Pune, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Real-world evidence is clinical evidence produced from information about the usage and possible advantages and disadvantages of a medical product (RWE). It speaks of data created by routine clinical practise and observational data gathered outside of randomized controlled trials (RCTs). RWD uses observational data to generate knowledge, extrapolative outcomes, knowledge of illnesses, clinical tools, neglected patient requirements, the value offered to subpopulations by side effects, and patient socioeconomics. To guarantee that patients receive the best care possible, real-world data are also used to analyse the results of patients.
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Real World Evidence/RWE Solutions Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 43.22 Billion |
| Market Size by 2030 | US$ 78.83 Billion |
| CAGR | CAGR of 7.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Component Type (Services, Pharmacy data, Clinical setting data, Data Sets, claims data, Patient powered data) • By Therapeutic area Type (Cardiovascular, Oncology, Immunology, Neurology, Others) • By End Users (Healthcare Providers, Pharmaceutical and Medical Devices Companies, Healthcare Payers) |
Major Company Profile Included Are:
- IBM
- PPD, Inc.
- IQVIA
- Parexel International Corp.
- Syneos Health
- Icon Plc
- Medpace
- PerkinElmer, Inc.
- Oracle
- Cegedim Health Data
Pharmaceutical companies and healthcare payers are researching RWE to better understand patient pathways so they can provide the right care to the right people at the right time and lower their own financial risk by investing in high-quality medications. RWE frequently offers a comprehensive view of patients that can't be addressed in typical clinical trials. Along with the obvious advantages of proving value to pharmaceutical enterprises, real-world evidence is being used more and more to raise awareness. The delivery of care can be improved by academics and policymakers with the help of well-designed and executed observational research that reveals hidden characteristics of diseases. Due to payers' growing awareness of the significance of medical device/drug safety and their negative effects, as well as favourable reimbursement conditions, particularly in developed countries, the healthcare payers segment is anticipated to grow at the fastest CAGR of 8.4% over the forecast period.
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The RWE solutions industry includes pharmaceutical and medical device companies, healthcare providers, payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). Pharmaceutical and medical device companies accounted for 47.3% of the market for RWE solutions in 2021. This end-user segment's sizable share and rapid expansion can be attributed to the increasing significance of RWE studies in drug approvals, the necessity to prevent expensive drug recalls, and the growing requirement to assess drug performance in real-world scenarios.
In 2022, North America's revenue share was above 44.0%, which was the highest. Important contributors in US are credited with the region's large share. It is also projected that expanding RWE service providers and benevolent local government policies will assist industry expansion. Due to increasing government initiatives to implement RWE studies and the existence of several contract research and manufacturing businesses in nations like China and India, the Asia Pacific area is predicted to develop at the quickest CAGR of 11.1%. Additionally predicted to drive market growth is rising consumer desire for better healthcare services.
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