According to the report by Expert Market Research (EMR), the global real world evidence solutions market size reached a value of approximately USD 1.78 billion in 2022. Aided by the availability of advanced analytics techniques, including machine learning, artificial intelligence and surging use of such solutions in clinical applications, the market is projected to further grow at a CAGR of 12.60% between 2023 and 2028 to reach a value of USD 3.63 billion by 2028.
Real world evidence solutions refer to the clinical evidence about the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. These solutions are increasingly being utilised in diverse areas of healthcare, including drug development, post-marketing surveillance, healthcare policy, and patient care. They play a pivotal role in enabling evidence-based decision-making, improving patient outcomes, and driving healthcare efficiency.
The rising demand for evidence-based healthcare decision-making is driving the global real world evidence solutions market growth. As healthcare stakeholders strive to deliver effective and cost-efficient care, there has been a significant shift towards the use of real-world evidence in healthcare decision-making. This shift is particularly evident in drug development, where RWE is used to inform clinical trial designs, support regulatory decisions, and demonstrate the value of new treatments.
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Furthermore, the emergence of advanced data analytics and artificial intelligence (AI) technologies has contributed to the growing popularity of RWE solutions, thus propelling the real world evidence solutions market development. These technologies enable the effective analysis and interpretation of large volumes of real-world data, leading to more precise and actionable insights. In this context, RWE solutions are being widely adopted in areas like population health management, patient stratification, and treatment optimisation.
The expanding applications of RWE solutions in various aspects of healthcare also play a crucial role in boosting the real world evidence solutions market expansion. In clinical research, RWE is used to supplement traditional clinical trial data and support post-marketing surveillance activities. In healthcare policy, RWE helps inform the development of health policies and guidelines. Meanwhile, in patient care, RWE can be used to personalise treatment plans and improve patient outcomes.
Moreover, the growing emphasis on patient-centric care has led to an increased focus on RWE solutions, thereby increasing the real world evidence solutions market demand. As healthcare shifts towards more personalised and patient-centred approaches, RWE is becoming a key tool for understanding patient experiences and preferences. This shift is further supported by the rise of patient-generated health data, which provides a rich source of real-world evidence.
Real World Evidence Solutions Market Segmentation
The market can be divided based on component, application, end user, and region.
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Market Breakup by Component
• Consulting Services
• Data Sets
o Disparate Datasets
o Integrated Datasets
Market Breakup by Application
• Drug Development and Approvals
• Medical Device Development and Approvals
• Reimbursement/Coverage and Regulatory Decision Making
• Post Market Safety and Adverse Events Monitoring
Market Breakup by End User
• Healthcare Providers
• Healthcare Payers
• Pharmaceutical and Medical Device Companies
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global real world evidence solutions companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Iqvia Holdings Inc.
• Thermo Fisher Scientific Inc.
• Parexel International Corporation
• PerkinElmer Inc
• ICON plc
• Syneos Health
• Medpace Holdings, Inc
• Flatiron Health, Inc.
• SAS Institute Inc.
• Cardinal Health, Inc.
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