Northbrook, IL -- (SBWire) -- 08/24/2021 --According to the new market research report "Real World Evidence/RWE Solutions Market by Component (Dataset (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Neurology), End User (Pharma, Medtech, Payers, Providers) Covid-19 Impact - Global Forecast to 2026", published by MarketsandMarkets™, the Real World Evidence Solutions Market size is projected to reach USD 2.3 billion by 2026, at a CAGR of 14.4% between 2021 and 2026.
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The Real-world data and real-world evidence are used to monitor the post-market safety and adverse events of drugs. The monitoring of this data assists in making regulatory decisions. The healthcare community is using RWE and RWD to support coverage decisions and to develop guidelines and decision support tools for use in clinical practice.
The global RWE solutions market is projected to reach USD 2.3 billion by 2026 from USD 1.2 billion in 2021, at a CAGR of 14.4% during the forecast period. The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.
In this report, the RWE solutions market is segmented based on component, therapeutic area, end user, and region.
The Services segment accounted for the largest market share in 2020.
Based on component, the Real World Evidence/RWE Solutions Market is segmented into data sets and services. In 2020, the services segment accounted for a larger share of 58.8% of the global real world evidence solutions market. This segment is also estimated to grow at the highest CAGR of 16.0% during the forecast period. The rising need to convert data into actionable evidence, the growing need to reduce drug development delays, and the availability of a large volume of healthcare data are the major factors driving the growth of this market segment.
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The Oncology segment accounted for the largest market share in 2020.
Based on the therapeutic area, the RWE solutions market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of 24.8% of the market in 2020. This segment is projected to reach USD 560.5 million by 2026 from USD 285.5 million in 2021, at a CAGR of 14.4% during the forecast period. 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.
The Pharmaceutical and Medical Device Companies segment accounted for the largest market share in 2020.
Based on end user, the real world evidence solutions market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share of 46.3% of the RWE solutions market in 2020. This segment is also estimated to grow at the highest CAGR of 16.8% during the forecast period. The large share and high growth of this end-user segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.
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The global RWE solutions market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 60.8% of the global market. Factors such as the favorable regulatory environment, the increasing number of payers using RWD, the growing number of RWE service providers, and the increasing number of pharmaceutical companies adopting RWE for drug approval processes are driving the growth of the market in North America. The Asia Pacific market, however, is estimated to grow at the highest CAGR during the forecast period. The increasing government initiatives for the adoption of RWE studies, the rising burden of chronic diseases, increasing demand for better healthcare services, and the increasing geriatric population are driving the growth of the market in the Asia Pacific.
Prominent players in the real world evidence solutions market include IQVIA (US), IBM Corporation (US), ICON plc. (Ireland), PAREXEL International Corporation (US), PPD, LLC (US), Optum, Inc. (US), Cognizant Technology Solutions Corporation (US), Oracle Corporation (US), SAS Institute Inc. (US), Syneos Health, Inc. (US), Anthem, Inc. (US), Clinigen Group plc. (UK), Medpace Holdings Inc. (US) and Flatiron Health, Inc. (US). These companies adopted strategies such as service launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the real world evidence solutions market.
Real World Evidence Solutions Market Worth $2.3 Billion by 2026 - Exclusive Report by MarketsandMarkets™
North America was the largest regional market for real world evidence solutions market in 2020