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 |
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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 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.
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.
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.
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.
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 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%.
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:
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.
| 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 |
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.
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.
The Real World Evidence Solutions Market provides an absolute dollar opportunity of USD 67.3 Billion during the period between 2022 and 2032.
The Services component is expected to dominate the market with an expected compound annual growth rate of 10.4% during the forecasted.
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.
The USA dominates the Global Market for Real World Evidence Solutions with a majority share of around 30%.
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Real World Evidence Solutions Market
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