Real World Evidence Solutions Market to Reach USD 5 Billion Globally by 2031 at 13.7% CAGR, Says Allied Market Research
Increase in the prevalence of cancer and chronic diseases, surge in adoption of technologically advanced real-world evidence solutions, and rise in number of pipeline drugs drive the growth of the global real-world evidence solutions market.
PORTLAND, Ore., Sept. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Real World Evidence Solutions Market by Components (Data Sets, Consulting Services), by Application (Market Access and Reimbursement Coverage Decisions, Drug Development and Approvals, Post Market Surveillance, Medical Device Development and Approvals, Others), by End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global real world evidence solutions industry was estimated at $1.4 billion in 2021, and is anticipated to hit $5.0 billion by 2031, registering a CAGR of 13.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscape.
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Drivers, restraints, and opportunities-
Increase in the prevalence of cancer and chronic diseases, surge in adoption of technologically advanced real-world evidence solutions, and rise in number of pipeline drugs drive the growth of the global real world evidence solutions market. On the other hand, lack of awareness and reluctance to rely on real-world data restrain the growth to some extent. However, high growth potential in developing economies and rise in focus on end-to-end real-world evidence services are expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- The outbreak of the pandemic led to strategic use of real-world evidence to support evidence generation for regulatory approval of clinical trials. In this regard, RWE solutions were proven to be very helpful, as they allowed healthcare providers to safely analyze patient health-related data from remote locations with the help of advanced tools & software. The real world evidence solutions also aided in conducting online surveys with the help of mobile applications. These factors impacted the global market positively.
- Furthermore, rapid spread of the disease resulted in advanced medical devices and tools. This, in turn, heightened the adoption of RWE solutions for data analysis and smooth conduct of drug development process in the coming years as well.
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The data sets segment to dominate by 2031-
By components, the data sets segment contributed to more than three-fifths of the global real world evidence solutions market share in 2021, and is expected to lead the trail by 2031. The same segment is also expected to register the fastest CAGR of 14.3% from 2022 to 2031. This is attributed to rise in the prevalence of chronic and autoimmune disorders and increase in adoption of artificial intelligence-based RWE solutions by pharma companies.
The market access and reimbursement coverage decisions segment to maintain the lion's share-
Based on application, the market access and reimbursement coverage decisions segment generated nearly one-third of the global viral clearance market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also grow at the fastest CAGE of 14.5% by 2031. The other segments analyzed in the report include drug development and approvals, post market surveillance, and medical device development and approvals.
The pharmaceutical and medical device companies segment to retain its dominance-
By end-user, the pharmaceutical and medical device companies segment held more than two-fifths of the global real world evidence solutions market revenue in 2021, and is expected to lead the trail by 2031. The same segment is also expected to cite the fastest CAGR of 14.7% during the forecast period. Increase in the incidence of chronic diseases and surge in R&D activities propel the growth of the segment growth.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating around two-fifths of the global real world evidence solutions market. Rise in demand for real-world evidence-based solutions, the shift toward value-based care services, and several strategies adopted by the market players for product development drive the market growth. The Asia-Pacific region, simultaneously, would garner the fastest CAGR of 14.8% by 2031. Surge in the geriatric population and increase in the prevalence of cancer & other chronic diseases across the region fuel the market growth.
Key players in the industry-
- Clinigen Group PLC
- Elevance Health Inc.
- Flatiron Health
- IBM Corporation
- Clarivate PLC
- Parexel International Corporation
- ICON PLC
- IQVIA
- Medpace Holding Corporation
- Syneos Health Inc.
- Cognizant Technology Solution Corporation
- Oracle Corporation
- Perkin Elmer Inc.
- SAS Institute Inc
- Symphony Innovation LLC
The report analyzes these key players in the global real world evidence solutions market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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