Real-world Evidence (RWE) Solutions Market to Reach $3.13 Billion by 2027, Growing at a CAGR of 16.5%
Redding, California, March 15, 2021 (GLOBE NEWSWIRE) — According to a new market research report, “ Real-world Evidence (RWE) Solutions Market by Component [Datasets, EMR, Services], Application [Drug Development & Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User, and Geography—Forecast to 2027 ”, published by Meticulous Research ® , the real-world evidence (RWE) solutions market is projected to reach $3.13 billion by 2027, at a CAGR of 16.5% during the forecast period.
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Personalized medicine is one of the emerging approaches to improving disease treatment and prevention by considering individuals’ variability in genes, environment, and lifestyle. This approach allows healthcare professionals and researchers to accurately determine which treatment and prevention strategies would work for a particular disease in a particular group of people. With the shift towards personalized healthcare and the rising emergence of rare diseases, healthcare and research organizations are facing challenges posed by the high costs and lengthy timelines of delivering medicines to patients as the development of new pharmaceutical entities is time-consuming, extremely costly, and involves high risk with little chance of successful outcomes. For instance, according to a research study by J.P. Morgan, the FDA has, on average, approved 20–25 new drugs per year during the past two decades. In the past five years, annual approvals, except for the dip in 2016, have been in the range of 40–50 new drugs.
Pharmaceutical companies conduct clinical trials to gain approvals from regulatory bodies, which is considered an essential part of the drug development process. However, the increasing costs and time involved in clinical trials discourage drug development, limiting patients’ access to novel treatments. Thus, due to the high cost of drug development and clinical trials, many companies are looking for ways to cut down the cost of clinical trials and avoid drug development barriers to accelerate the drug development process. The adoption of real-world evidence solutions helps simplify access and addresses some of the challenges while also providing a better understanding of medicines used in the real world.
The Impact of COVID-19 on the Real-world Evidence Solutions Market
The COVID-19 pandemic has put a tremendous burden on the healthcare sector all over the world. With a rise in the number of patients, limited resources, and the medical staff’s vulnerability during treatment & prevention procedures, the healthcare sector is struggling to cope with the pandemic. As the COVID-19 pandemic continues to take a toll on global markets, real-world evidence (RWE) is set to become the most influential emerging technology in the fight against the COVID-19 pandemic as it provides valuable insights, which help better understand, monitor, and prepare for the challenges posed by the pandemic. Real-world evidence solutions can provide valuable insights to understand better, monitor, and prepare for the challenges caused by the COVID-19 pandemic. After understanding where and how quickly the outbreak is likely to spread, the same tracking models could be adopted to fight future COVID-19 outbreaks. Even though most countries have announced decreasing death rates from COVID-19, a vaccine is expected to take more than one year to reach the market, and scientists predict that there will be more than one wave of the outbreak. As such, real-world evidence may become an essential tool in suppressing the COVID-19 pandemic.
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Technological advancements have made it possible to aggregate the data from more traditional reporting tools and technology networks, such as mobile apps. Mobile contact-tracing apps have played an important role in curbing the spread of COVID-19 in China. Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and risk level of contracting COVID-19. Due to success in China, an increasing number of countries have started looking for ways to implement similar measures nationwide. In countries with strict data privacy laws, the implications of contract-tracing apps on individual privacy are considered a major associated concern. Throughout this pandemic, real-world data will be essential for informing decisions and deepening the understanding of the real-world impact of COVID-19.
The real-world evidence solutions market is mainly segmented by component [datasets, EMR, services], application [drug development & approvals (oncology, neurology, immunology), market access, medical device development], end user [pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers], and geography. The study also evaluates industry competitors and analyzes their market shares at global and regional levels.
Based on application, the drug development and approvals segment accounted for the largest share of the overall RWE solutions market in 2020. The drug discovery and development segment is further categorized based on therapeutic areas, such as oncology, cardiovascular diseases, neurology, immunology, and other therapeutic areas. Oncology accounted for the largest share in 2020 and is also expected to witness the fastest growth during the forecast period. The rising prevalence of cancer worldwide, growing R&D expenditure for cancer drugs, and increased adoption of RWE for innovation are the factors contributing to the segment’s growth.
Based on component, the datasets segment dominated the real-world evidence solutions market in 2020 due to the easy availability of massive amounts of data, rising need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment, and growth in the volume of medical data generated in hospitals and healthcare facilities.
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Based on end user, the pharmaceutical, biotech, and medical device companies segment is estimated to record the highest CAGR during the forecast period. Factors such as the increasing need to prevent costly drug recalls, the growing significance of RWE studies in drug development and approvals, and inclination towards assessing drug performance in real-world settings are expected to support the segment’s rapid growth.
The report also includes an extensive assessment of the product portfolios, the geographic analysis, and key strategic developments by leading market participants in the industry over the past three years (2018–2020). The real-world evidence solutions market has witnessed several agreements, partnerships, collaborations, and acquisitions in recent years. For instance, in June 2020, IBM Watson (U.S.) collaborated with Cegedim Health Data (France) to integrate rich clinical real-world data from Cegedim’s Health Improvement Network into IBM Watson Health’s real-world evidence solutions portfolio. Also, in August 2019, Evidera, a subsidiary of PPD, Inc. (U.S.), collaborated with Clinical Study Support, Inc. (Japan) to deliver more robust consulting and analytical capabilities and expand the geographic customer base for clinical, real-world, and patient-centered research.
The key players profiled in this market study are Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (A Subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc. (U.S.), and Syneos Health, Inc. (U.S.), among others.
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Scope of the Report:
Real-world Evidence Solutions Market, by Component
- Disparate Datasets
- EMR/EHR/Clinical Data
- Claims & Billing Data
- Pharmacy Data
- Product/Disease Registries Data
- Other Disparate Datasets
- Integrated Datasets
Other Disparate Datasets Comprise Data Gathered from Other Sources, such as Mobile Devices, Wearable Devices, and Social Media, which can Inform Health Statuses.
Real-world Evidence Solutions Market, by Application
- Drug Development & Approvals
- Cardiovascular Disease
- Others Therapeutic Areas
Other Therapeutic Areas Comprise Infectious Diseases, Musculoskeletal Disorders, Dermatological Diseases, and Respiratory Diseases.
- Medical Device Development & Approvals
- Market Access & Reimbursement/Coverage Decisions
- Clinical Decision-making
- Other Applications
Other Applications Comprise Regulatory Decision-making, Post-approval Monitoring, and Post-market Device Surveillance.
Real-world Evidence Solutions Market, by End User
- Pharmaceutical, Biotechnology, and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Other End Users
Other End-users Comprise Academic Research Institutions, Patient Advocacy Groups, Regulators, and Health Technology Assessment Agencies.
Real-world Evidence Solutions Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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