Real World Evidence Solutions Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030)

Real World Evidence Solutions Market Size

Real World Evidence Solutions Market Analysis

Services Category Dominates the Industry

The services category accounted for a larger revenue share, of over 56%, in 2022, and it is also expected to maintain its dominance throughout the forecast period. This is ascribed to the reducing drug development delays, which is now more important than ever before, and the availability of a higher amount of healthcare information. Moreover, companies frequently adapt the necessary services as per the client's needs, which saves time and money compared to obtaining the data sets and analyzing them to generate helpful information.

Also, real-world evidence program professionals communicate and work together with the subject matter professionals of medical device and pharmaceutical companies to provide services for the development of intelligent RWE plans and use their analytical abilities to offer valuable statistical insights.

Data Sets Category To Rise at a Significant Growth Rate

The data sets category is projected to grow at a significant growth rate during the forecast period. The growth can be primarily ascribed to the rising amount of information generated in the healthcare sector and the increasing attention to more insights into epidemiology. Additionally, clinical data is an important source of most health and medical research that is either collected from the current patient care or formal clinical trial programs.

Pharmaceutical & Medical Device Companies Category To Witness Fastest Growth

The pharmaceutical & medical device companies category is projected to grow at the highest CAGR, of 12.9%, during the forecast period. This can be primarily ascribed to the rising importance of RWE analyses in drug support, the valuation of drug performance in real-world settings, and the inhibition of costly drug recalls.

In addition, RWE is increasingly being used in the pharmaceutical sector to fulfill the governing compliance necessities as well as payer requirements related to HEOR. Pharmaceutical enterprises need information describing both the medically accepted and approved alternative uses of formerly approved drugs. This solution data is required for new medicines to effectively pass via clinical phases. Therefore, a thriving phase shift is reliant on strong real-world results.

Geographical Analysis

The APAC market is expected to grow at the highest CAGR, of around 14%, in the upcoming years. The growth can be mainly ascribed to the rising government support for the adoption of RWE studies, the surging number of clinical trials, the increasing prevalence of chronic diseases, the presence of many contract research organizations, the mounting demand for advanced healthcare services, and the growing geriatric population in the region. Moreover, some regional countries work to completely embrace real-world evidence. For instance, Japan has started its “Rational Medicine” to make the Japanese healthcare system more patient-centric and evidence-based.

In India, the healthcare sector is rapidly growing and understanding the laws of health economics and research outcomes, thereby demonstrating the value of real-world insight into healthcare decisions. India has taken a step toward RWE by creating a framework to help healthcare providers optimize RWD for clinical, economic, and humanistic results. For this, the Indian branch of ISPOR has already drafted the proposed PE guidelines.

China is significantly moving toward the use of RWE. The demand for such solutions is expected to rise because many centers are doing research in the country. For instance, the Shanghai Clinical Center for Endocrine and Metabolic Diseases has completed many studies on non-communicable diseases and the risk factors of non-communicable diseases. The country's first registry was the Shanghai Tumour Registry, which gathered information from under the age of 15 years children between 1973 and 1977.

In Japan, pharma companies have an opportunity to obtain value from real-world evidence using advanced analytics and to better ensure patient outcomes. Using advanced analytics to derive insights from RWE brings the potential benefits to a whole new level. It is expected that the globally top 20 pharma enterprises could earn an average of over USD 300 million every year for the upcoming 3–5 years by adopting improved RWE analytics in the whole value chain. This can enable pharma enterprises not exclusively to save costs but also to understand what patient qualities and behavior affect health outcomes and also to make sure that patients take the correct treatment at the right time.

Moreover, most companies in the country have already seen outcomes. A few of them are deploying advanced RWE analytics at scale, and some of them are at to begin. Advanced analytical methods in the country like machine learning, predictive models, unsupervised algorithms, and probabilistic causal models are making RWE a more effective resource for pharma companies. The RWE solutions are providing a better knowledge of patient outcomes. Thus, enhanced RWE analytics are currently gaining momentum in the country.

Furthermore, in April 2018, Japan authorized the use of the MID-NET data set, which is created by the Ministry of Health, Labor & Welfare, and the Drugs and clinical Devices Agency. This enhances electronic medical records, integrates medical claims, and analyzes gathered information from different websites. In addition, Life Data Initiative, Pfizer Japan, and NTT Data are performing joint research on the adoption of RWE to find cancer results.

Additionally, in May 2021, companies like Aetion Inc., IQVIA Inc, Flatiron Health, Tempus, and Syapse Inc. teamed up, to increase the usage of data gathered from EHRs, claims, and other sources beyond clinical trials. The alliance works closely with pharma companies, medical device manufacturers, patient groups, and other major stakeholders to promote broader initiatives to utilize RWE. Thus, such innovations will support healthcare providers to quickly access new treatment options, which, in turn, will drive market growth.

Report Breakdown

Based on Component

• Services
• Data Sets
  • Disparate Data Sets
    • Clinical Settings Data
    • Claims Data
    • Pharmacy Data
    • Patient-Powered Data
    • Registry-Based Data Sets
  • Integrated Data Sets

Based on Application

• Drug Development and Approvals
  • Oncology
  • Neurology
  • Immunology
  • Cardiovascular Disease
  • Other Therapeutic Areas
  • Medical Device Development and Approvals
• Post-Market Surveillance
• Market Access Reimbursement/Coverage Decision Making
• Clinical And Regulatory Decision-Making

Based on End User

• Pharmaceutical & Medical Device Companies
• Healthcare Providers
• Healthcare Payers

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Real World Evidence Solutions Companies