers and acquisitions and creating the market presence in the untapped market across the globe. They are anticipated to take advantage of the increased awareness, improved infrastructure and increased regulatory approvals for the RWE solutions.
The key competitors 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
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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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