Zion Market Research has published a new report titled “Real World Evidence Solutions Market by Component (Data Sets and Services), by Therapeutic Area (Oncology, Cardiovascular Disease, Neurology, Immunology, and Others), and by End-Users (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2026”. According to the report, global real world evidence solutions market was valued at approximately USD 610.00 million in 2017 and is expected to generate revenue of around USD 1,954.00 million by end of 2026, growing at a CAGR of around 13.8% between 2018 and 2026.
Evidence derived from the aggregation and analysis of real world data elements. This data is used for decision-making and is not collected through traditional randomized controlled clinical trials (RCTs). Real world data is for validation of research efficiency, adaptive pathways, and value-based healthcare method.
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The scenario of data collection is changing day by day. The demographic development and profile together with rising treatment potential lead to a lot of challenges to augment the productivity of healthcare. To face these problems, many technology management strategies concerning the organization, process, function, and applications have been projected and implemented. To get the productivity dive, technology will play a key role, as is the case in the manufacturing industry, and the evolution of electronic health records are revolutionizing the prospective availability and use of real world data sources to improve healthcare sector. On the other hand, the traditional RCT (randomized controlled trial) evidence may get reduced due to less patient population thus making it tough to design studies, coupled with rising cost of per-patient and set up costs of conducting randomized controlled trials. The pragmatic clinical trials (PCTs), which coalesce randomization with real world status has been growing with the significant use of regular data sources to record patient outcomes and events, size and feasibility, transforming the costs of such trials. This shifting environment is offering new prospects for the use of real world evidence in healthcare industries. Moreover, the notable advantages associated with EHR system and financial incentives by governments of various countries are amongst the main boosting factor for the growth of real world evidence solutions market, all over the world. In the U.S. around 90% of physicians use electronic health records for data collection.
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Based on the component, the market is segmented into data sets and services. Owing to advantages such as low deployment costs, ease of availability, automatic data back-up, and rising dependence on patient outcome based studies the dataset segment dominates by component for real world evidence solutions market. The dataset segment is further sub-segmented into clinical setting data, claims data, pharmacy data, and patient-powered data. Among which clinical setting data segment contribute for the largest segment and anticipates to maintain its dominance throughout the forecast period.
By therapeutic area, the global real world evidence solutions market is classified into oncology, cardiovascular disease, neurology, immunology, and others. Among which, the oncology segment accounted for the largest market share, owing to the rising prevalence of cancer coupled with increasing more personalized and more precise requirement for oncology.
By end-user, the market is segmented as pharmaceutical and medical device companies, healthcare payers, healthcare providers, and others. Among which pharmaceutical and medical device companies segment contribute for the largest market share of global real world evidence solutions market. Increasing adoption of the real use of precision medicines and rising patient engagement for precise drug development will boost the market for pharmaceutical and medical device companies during the forecast period. Furthermore, the high adoption rate of healthcare automation system solutions due to the high purchasing power of large pharmaceutical and medical device companies is increasing the requirement for the real world evidence solutions in the end-user segment. Healthcare payers market is another leading segment of real world evidence solutions market and is expected to have a significant growth in the near future.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are major regional segments of the global real world evidence solutions market. North America is anticipated to remain the leading region over the forecast period. High adoption of electronic health record systems in the region along with the favorable government policies is expected to offer new opportunities for the real world evidence solutions market during the forecast period. Asia Pacific region is expected to grow at the highest CAGR owing to the developing healthcare infrastructure and increasing disposable region. Developing nations such as China and India are the most prominent markets owing to the rapid adoption of healthcare IT and significant economic growth.
Some of the key players in real world evidence solutions market include IQVIA, International Business Machines Corporation, ICON, PAREXEL, Pharmaceutical Product Development, Optum, Cognizant, Oracle, SAS, Syneos Health, Clinigen Group, Palantir Technologies, and Flatiron Health, among others. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their component portfolio.