Real-World Evidence Solutions Market to Grow with a CAGR of 8.29% through 2029
Emphasis on
Evidence-Based Medicine is expected to drive the Global Real-World Evidence
Solutions Market growth in the forecast period, 2025-2029
According to
TechSci Research report, “Real-World Evidence Solutions Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2029”, the Global Real-World Evidence Solutions Market stood at USD 2.48
Billion in 2023 and is anticipated to grow with a CAGR of 8.29% in the forecast
period, 2025-2029. The burgeoning focus on evidence-based medicine stands as a key catalyst propelling the expansion of the RWE solutions market. Across healthcare sectors, stakeholders such as clinicians, pharmaceutical enterprises, payers, and regulatory bodies are progressively turning to real-world evidence to underpin their decision-making frameworks. Real-world evidence furnishes invaluable insights into the practical performance of healthcare interventions, facilitating judicious treatment choices. Amidst the dynamic healthcare environment, there's a mounting call for dependable and thorough RWE solutions to meet escalating demands.
Pharmaceutical firms have incorporated Real-World Evidence (RWE) into their research and development strategies, recognizing its value in assessing the practical effectiveness and safety profiles of drugs and therapies. This integration enables them to make more informed decisions throughout the drug development lifecycle. Leveraging real-world data allows these companies to pinpoint patient cohorts deriving optimal benefits from their products, refine clinical trial designs for efficiency, and expedite regulatory approvals. Consequently, this approach not only streamlines the drug development process in terms of time and expenses but also facilitates expedited market access for superior treatments.
The widespread adoption of digital health technologies and Electronic Health Records (EHRs) has substantially broadened the scope of real-world data accessible for analysis. EHRs contain comprehensive patient profiles encompassing clinical histories, treatment courses, and treatment outcomes. With the amalgamation of big data analytics, machine learning, and artificial intelligence in healthcare, the collection, management, and analysis of this data have become more seamless. Consequently, the RWE solutions market now enjoys access to an expansive and varied dataset, enhancing the potential for comprehensive and precise analyses.
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market data Figures spread through XX Pages and an in-depth TOC on
"Global Real-World Evidence Solutions Market”
The Global Real-World
Evidence Solutions Market is segmented into component, therapeutic
area, regional distribution, and company
Based on
the component, In 2023, pharmacy data emerged as the fastest-growing sector in the global market for real-world evidence solutions. Pharmacy data furnishes extensive and detailed information regarding prescriptions, dispensing practices, and medication usage trends. This dataset encompasses crucial specifics such as drug names, dosages, refill frequencies, and treatment durations, providing invaluable insights into real-world treatment patterns and outcomes. Moreover, pharmacy data offers valuable insights into patient behaviors and medication adherence rates. Through the analysis of pharmacy data, researchers and healthcare organizations can obtain a clearer understanding of how patients utilize medications in real-world settings, including compliance rates and reasons for non-adherence.
Based on
the therapeutic area, In 2023, Cardiovascular Disease (CVD) surfaced as the most rapidly expanding sector in the global market for real-world evidence solutions. CVD stands as one of the foremost causes of mortality and morbidity on a global scale. It encompasses various conditions affecting the heart and blood vessels, such as coronary artery disease, stroke, heart failure, and peripheral artery disease. The substantial prevalence and disease burden linked to CVD underscore its significance as a critical therapeutic area necessitating comprehensive real-world evidence solutions.
Asia
Pacific emerged as the fastest growing region in the Global Real-World Evidence
Solutions Market.
Governments in Asia Pacific are increasingly recognizing the
importance of real-world evidence in healthcare policymaking and regulatory
decision-making. They are implementing initiatives to encourage the generation
and use of real-world data (RWD) to support drug approvals, health technology
assessments, and post-market surveillance.
Major companies
operating in Global Real-World Evidence Solutions Market are:
- Clinigen Group PLC
- Icon PLC
- IBM Corporation
- IQVIA Inc.
- Oracle Corporation
- Parexel
International
- PerkinElmer Inc.
- Pharmaceutical
Product Development (PPD Inc.)
- SAS Institute Inc.
- Syneos Health Inc.
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“The
global Real-World Evidence Solutions market is anticipated to experience
significant growth in the coming years. There is a growing recognition of the
value of real-world data in providing insights into treatment effectiveness,
patient outcomes, and healthcare cost optimization. Regulatory support for the
inclusion of real-world evidence in decision-making processes, as seen in the
United States, Europe, and other regions, further solidifies the market's
growth prospects. The continuous advancements in data analytics, artificial
intelligence, and digital health technologies are making it easier to collect,
manage, and analyze real-world data, fostering innovation in the field.
Additionally, as the healthcare industry continues to emphasize patient-centric
care and personalized medicine, the demand for real-world evidence solutions
that consider individual patient experiences and outcomes is expected to rise.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Real-World
Evidence Solutions Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2019-2029 Segmented By Component (Claims Data, Clinical Settings
Data, Patient-Powered Data, Pharmacy Data, Other Components), By Therapeutic
Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other
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