The global Real World Evidence Solutions market size is expected to be worth around US$ 70.4 billion by 2030, according to a new report by Vision Research Reports.
The global Real World Evidence Solutions market size was valued at US$ 38.2 billion in 2020 and is anticipated to grow at a CAGR of 8.6% during forecast period 2021 to 2030.
|Market Size||US$ 70.4 billion by 2030|
|Growth Rate||CAGR of 8.6% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Application, End user|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||IQVIA; IBM; PPD, Inc.; Parexel International Corp.; PerkinElmer, Inc.; Icon Plc; Oracle; Syneos Health; Cegedim Health Data; Medpace|
The key factors driving the real world evidence solutions (RWE) market growth include the favorable government regulations and shift from volume to value-based care. Furthermore, the increasing prevalence of chronic disorders is anticipated to positively influence market growth.
Support from regulatory bodies for using real world evidence (RWE) solutions and an increase in R&D spending are anticipated to boost the market growth. Furthermore, the shift from volume to value-based care is expected to fuel market growth.
During the pandemic, companies in the market diverted their focus towards providing solutions for curbing the spread of COVID-19. For instance, IBM collaborated with Salesforce for building digital health passes, which incorporated data, such as vaccine status, temperature checks, and COVID-19 test results for helping organizations to reopen safely.
By Component Analysis
The services segment accounted for the maximum revenue share of more than 57% in 2020. The market growth is attributed to the high adoption of real-world services by pharmaceutical & biotechnology companies as well as healthcare providers.
The data sets segment consists of clinical settings data, claims data, pharmacy data, and patient-powered data. The segment is anticipated to witness growth owing to arise in the volume of data generated in healthcare facilities and growing attention for additional insights on epidemiology.
By Application Analysis
The drug development and approvals segment accounted for the highest revenue share of more than 29.5% in 2020. Real-world evidence solutions services allow pharmaceutical companies and healthcare providers as well as payers for efficient management of operations and accelerate the process of drug development and its approval.
The reimbursement/coverage and regulatory decision-making segment is expected to grow at the fastest CAGR of more than 8% from 2021 to 2030 owing to the rising focus towards clinical value evidence for making decisions to provide coverage and the rising therapy costs.
By End-user Analysis
The pharmaceutical & medical device companies segment accounted for the maximum revenue share of around 33.9% in 2020. The segment growth is attributed to the rising importance of RWE studies in the drug approval process, assessing drug performance in real-world settings, and preventing drug recalls.
The healthcare payers segment is expected to grow at the fastest growth rate of more than 8.5% over the forecast period owing to the increasing awareness among the payers regarding the importance of medical device/drug safety & their adverse effects and favorable reimbursement scenario, especially in developed countries.
By Regional Analysis
North America accounted for the largest revenue share of 44.4% in 2020. The large share of the region is credited to the presence of key players in the U.S. Rising number of RWE service providers and favorable government regulations in the region are expected to drive the market further.
Asia Pacific is expected to be the fastest-growing regional market during the forecast years owing to the rising government initiatives for the adoption of RWE studies and the presence of many Contract Research Organizations(CROs) and manufacturing companies in countries, such as China and India.
Parexel International Corp.
Cegedim Health Data
Clinical Settings Data
Drug Development & Approvals
Medical Device Development & Approvals
Reimbursement/Coverage & Regulatory Decision Making
Post Market Safety & Adverse Events Monitoring
Pharmaceutical & Medical Device Companies
The Real World Evidence Solutions market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Real World Evidence Solutions market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Real World Evidence Solutions market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Real World Evidence Solutions market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Real World Evidence Solutions market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Real World Evidence Solutions capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Real World Evidence Solutions by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Real World Evidence Solutions market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Real World Evidence Solutions market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Real World Evidence Solutions market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Real World Evidence Solutions industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Real World Evidence Solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Real World Evidence Solutions market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Real World Evidence Solutions market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Real World Evidence Solutions market. These factors have benefited the growth of the global market for Real World Evidence Solutions. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Real World Evidence Solutions. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Real World Evidence Solutions are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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