Real-World Evidence Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Real-world Evidence Solutions Market is segmented by Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Other Components), Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other Therapeutic Areas), End User (Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Companies, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Real World Evidence Solutions Market Overview
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 12.5 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The real-world evidence solutions market is expected to register a CAGR of 12.5% during the forecast period.

The contagious coronavirus has a potential economic impact and implications on most sectors, including the pharmaceutical industry. Governments worldwide are now responding to the threat of COVID-19 with all the essential measures, such as social distancing, nationwide lockdown, travel restrictions, and large-scale quarantines that are anticipated to negatively impact businesses and consumer spending.

In the context of the COVID-19, government organizations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on the development of effective and rapid diagnostic technologies. Moreover, many healthcare providers and drug developers have been stretching their available resources to curb the spread and develop effective medicines/vaccines for the COVID-19 pandemic. The market is, thus, found witnessing a trend that is shifting toward digitalization and patient-centered virtual care. This emphasizes the need for effective real-world solutions.

In April 2020, two healthcare data science companies, Aetion and HealthVerity, were found collaborating, extending their current relationship, to extract real-world medical evidence from electronic health records and advise drug makers and regulators on COVID-19 treatments.

The real-world evidence solutions market will show rapid growth due to the shift from volume to value-based care, increasing aging population and prevalence of chronic diseases, delays in drug development, and subsequent increase in development costs. According to the World Ageing Population report, in 2020 highlights, approximately 727 million people living worldwide were aged 65 years and above, and the number is expected to reach 1.5 billion by 2050. It has been calculated that almost half of the total chronic disease deaths are attributable to cardiovascular diseases, cancer, obesity, and diabetes which are showing increasing trends.

Pharmaceutical companies take several years to introduce a new drug molecule to market, and they invest billions in research and development with a low probability of success. To shorten the drug development cycles, pharma research centers need a clear insight on treatment options that work in a wide population compared to few patient pools in clinical trials. The use of real-world evidence (RWE) insights is thus found to increase as pharma and biotech companies realize that real-world evidence (RWE) can be important in drug development and life-cycle management and increase the innovation efficiency cost of clinical trials.

The big pharmaceutical companies are found using a clinico-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are thus able to broaden their indication range and conduct a small number of clinical trials for the rare biomarker-defined population. Thus it indicates the growth of the real-world evidence solutions market during the forecast period.

In addition, the real-world data sets are widely adopted by end users for real-world evidence (RWE) for various applications such as drug development and approvals, market access and reimbursement/coverage decisions, clinical decision-making, and medical device development and approvals, among others, which helps in the growth of the overall market.

Scope of the Report

As per the scope of the report, real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. The real-world evidence solutions market refers to services that enable healthcare payers, providers, and pharmaceutical companies to efficiently manage their operations and quicken the drug development and approval process. These real-world evidence solutions are transforming the entire process of drug development, the new opportunities, and the challenges that remain. The Real-world Evidence Solutions Market is segmented by Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Other Components), Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other Therapeutic Areas), End User (Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Companies, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Component
Claims Data
Clinical Settings Data
Patient-Powered Data
Pharmacy Data
Other Components
By Therapeutic Area
Oncology
Immunology
Neurology
Cardiovascular Disease
Other Therapeutic Areas
By End User
Healthcare Payers
Healthcare Providers
Pharmaceutical & Medical Device Companies
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

Report scope can be customized per your requirements. Click here.

Key Market Trends

Oncology is Anticipated to be the Dominant Segment During the Forecast Period

The oncology segment is expected to hold a significant market share. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide. According to Clinicaltrials.gov, as of February 8, 2022, there are around 87,366 cancer clinical trials across different phases of development.

In August 2020, Syapse and Food and Drug Administration expanded the existing research collaboration to rapidly generate real-world evidence related to COVID-19 and cancer and the use of real-world data (RWD) to support clinical and regulatory decision-making.

Globally, there has been an increased focus on the use of real-world evidence in oncology drugs due to the innovations in immuno-oncology and personalized medicine, fueled by the guidelines of many regulatory authorities, such as the US Food and Drug Administration.

With the increasing use of digital health solutions and experimental cancer therapies, real-world data can support numerous aspects of medical research and routine clinical practice.

Pragmatic trials, which are designed to evaluate the effectiveness of interventions in real life, can combine real-world evidence and information from randomized trials to support the effects of an existing treatment in practice. By including real-world data, oncologists can get involved (especially in the later stages of the study) in helping more patients access novel treatments.

As per the statistics from GLOBOCAN, worldwide, there were around 19.3 million new cancer cases (18.1 million excluding nonmelanoma skin cancer) in 2020. This factor, in turn, is expected to boost the demand for real-world evidence (RWE) and can help in defining the therapy and estimate the effectiveness of a therapy in actual clinical practice, reflecting a larger population and longer-term outcomes.

Furthermore, owing to the increased demand for personalized medicine and the complexity of oncology treatment, the collaboration offers an opportunity for the industry to expand the use of real-world evidence (RWE). This factor is expected to drive the segment’s growth during the forecast period.

Real World Evidence Solutions Market Key Trends

North America is Expected to Hold a Significant Share in the Market over the Forcast Period

Some of the factors driving the market growth in the North American region include a favorable regulatory environment, a high number of real-world evidence (RWE) service providers, and the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure.

In May 2020, the US Food and Drug Administration and New York-based Aetion collaborated to use real-world data to understand and respond to COVID-19. The collaboration aims to focus on assessing and analyzing real-world data sets to generate information about the course and treatment of the disease, as well as diagnostic patterns, using the company’s Evidence Platform system.

As per the statistics from GLOBOCAN, there were about 2,281,658 cancer cases in the United States in 2020. This number is expected to increase by 2040 and reach 3,096,944 cases. The rising number of cancer cases is creating opportunities for market players. The major market players are focusing on R&D activities to bring new therapies into the market.

Likewise, from drug development to value-based care, there is a huge opportunity to tap into real-world data (RWD) to improve patient outcomes. The information about the function of a medical product is used by patients, and this can help stakeholders in the healthcare ecosystem make important and potentially life-saving real-time decisions.

Moreover, Alberta has one of the largest, most detailed, and comprehensive healthcare data depositories in Canada. Alberta is poised to be a global leader in real-world evidence generation. In order to understand this potential, in May 2021, the Universities of Alberta and Calgary and the Institute of Health Economics led the formation of the Alberta RWE Consortium. Thus, all the aforementioned factors are expected to drive the growth of the market in the North American region during the forecast period.

Real World Evidence Solutions Market Growth Rate

Competitive Landscape

The real-world evidence solutions market is fragmented and competitive. Product launches, partnerships, collaborations, agreements, and market expansions are the key strategies adopted by players to grow and expand their presence in the real-world evidence solutions market. Some of the key players in the market include IQVIA, ICON, PAREXEL, Oracle Corporation, and Clinigen Group.

Recent Developments

  • In December 2021, EVERSANA signed an agreement with Janssen Research & Development LLC (Janssen) to drive evidence-based development of Janssen therapies, treatments, and patient support models.
  • In October 2021, Real-World Evidence Transparency Initiative launched the Real-World Evidence Registry to establish a culture of transparency for the analysis and reporting of Real-World Evidence in healthcare and health research. The Real-World Evidence Transparency Initiative is a partnership between ISPOR, the International Society for Pharmacoepidemiology, the Duke-Margolis Center for Health Policy, and the National Pharmaceutical Council.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Shift From Volume- to Value-based Care

      2. 4.2.2 Increasing Aging Population and Prevalence of Chronic Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 Unwillingness to Rely on Real-world Studies

      2. 4.3.2 Lack of Standards

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market SIze by Value - USD Millions)

    1. 5.1 By Component

      1. 5.1.1 Claims Data

      2. 5.1.2 Clinical Settings Data

      3. 5.1.3 Patient-Powered Data

      4. 5.1.4 Pharmacy Data

      5. 5.1.5 Other Components

    2. 5.2 By Therapeutic Area

      1. 5.2.1 Oncology

      2. 5.2.2 Immunology

      3. 5.2.3 Neurology

      4. 5.2.4 Cardiovascular Disease

      5. 5.2.5 Other Therapeutic Areas

    3. 5.3 By End User

      1. 5.3.1 Healthcare Payers

      2. 5.3.2 Healthcare Providers

      3. 5.3.3 Pharmaceutical & Medical Device Companies

      4. 5.3.4 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Clinigen Group PLC

      2. 6.1.2 Icon PLC

      3. 6.1.3 IBM

      4. 6.1.4 IQVIA

      5. 6.1.5 Oracle Corporation

      6. 6.1.6 Parexel International

      7. 6.1.7 PerkinElmer Inc.

      8. 6.1.8 Pharmaceutical Product Development (PPD Inc.)

      9. 6.1.9 SAS Institute

      10. 6.1.10 Syneos Health

      11. 6.1.11 Flatiron Health Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Global Real-World Evidence Solutions Market market is studied from 2019 - 2027.

The Global Real-World Evidence Solutions Market is growing at a CAGR of 12.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

IBM, Icon PLC, Clinigen Group, IQVIA, Oracle Corporation are the major companies operating in Global Real-World Evidence Solutions Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!