Real World Evidence Solutions Market Snapshot (2022 to 2032)

According to newly released Global Real World Evidence Solutions market analysis report by Future Market Insights, the market was valued at USD 39.2 Billion in 2021 and is expected to rise at a CAGR of 10% from 2022 to 2032. While comparing to its historical CAGR of only 8.6%, the market is predicted to rise significantly. During the projected period, the market is expected to create an absolute dollar opportunity of USD 67.2 Billion. Owing to the support from regulatory bodies and increased R&D expenditure by global competitors, the global market for Real World Evidence Solutions is likely to be valued at USD 110 Billion by the end of 2032.

The key reasons driving the growth of the global Real World Evidence Solutions Market are the switch from volume-based to value-based care, favourable government policies, expansion in R&D spending and rising focus on end-to-end RWE services. Additionally, rising focus on personalised healthcare, increased incidence of chronic diseases, growing geriatric population and regulatory support for the adoption of RWE solutions are projected to fuel market growth. The USA market constitutes a majority share of nearly 3% in the global market and is expected to grow at a CAGR of 11.2% during the forecast period.

Attributes Details
Real World Evidence Solutions Market CAGR (2022 to 2032) 10%
Real World Evidence Solutions Market Size (2022) USD 42.8 Billion
Real World Evidence Solutions Market Size (2032) USD 110 Billion

Don't pay for what you don't need

Customize your report by selecting specific countries or regions and save 30%!

Revenue of Real-World Evidence Solutions Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the publications released by Future Market Insights - market research and competitive intelligence provider on Real World Evidence Solutions Market, the market is presently valued at USD 39.2 Billion. During the forecast period, the Global Market for Real World Evidence Solutions will grow at a CAGR of 10% as compared to the historical CAGR of just 8.6%. The market is estimated to offer an absolute dollar opportunity of USD 67.2 Billion in the next 10 years and is likely to hit the valuation of USD 110 Billion by 2032. Collaboration among health organisations for leveraging RWE data to improve clinical trial efficiency and monitoring drug safety is driving the market.

  • The Real World Evidence Solutions Market was valued at USD 39.2 Billion in 2021 and is expected to reach the valuation of USD 42.8 Billion by the end of 2022.
  • The Global Market is estimated to provide an absolute dollar opportunity of USD 67.2 Billion in the upcoming 10 years.
  • During 2017 to 2021, the Real World Evidence Solutions market grew at a CAGR of 8.6%.
  • The market is expected to grow at a CAGR of 10% during the forecasted period (2022 to 2032) to reach the valuation of USD 110 Billion by the end of 2032.
  • As per the Future Market Insights estimates, the Global Real Evidence Solutions market will grow 2.6X during the period between 2022 and 2032.
  • The Services segment is expected to be a top component growing at a CAGR of 10.4% during the forecast period as compared to the historical CAGR of just 8.5%.
  • Drug Development and Approvals are likely to remain the top application with a CAGR of 10% as compared to the historical CAGR of 9.5%.
  • The USA market constitutes a majority share of 30% in the Global Real Evidence Solutions Market and is expected to grow at a CAGR of 11.2% during the forecasted period.

What are the major factors driving the growth of the Real World Evidence Solutions Market?

The rise in chronic illness incidence, the switch from volume to value-based care, the expanding focus on personalized healthcare and the growing geriatric population are projected to drive the growth of the Real World Evidence Solutions Market. Regulatory bodies' encouragement for the use of Real-world evidence (RWE) solutions is expected to drive industry growth. The RWE data has been pooled by the major health organizations to improve clinical trial efficiency and maintain risk-benefit data. As a result, market growth is projected to be aided by favorable government initiatives.

RWE can often provide a complete perspective that can’t be provided in traditional clinical trials. Observational research that is well-designed can reveal hidden characteristics of diseases, benefiting researchers and policymakers in improving care delivery systems and raising public awareness regarding the disease. The Patient centric medication was promoted with the adoption of RWE based developments with more enhanced design and clinical studies. Adoption of real-world evidence makes information more accessible and reduces barriers, while also allowing for a greater knowledge of how medicine is utilized in practice.

Many firms are experimenting with novel techniques to cut clinical trial expenses and avoid drug development barriers to speed up the drug development process. Furthermore, drug development delays are projected to stimulate market expansion in terms of switching from clinical trials to less time-consuming RWE Solutions.

Sabyasachi Ghosh
Sabyasachi Ghosh

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Region-wise Analysis

Which Region Is Expected to Offer the Largest Opportunity for Real World Evidence Solutions Market?

The market in APAC is expected to grow significantly during the forecast period owing to the growing government initiatives for building and implementing the RWE studies backed infrastructure in the healthcare industry. Furthermore, rising demand for better care, rising geriatric population, increasing incidences of chronic illnesses and expansion by global players in the untapped market are the factors driving the demand for Real World Evidence Solutions Market.

Country-wise Analysis

Which Country is the Driving Force behind the growth of the Global real World Evidence Solutions Market?

The United States accounts for the largest revenue share of nearly 30% in the Global Real World Evidence Solutions Market. The USA market is anticipated to grow at a CAGR of 11.2% during the forecasted period owing to the growing dominance of RWE service providers in the region and favourable government policies. Furthermore, the region's growth is fuelled by a favourable regulatory environment, a well-established pharmaceutical industry, increased demand for clinical research activities, and expanding research and development spending.

What are the opportunities for USA, China, Japan and South Korea in Global Real World Evidence Solutions Market?

In terms of CAGR, the USA and South Korea grow significantly at a CAGR of 10.7%. This happens because of an increase in government initiatives to implement RWE studies and the presence of numerous contract research organisations (CROs) & manufacturing enterprises. Also, the market is expected to rise due to rising demand for better and affordable healthcare services, increased government efforts to apply RWE research, rising chronic illness burdens, and an increasing geriatric population. Furthermore, China and Japan are expected to grow at a CAGR of 10.5% and 8.8% respectively between 2022 and 2032.

Get the data you need at a Fraction of the cost

Personalize your report by choosing insights you need
and save 40%!

Category-wise Insights

Which component is gaining the utmost traction among the various components?

In 2021, the services segment had the highest revenue share and is expected to grow at a CAGR of 10.4% over the forecasted period. Pharmaceutical and biotechnology businesses which focussed on increasing the adoption of real-world services are the key drivers for this market.

Among data sets segment clinical data, which is either acquired during continuing patient treatment or as part of a formal clinical trial program, is a staple source of most health and medical research. This segment is expected to develop significantly due to an increase in the number of data created in healthcare facilities and the growing demand for new epidemiological insights.

Among applications which segment is expected to show the significant growth potential?

Among the various applications segments considered, the drug development and approvals segment accounted for the highest revenue share with a significant CAGR of 10% during the forecast period. Real World Evidence Solutions services enable pharmaceutical companies, healthcare providers and payers to run operations more efficiently and speed up the development and approval process for medication. As a result, the market for RWE solutions is growing at a CAGR of 10%.

Competitive Analysis

The major corporations in the Global Real World Evidence Solutions market are boosting their research and development expenditure to finance the development of strategically advanced products. Furthermore, government financing, technological developments, regulatory approvals, mergers and acquisitions and diversifying product portfolio has been significantly contributing to the healthy competitive environment. The top players are expected to gain from new product releases and the growth of current operations to maintain their dominance in the global market for Real World Evidence Solutions.

The key competitors in the Real World Evidence Solutions Market are Cegedim Health Data, IBM, Icon Plc., IQVIA, Medpace, Oracle, Parexel International Corp., PerkinElmer, Inc., PPD, Inc., and Syneos Health.

The recent developments in the Global Real World Evidence Solutions Market which were being channelized by market players are as follows:

  • In March 2022, the collaboration between Thermo Fisher and Symphogen has been expanded to include improved data workflow, which aids in the discovery and development of innovative cancer treatments.
  • In January 2022, IQVIA partnered with Argenex SE for accelerating the clinical development of new indications for VYVGART. Furthermore, it will leverage its scientific advice and technology in supporting clinical development by Argenx.
  • In February 2021, IBM begins the second phase of a contract with the National Institutes of Health to develop a verifiable health status reporting and contact tracing system.

Similarly, recent developments related to companies offering Real World Evidence Solutions have been tracked by the team at Future Market Insights, which are available in the full report.

Real World Evidence Solutions Market Report Scope

Attribute Details
Forecast Period 2022 to 2032
Historical Data 2017 to 2021
Quantitative Units In USD Billion
Key Regions Covered North America; Latin America; Europe; APAC and MEA
Key Countries Covered United States, China, Japan, South Korea, UK, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, India, Australia, South Africa, Saudi Arabia, UAE, Israel
Key Market Segments Covered Components, Application, End-user and Region
Key Companies Profiled Cegedim Health Data; IBM; Icon Plc.; IQVIA; Medpace; Oracle; Parexel International Corp.; PerkinElmer, Inc.; PPD, Inc.; Syneos Health
Pricing Available upon Request

Market Segments Covered in Real World Evidence Solutions Market Analysis

By Component:

  • Services
  • Data Sets
    • Clinical Settings Data
    • Claims Data
    • Pharmacy data
    • Patient-powered Data

By Application:

  • Reimbursement/Coverage & Regulatory Decision Making
  • Drug Development & Approvals
  • Medical Device Development & Approvals
  • Post Market Safety & Adverse Events Monitoring

By End-user:

  • Healthcare payers
  • Pharmaceutical & Medical Device Companies
  • Healthcare Providers
  • Other End-users

By Region:

  • North America
    • USA
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Others
  • APAC
    • India
    • China
    • Japan
    • South Korea
    • Australia
    • Others
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others

Frequently Asked Questions

What is the current valuation of the Global Real World Evidence Solutions Market?

In 2021, the Global Real World Evidence Solutions Market is worth USD 39.2 Billion and is estimated to reach USD 42.8 Billion by the end of 2022.

What is the future of the Global Real World Evidence Solutions Market?

The Real World Evidence Solutions Market is expected to grow at a CAGR of 10% during the forecasted period of 2022 to 2032. It will be valued at USD 110 Billion by the end of 2032.

What is the absolute dollar opportunity of the Global Real World Evidence Solutions Market?

The Real World Evidence Solutions Market provides an absolute dollar opportunity of USD 67.3 Billion during the period between 2022 and 2032.

Which component dominates the market for Real World Evidence Solutions Market? And why?

The Services component is expected to dominate the market with an expected compound annual growth rate of 10.4% during the forecasted.

Which key players dominate the Real World Evidence Solutions Market?

The key players operating in the Real World Evidence Solutions market are Cegedim Health Data, IBM, Icon Plc., IQVIA, Medpace, Oracle, Parexel International Corp., PerkinElmer, Inc., PPD, Inc., and Syneos Health.

Which region is the driving force behind the growth of the Real World Evidence Solutions Market?

The USA dominates the Global Market for Real World Evidence Solutions with a majority share of around 30%.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
  • 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component
    • 5.1. Services
    • 5.2. Data Sets
      • 5.2.1. Clinical Settings Data
      • 5.2.2. Claims Data
      • 5.2.3. Pharmacy Data
      • 5.2.4. Patient-Powered Data
  • 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
    • 6.1. Reimbursement/Coverage & Regulatory Decision Making
    • 6.2. Drug Development & Approvals
    • 6.3. Medical Device Development & Approvals
    • 6.4. Post Market Safety & Adverse Events Monitoring
  • 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-user
  • 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Europe
    • 8.4. Asia Pacific
    • 8.5. MEA
  • 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 13. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 14. Key Countries Market Analysis
  • 15. Market Structure Analysis
  • 16. Competition Analysis
    • 16.1. Cegedim Health Data
    • 16.2. IBM
    • 16.3. Icon Plc.
    • 16.4. IQVIA
    • 16.5. Medpace
    • 16.6. Oracle
    • 16.7. Parexel International Corp.
    • 16.8. PerkinElmer, Inc.
    • 16.9. PPD, Inc.
    • 16.10. Syneos Health
  • 17. Assumptions & Acronyms Used
  • 18. Research Methodology
Recommendations

Healthcare

Hospital Capacity Management Solutions Market

December 2024

REP-GB-1013

440 pages

Healthcare

Healthcare Interoperability Solutions Market

February 2023

REP-GB-14264

306 pages

Healthcare

Near-Patient Molecular Solutions Market

December 2022

REP-GB-2098

309 pages

Explore Healthcare Insights

View Reports
Future Market Insights

Real World Evidence Solutions Market

Schedule a Call