Real World Evidence Solution Market by Component, Therapeutic Area, End-User

Description

List of Tables

[199 Pages Report] The Real World Evidence Solution Market size was estimated at USD 1.38 billion in 2023 and expected to reach USD 1.56 billion in 2024, at a CAGR 14.09% to reach USD 3.47 billion by 2030.

The real world evidence (RWE) solutions enable healthcare organizations, government agencies, and pharmaceutical companies to analyze and utilize real-world data. This data, which includes information collected outside of traditional clinical trials such as electronic health records (EHR), insurance claims, patient registries, and mobile devices, is proving to be invaluable for understanding the effectiveness, safety, and value of healthcare interventions in day-to-day clinical practice. The rise in R&D by pharmaceutical companies has led to an increase in the adoption of RWE solutions for cost-effective drug development and shorter time-to-market. Regulatory bodies are increasingly acknowledging the value of RWE in understanding post-market drug and device usage, which encourages market growth. The growing healthcare industry's shift towards value-based care has promoted the use of RWE solutions to demonstrate the effectiveness of treatments. Data privacy & security concerns with real world evidence (RWE) solutions hampers the growth of the market. Developing advanced analytical models and algorithms to extract meaningful insights from diverse and large datasets and creating user-friendly platforms that accommodate complex needs are expected to create a platform for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.38 billion
Estimated Year [2024]	USD 1.56 billion
Forecast Year [2030]	USD 3.47 billion
CAGR (%)	14.09%

Component: Growing usage of data set within real world evidence solutions to generate real-world evidence (RWE)

In real-world evidence solutions, the data set component refers to the collection of real-world data (RWD) that can be used to generate real-world evidence (RWE). These data sets are derived from various sources such as claims and billing activities, electronic health records (EHRs), product and disease registries, patient-generated data including in-home-use settings, and data gathered from sources that can inform on health status, such as mobile devices. The services component of real-world evidence solutions encompasses the various offerings provided by solution providers to assist clients in generating and leveraging real-world evidence. Services can range from data analytics and processing to consultation on the design and implementation of real-world studies. Additional services may include regulatory support to ensure compliance with applicable guidelines, advanced analytics, data interpretation, and strategic planning.

End-User: Rising potential of real-world evidence solutions across biopharmaceutical companies to support drug development

Biopharmaceutical companies leverage RWE solutions to support drug development, market access strategies, and post-market surveillance. They need solutions that provide insights into patient outcomes, health economics, and epidemiology. RWE is pivotal in demonstrating the value of drugs to regulators, payers, and healthcare providers. These companies prefer robust data analytics platforms that can handle large datasets from claims data, electronic health records (EHR), and patient registries. Clinical and life sciences organizations such as contract research organizations (CROs) and academic institutions use RWE to validate clinical trial outcomes and to understand disease progression and treatment pathways further. These users value RWE for its ability to identify patient cohorts, enhance recruitment for clinical trials, and establish more effective and cost-efficient treatment protocols. They also look for technologies that can create real-time connections between clinical study data and real-world patient data. Diagnostics & medical device companies are increasingly adopting RWE for product development and market differentiation. For these companies, RWE can inform the design and utility of diagnostics tests and devices, monitor post-marketing safety, and support reimbursement and health technology assessment (HTA) applications. They prioritize solutions that can demonstrate clinical effectiveness and real-world usability and offer comparative analyses against existing standards of care.

Regional Insights

In the Americas, the RWE solutions market is expanding with the growing healthcare reform initiatives that fuel demand to leverage RWE for enhanced decision-making. The Americas has seen a surge in patent filings related to advanced data analytics and AI in healthcare. Investment in digital health technologies continues to climb, reflecting the region's pursuit of innovation in healthcare delivery. In the European Union, the adoption of RWE solutions is heterogeneous, with some countries showing more advancement than others. The Euro-centric focus on cost-effectiveness and budget impact for healthcare interventions drives the demand for RWE. The Middle East and Africa showcase a diverse and emerging market for RWE solutions, where healthcare infrastructure and regulatory frameworks are developing at an uneven pace. The Asia Pacific region is a vibrant and fast-growing market for RWE solutions, with countries such as China, Japan, and India playing significant roles. China's latest five-year plan includes a substantial emphasis on healthcare and biotech, showcasing a commitment to invest in digital health and RWE generation. Japan's focus on healthcare innovation is evident in state-funded initiatives aimed at integrating RWE into healthcare delivery and pharmaceutical regulation. In India, increasing digitalization, government initiatives towards universal health coverage, and a growing pharmaceutical sector contribute to the RWE landscape.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Real World Evidence Solution Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Real World Evidence Solution Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Real World Evidence Solution Market, highlighting leading vendors and their innovative profiles. These include Aetion, Inc., Cardinal Health, Inc., Certara, L.P., Clinerion Ltd, Clinixir Company Limited, Cognizant Technology Solutions Corp., COREVITAS, LLC., Flatiron Health, Inc., ICON PLC, International Business Machines Corporation, IQVIA Inc., ISPOR, Laboratory Corporation of America Holdings, Mercy Technology Services, Optum, Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC by Thermo Fisher Scientific Inc., Quantzig, SAS Institute, Inc., Syneos Health, TATA Consultancy Services Limited, Turacoz, and United BioSource LLC.

Market Segmentation & Coverage

This research report categorizes the Real World Evidence Solution Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Data Set
  - Claims Data
  - Clinical Settings Data
  - Patient-Powered Data
  - Pharmacy Data

Services

Therapeutic Area
- Cardiovascular
- Immunology
- Infectious Diseases
- Neurology
- Oncology

End-User
- Biopharmaceutical Company
- Clinical & Life Sciences Organization
- Diagnostics or Medical Device Company

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Real World Evidence Solution Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Real World Evidence Solution Market?

3. What are the technology trends and regulatory frameworks in the Real World Evidence Solution Market?

4. What is the market share of the leading vendors in the Real World Evidence Solution Market?

5. Which modes and strategic moves are suitable for entering the Real World Evidence Solution Market?

Product Code: MRR-035AB9C0DA82

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Shift from volume to value based care
  - 5.1.1.2. Delays in drug development and the subsequent increase in development costs
  - 5.1.1.3. Drug safety and effectiveness after clinical trials
- 5.1.2. Restraints
  - 5.1.2.1. Reluctance to rely on real-world studies
- 5.1.3. Opportunities
  - 5.1.3.1. Rising focus on end-to-end RWE services
  - 5.1.3.2. Emerging roles of wearable devices and AI in RWE
- 5.1.4. Challenges
  - 5.1.4.1. Lack of universally accepted methodological standards and data processing infrastructure
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of data set within real world evidence solutions to generate real-world evidence (RWE)
- 5.2.2. End-User: Rising potential of real-world evidence solutions across biopharmaceutical companies to support drug development
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Real World Evidence Solution Market, by Component

6.1. Introduction
6.2. Data Set
6.3. Services

7. Real World Evidence Solution Market, by Therapeutic Area

7.1. Introduction
7.2. Cardiovascular
7.3. Immunology
7.4. Infectious Diseases
7.5. Neurology
7.6. Oncology

8. Real World Evidence Solution Market, by End-User

8.1. Introduction
8.2. Biopharmaceutical Company
8.3. Clinical & Life Sciences Organization
8.4. Diagnostics or Medical Device Company

9. Americas Real World Evidence Solution Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Real World Evidence Solution Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Real World Evidence Solution Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Maxis Clinical Sciences Launches Real-World Evidence Solutions Service
- 12.3.2. Target RWE's Cutting-Edge Analytical Solutions Launched to Propel Real-World Evidence Generation
- 12.3.3. Verana Health Launches Real-World Evidence-Driven Solution for Clinical Trial Site Selection

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio