REDDING, Calif., Aug. 19, 2024 /PRNewswire/ -- According to a
new market research report titled, "Real-world Evidence
Solutions Market Size, Share, Forecast, & Trends
Analysis by Component (Datasets [Clinical, Claims, Pharmacy],
Services) Application (Market Access, Drug Development &
Approvals, PMS) End User—Global Forecast to 2031", published by
Meticulous Research®, the real-world evidence solutions
market was valued at $2.62
billion in 2023. This market is expected to reach
$6.37 billion by 2031 from an
estimated $2.94 billion in
2024, at a CAGR of 11.7% during the forecast period of
2024-2031.
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Clinical evidence obtained from the examination of real-world
data (RWD) is known as real-world evidence (RWE). The resulting
clinical evidence covers the use of a medical product and its
possible advantages or disadvantages. Pharmaceutical,
biotechnology, and medical device firms, as well as healthcare
payers and providers, employ RWE solutions for market access and
reimbursement/coverage choices, drug development and approvals,
post-market surveillance, and medical device development and
approvals.
The market for RWE solutions is expanding due to various causes
such as the increasing prevalence of chronic illnesses, the growing
emphasis on personalized healthcare, the transition to value-based
care, and the increasing use of real-world evidence solutions in
drug development and commercialization. Real-world evidence
solutions market participants could anticipate substantial
development prospects due to the emergence of emerging economies
and an increasing emphasis on comprehensive RWE services.
Shift Toward Value-based Care is Driving the Market
The value-based care model has emerged as an alternative and
potential replacement for the volume-based/fee-for-service
reimbursement model. The strategy seeks to save healthcare costs,
enhance population health, and deliver better treatment for
individuals. In a value-based care approach where pay-for-value is
prioritized, using real-world data aids in demonstrating if the
medication produces the same patient outcomes as shown in RCTs.
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The CMS has launched several value-based care models, including
patient-centric medical homes, the Medicare Shared Savings Program,
and the Accountable Care Organization (ACO) model. Private payers
have also embraced similar accountable, value-based care models.
Since validated outcome indicators based on real-world data are
being included in value-based payment contracts, the FDA has come
to understand that real-world evidence may make the American
healthcare system more efficient and competitive.
Value-based payment plans typically rely on cost information and
objective, quantifiable patient outcomes (related to product
utilization). In the past, to make decisions about how much to pay
for new medications and biologics, payers have required additional
information beyond the cost and utilization data from their claims
systems and the findings of clinical trials, many of which do not
evaluate significant long-term outcomes and resource use.
Value-based care is a difficult, transformative path that is
quickly gaining popularity around the globe. Cost-effectiveness
trials are designed with the assistance of R&D specialists that
adopt a value-based mentality. In the early phases of medication
development, the trials aid in assessing the burden of illnesses
and creating value propositions based on actual outcomes, such as
productivity, absenteeism, quality of life, and frequency of
clinical episodes. Employing empirical data and supporting
documentation is a is a key element in transitioning to value-based
care.
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The key players operating in the global real-world evidence
solutions market are IQVIA Holdings Inc. (U.S.), Elevance Health,
Inc. (U.S.), ICON plc (Ireland),
Clinigen Group plc (U.K.), Cognizant Technology Solutions
Corporation (U.S.), Revvity, Inc. (U.S.), F. Hoffmann-La Roche Ltd
(Switzerland), Thermo Fisher
Scientific Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute
Inc. (U.S.), Parexel International Corporation (U.S.), and
HealthVerity, Inc. (U.S.).
Among all the components studied in this report, in 2024, the
datasets segment is expected to account for the largest share of
53% of the real-world evidence (RWE) solutions market. The
datasets segment is further segmented into disparate datasets and
integrated datasets. The global real-world datasets market is
anticipated to be dominated by the disparate datasets sector by
2024. Data that are clearly different in kind, quality, or
character make up disparate datasets. Because of their
heterogeneity, these datasets are easily combined to offer
businesses business insights. The significant market share of this
segment can be mainly ascribed to the growing use of wearable
technology, registries, electronic health records/electronic
medical records (EHRs/EMRs) in hospitals, technological
advancements in medical data storage, and increased access to
claims data.
Among all the applications studied in this report, in 2024, the
drug development & approvals segment is anticipated to register
the highest CAGR of 13.1% during the forecast period.
Because RWE studies are much less costly and time-consuming than
randomized clinical trials, they offer easier access to long-term
efficacy data and help get around some of the practical issues with
randomized clinical trials, which is why their significance in drug
development is growing. Patient-reported outcome Measures (PROMs)
and quality-of-life metrics are becoming often used in clinical
trials for medication development. Evidence derived from real-world
data is frequently used to guide medication development, providing
information on treatment paths and comparator interventions in
clinical settings, as well as the natural history and epidemiology
of a disease.
Among all the end users studied in this report in 2024, the
pharmaceutical, biotechnology, and medical device companies segment
is expected to account for the largest share of 39.1% of the
real-world evidence (RWE) solutions market. Pharmaceutical
businesses are using more and more RWE solutions; these solutions
are employed at every stage of the drug development process, from
drug discovery to post-marketing surveillance, which accounts for
the segment's significant market share. Furthermore, RWE is used by
regulatory agencies like the FDA to evaluate the post-market safety
of medicines that have been approved, as well as for medication
approval. To reduce the likelihood of medication failure,
pharmaceutical companies are implementing RWE technologies.
Among all the regions studied in this report, North America is expected to account for the
largest share, 48.9%, of the real-world evidence (RWE)
solutions market in 2024The presence of important players,
significant R&D expenditures made by pharmaceutical and
biotechnology corporations for medication development, and
encouraging government initiatives are all factors contributing to
this region's significant market share. The region's stake is also
being increased by the growing adoption of EHR in the healthcare
sector. The region is seeing an increase in public-private funding
for projects utilizing RWE technology. For example, the U.S. Food
and Drug Administration stated in 2023 that four more U01 grant
awards would be made for the projects, which included using RWE
technologies to cure cancer and to improve the effectiveness of
clinical trials (refer to U.S. FDA).
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Scope of the Report:
Real-world Evidence Solutions
Market Assessment—by Component
- Datasets
- Disparate Datasets
- EMR/EHR/Clinical Data
- Claims & Billing Data
- Pharmacy Data
- Product/Disease Registries Data
- Genomics Data
- Other Disparate Datasets
- Integrated Datasets
- Consulting Services
Note: Other Disparate Datasets include data
generated from mobile devices, wearable devices, and social
media.
Real-world Evidence Solutions Market
Assessment—by Application
- Market Access & Reimbursement/Coverage Decisions
- Drug Development & Approvals
- Oncology
- Neurology
- Immunology
- Cardiovascular Diseases
- Other Therapeutic Areas
- Post Market Surveillance
- Medical Device Development & Approvals
- Other Applications
Note: 1) Other Therapeutic Areas include infectious
diseases, musculoskeletal disorders, dermatological diseases, and
respiratory diseases.
2) Other Applications include regulatory and clinical
decision-making.
Real-world Evidence Solutions Market
Assessment—by End User
- Pharmaceutical, Biotechnology, and Medical Device
Companies
- Healthcare Payers
- Healthcare Providers
- Other End Users
Note: Other end users include academic research institutions,
patient advocacy groups, regulators, and health technology
assessment agencies.
Real-world Evidence Solutions Market
Assessment—by Geography
- North America
- Europe
- Germany
- France
- U.K
- Italy
- Spain
- Switzerland
- Belgium
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Taiwan
- Singapore
- Australia
- Rest of Asia-Pacific
(RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
(RoLATAM)
- Middle East & Africa
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