The global Real World Evidence (RWE) Solutions market is set for significant growth, rising from US$ 39.2 billion in 2021 to an anticipated US$ 110 billion by 2032, reflecting a robust CAGR of 10% during the forecast period from 2022 to 2032. This marks an acceleration compared to the market’s historical CAGR of 8.6%.
The market is expected to create an absolute dollar opportunity of US$ 67.2 billion over the projected period, driven by growing investments in research and development (R&D), strong support from regulatory bodies, and increasing adoption of RWE solutions to enhance decision-making in healthcare and pharmaceuticals.
Key Market Drivers:
- Regulatory Support: Favorable policies and encouragement from global regulatory authorities are spurring adoption of RWE solutions.
- R&D Investments: Heightened expenditure by global pharmaceutical and biotechnology firms to optimize clinical trials and drug development processes.
- Advancements in Data Analytics: Integration of big data, artificial intelligence, and machine learning is enhancing the quality and utility of real-world data (RWD).
- Focus on Personalized Medicine: Rising demand for precision medicine has led to greater reliance on RWE for tailoring treatments to individual patients.
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Key Takeaways:
- The RWE solutions market is projected to grow at a CAGR of 10% from 2022 to 2032, reaching US$ 110 billion.
- Support from regulatory agencies and advancements in RWD analytics are key growth drivers.
- Investments in R&D by major players are enhancing the market’s innovation potential.
- The market is expected to generate an absolute dollar opportunity of US$ 67.2 billion during the forecast period, reflecting its expanding importance in global healthcare.
Market Drivers
- Support from Regulatory Bodies: Increased backing from regulatory agencies for the use of real-world data in clinical trials and drug approvals is driving market growth.
- Rising R&D Expenditure: Enhanced research and development spending by global competitors is facilitating advancements in RWE solutions, making them more effective and widely adopted.
- Collaboration Among Health Organizations: Partnerships aimed at leveraging RWE data to improve clinical trial efficiency and drug safety monitoring are contributing to market expansion.
- Growing Demand for Cost-effective Solutions: The need for more efficient and cost-effective drug development processes is propelling the adoption of RWE solutions across the pharmaceutical industry.
Regional Insights
- The United States is anticipated to dominate the market, with a significant share due to a well-established pharmaceutical industry and favorable government policies.
- Other regions, including the U.K. and South Korea, are also expected to grow significantly, driven by government initiatives and the presence of numerous contract research organizations (CROs).
Competitive Analysis
The major corporations in the Global Real World Evidence Solutions market are boosting their research and development expenditure to finance the development of strategically advanced products. Furthermore, government financing, technological developments, regulatory approvals, mergers and acquisitions and diversifying product portfolio has been significantly contributing to the healthy competitive environment. The top players are expected to gain from new product releases and the growth of current operations to maintain their dominance in the global market for Real World Evidence 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., and Syneos Health.
The recent developments in the Global Real World Evidence Solutions Market which were being channelized by market players are as follows:
- In March 2022, the collaboration between Thermo Fisher and Symphogen has been expanded to include improved data workflow, which aids in the discovery and development of innovative cancer treatments.
- In January 2022, IQVIA partnered with Argenex SE for accelerating the clinical development of new indications for VYVGART. Furthermore, it will leverage its scientific advice and technology in supporting clinical development by Argenx.
- In February 2021, IBM begins the second phase of a contract with the National Institutes of Health to develop a verifiable health status reporting and contact tracing system.
Similarly, recent developments related to companies offering Real World Evidence Solutions have been tracked by the team at Future Market Insights, which are available in the full report.
Key Companies Profiled
- 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 Analysis
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
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Others
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Others
- APAC
- India
- China
- Japan
- South Korea
- Australia
- Others
- MEA
- South Africa
- Saudi Arabia
- UAE
- Israel
- Others
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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