London, July 29, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Real World Evidence Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User (Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to 2024”, published by Meticulous Research®, the global Real-World Evidence (RWE) solutions market is expected to grow at a CAGR of 15.0% from 2019 to reach $1.64 billion by 2024.
With the growing need to achieve better value for healthcare, the importance of real-world evidence (RWE) as a decision-making tool and an important part of drug development and commercialization has also increased. Pharma and biopharma companies now recognize the need to get a better understanding and stronger evidence of product performance, clinical value and cost effectiveness outside the controlled environment and homogeneous setting of a clinical trial i.e. Randomized Clinical Trials (RCT) to inform decision making processes.
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The shift towards value-based care, growing focus on personalized health care, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making supports the growth of RWE solutions market. However, reluctance to rely on real-world studies, uneven quality of real-world data sources, and lack of standards may hamper the growth of the overall RWE solutions market to some extent.
The global real-world evidence solutions market is segmented on the basis of component into data sets, and consulting/ services. The data sets market is further segmented into disparate data sets (EMR/EHR/clinical data, pharmacy data, product/disease registries, claims & billing data, other data) and integrated data sets. On the basis of application, this market is segmented into drug development & approvals (oncology, cardiovascular disease, neurology, immunology, and other therapeutic areas), market access &reimbursement/coverage decisions, medical device development & approvals, clinical decision-making, and other applications. This report also analyzed different end users of RWE solutions which are categorized into pharmaceutical, biotechnology & medical device companies, healthcare payers, healthcare providers, and other end users.
On the basis of component, disparate data segment is estimated to command the largest share in 2019, owing to greater availability and access to individual data sources over integrated data sets, increasing adoption of EHR/EMRs in hospitals, growing use of wearable devices, technological advancement in storage of medical data, growing use of registries, and greater availability of claims data. However, integrated data sets are expected to witness highest growth during the forecast period.
On the basis of application, drug development and approvals segment is estimated to command the largest share of the overall RWE solutions market, owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investments by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE.
On the basis of end user, pharmaceutical, biotech and medical device companies segment is estimated to hold the largest share of the overall RWE solutions market in 2019. The largest share and highest growth of this segment is primarily attributed to the growing focus to avoid costly drug recalls, increasing importance of RWE studies in drug development and approvals, and increasing need to assess drug performance in real-world settings and post-market surveillance.
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Geographically, the global real-world evidence solutions market is segmented into North America (U.S., Canada), Europe (Germany, France, Italy, Spain, U.K., RoE), Asia-Pacific (Japan, China, RoAPAC), and Rest of the World (RoW). North American region commanded the largest share of this market and is also anticipated to register the highest growth during the forecast period. This is mainly attributed to the significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, and greater emphasis on early drug/device development and approvals. In addition, presence of major RWE players in the region, and implementation of 21st Century Cures Act (December 2016), and FDA’s Framework for RWE (December 2018) in the U.S. further supports the growth of this market in this region.
A majority of players in the real-world evidence solutions market are entering into strategic alliances, partnerships, collaborations, and agreements to enrich their product portfolios and strengthen their market positions. Some of the leading players in operating in the global real-world evidence solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum, Inc., Oracle, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC, SAS Institute Inc., and Syneos Health among several others.
Browse key industry insights spread across 166 pages with 134 market data tables & 49 figures & charts from the report: https://www.meticulousresearch.com/product/Real-World-Evidence-Solutions-Market-4954/
Scope of the Report:
Real-World Evidence Solutions Market, by Component
- Data Sets
- Disparate data sets
- EMR/EHR/Clinical data
- Pharmacy data
- Product/disease registries
- Claims & billing Data
- Other data
- Integrated data sets
- Disparate data sets
- Consulting/ Services
Real-World Evidence Solutions Market, by Application
- Drug development & approvals, by Therapeutic Area
- Oncology
- Cardiovascular Disease
- Neurology
- Immunology
- Other Therapeutic Areas
- Market access &reimbursement/coverage decisions
- Medical device development & approvals
- Clinical decision-making
- Other applications
Real-World Evidence Solutions Market, by End User
- Pharmaceutical, biotechnology & medical device companies
- Healthcare payers
- Healthcare providers
- Other End users
Real-World Evidence Solutions Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- Rest of APAC (RoAPAC)
- Rest of the World
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