SAN FRANCISCO, Feb. 17, 2022 / PRNewswire/ – Tthe global real world solutions evidence market size is expected to reach USD 66.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a profitable CAGR of 7.6% from 2021 to 2028. The main factors driving the growth of the real world evidence solutions (RWE) market are favorable government regulations and the shift from quantity to value -based care. Furthermore, the increasing prevalence of chronic diseases is expected to positively influence market growth.
Key Insights and Findings from the report:
- Favorable government initiatives and transition from quantity to value-based care are expected to boost market growth.
- The service segment led the market in 2020 due to increased demand.
- The drug development and approval segment will dominate the market in 2020 due to the high utilization of RWE solutions among pharmaceutical companies for this application.
- The segment of healthcare payers is expected to grow at the fastest CAGR due to rising awareness about drug and medical device safety.
- North America led the global market in 2020 due to the presence of major players in the region.
- Asia-Pacific is expected to be the fastest growing regional market from 2021 to 2028.
- This growth can be credited to the presence of Contract Research Organizations (CROs) in the region.
Read the 150-page market research report, “Real World Evidence Solutions Market Size, Share & Trends Analysis Report by Component (Services, Datasets), By End User (Healthcare Payers, Healthcare Provider), By Application, At Segment Forecasts, 2021 – 2028“, published by Grand View Research.
Highlights of the Real World Evidence Solutions Market Report
During the pandemic, companies in the market shifted their focus to providing solutions to prevent the spread of COVID-19. For example, IBM partnered with Salesforce for the development of digital health passes, which included data, such as vaccine status, temperature tests, and COVID-19 test results for helping organizations open again safely. It also partnered with ServiceNow with Watson AIOps for supporting it to continue its leadership in transformative Artificial Intelligence (AI) by helping clients automate IT operations and reduce risks.
According to PerkinElmer, RWE solutions offer around USD 300 at 500 billion in top-down opportunity for the U.S. healthcare industry alone. Also, many life science companies are witnessing ad hoc value from selected RWE case studies and showing around USD 100 million of the bottom-up effect. Therefore, if a company acquired USD 1 billion at the cost of RWE, it ultimately creates more than USD tens of billions in terms of healthcare improvements. This is expected to boost market growth.
Market players invest in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For example, in August 2021, Syneos Health has partnered with Aetion for offering RWE solutions for advanced drug development and commercialization. This partnership brings together Syneos Health’s proprietary research data collection solutions and Aetion’s Evidence platform, AEP, for evidence generation through curation of patient data and real-world data.
Real World Evidence Solutions Market Segmentation
Grand View Research separates the global market of real -world evidence solutions based on component, application, end user, and region:
RWE Solutions Share Outlook (Revenue, USD Million, 2016 – 2028)
- Services
- Data Sets
- Clinical Settings Data
- Claims Data
- Pharmacy Data
- Patient-Powered Data
RWE Solutions Application Outlook (Revenue, USD Million, 2016 – 2028)
- Drug Development and Approval
- Medical Device Development and Approval
- Reimbursement/Coverage and Regulatory Decision Making
- Post Market Safety and Tracking of Adverse Events
RWE Solutions End -user Outlook (Revenue, USD Million, 2016 – 2028)
- Pharmaceutical and Medical Device Companies
- Health Care Providers
- Health Care Payers
- The others
RWE Solutions Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia-Pacific
- Japanese
- China
- India
- Australia
- South Korea
- Latin America
- MEA
- South Africa
- Saudi Arabia
- Israel
List of Top Players of the Real World Evidence Solutions Market
- IQVIA
- IBM
- PPD Inc.
- Parexel InternationalCorp.
- PerkinElmer, Inc.
- Icon Plc
- Oracle
- Syneos Health
- Cegedim Health Data
- Medpace
See more relevant market research studies published by Grand View Research:
- Smart Card in the Healthcare Market – The global smart card in the size of the healthcare market is expected to reach USD 2.46 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2021 to 2028. Growing initiatives by market players and governments of various countries for the implementation of smart cards in healthcare system are stimulating market growth. Furthermore, compliance with smart cards with HIPAA as well as ARRA is expected to boost market growth.
- AI -based Clinical Trials Solution Provider Market – Expected to reach global AI-based clinical trial solutions in the provider market size USD 5.2 billion by 2028 and is expected to grow to a CAGR of 21.7% during the forecast period, according to a new report by Grand View Research, Inc. Rising use of AI -based platforms and technologies by pharmaceutical companies and academia, along with the increasing use of Artificial intelligence (AI) are among the factors driving market growth. In addition, the increasing offerings to the public and private sectors for strengthening research and development in various therapeutic areas, along with the diverse applications provided by AI in the field of clinical trials are more supporting growth.
- Clinical Trials Market – The market size of the global clinical trial is estimated at USD 44.3 billion in 2020 and is expected to expand to the compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. However, market growth in 2020 was hampered by the COVID-19 pandemic. However, the future seems promising for the market due to factors such as globalization of clinical trials, rapid technological evolution, and increasing demand for CROs to conduct research activities. The increasing prevalence of chronic disease and the growing demand for clinical trials in developing countries are also fueling the growth of this market. The market is also driven by the rising number of biologics, the demand for personalized medicines and orphan medicines, and demand for advanced technologies.
Browse Grand View Research’s coverage Health IT Industry
About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered with California and is headquartered in San Francisco, the company consists of more than 425 analysts and consultants, adds more than 1200 market research reports to its extensive database each year. These reports offer in-depth analysis on 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and measure the opportunities that await in the future.
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