Market Snapshot:
Pharmaceutical companies spend a lot of time and money in the pre-authorization drug development stages, particularly in phase-III clinical trials, to provide solid evidence on their products' safety and efficacy. Such experiments are planned as Randomized Controlled Trials (RCTs), which are the gold standard for testing to prove the safety and effectiveness of a product of high validity but within clinical trial's tightly regulated boundaries. RCTs must be supplemented by the controversial new criterion known as Real-World Evidence (RWE). It is scientific evidence derived from real-world data about the use and possible benefits or risks of a medical product. Various research designs or evaluations, including but not limited to randomized trials, including large simple trials, pragmatic trials, and observational studies (prospective and/or retrospective), may produce RWE. It generates insight, foresight, and exploratory observations on diseases, goods, and patient populations using real-world data (RWD).The real-world evidence solution is being used to demonstrate the effectiveness of medications, vaccines, and other types of knowledge evidence. Furthermore, RWE is able to provide evidences based on real-world data. The widespread use of real-world evidence helps to improve healthcare quality, and RWD data on the effectiveness and safety of new drugs and medical devices can supplement RCT data.
Highlights from Real World Evidence Solutions Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 14.2% |
The key Players profiled in the report are IQVIA (United States), International Business Machines Corporation (IBM)(United States), ICON (Ireland), PAREXEL (United States), Syase (United States), Pharmaceutical Product Development (United States), Optum (United States) and Clinigen Group (United Kingdom). Additionally, other players that are part of this comprehensive study are Palantir Technologies (United Kingdom) and Flatiron Health (United States).
Geographic Breakdown and Segment Analysis
The Global Real World Evidence Solutions market presents a comprehensive analysis of the Real World Evidence Solutions market by end-user/application (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Real World Evidence Solutions industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Real World Evidence Solutions market
Analyst at AMA have segmented the market study of Global Real World Evidence Solutions market by Type, Application and Region.
Influencing Trend:
Delays in Drug Development and the Subsequent Increase in Development Costs
Market Growth Drivers:
Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases and Shift From Volume- to Value-Based Care
Challenges:
Unwillingness to Rely on Real-world Studies
Restraints:
Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure
Opportunities:
Growth Opportunities in Emerging Markets and Rising Focus on End-To-End RWE Services
Market Developments Activities:
In 2021, ICON (Ireland) acquires PRA Health Sciences (USA). The acquisition was conducted to integrate PRA's mobile and connected health platform, real data and information solutions with ICON's network of Accellacare sites, home health services and wearables expertise., In 2020, Cerner (USA) acquires the health division of Kantar Group (UK). With this acquisition, Cerner entered the RWE solutions market. and In 2020, Cegedim Health Data (France) has partnered with Aetion (USA). This partnership was undertaken to integrate Cegedim's THIN - European Real Data into the Aetion Evidence Platform (AEP). AEP analyzes real-world data, including claims, electronic health records, registries, and clinical trial data, to generate transparent, rapid and scientifically validated RWEs for the safety, effectiveness and value of medical interventions.
In 2021, Verantos (USA) has partnered with Lundbeck (USA). Through this partnership, the two companies will collaborate on research to enable RWE to support migraine treatment., In 2021, Five RWD and analytics organizations have joined an industry coalition dedicated to advancing the use of RWE to support regulatory decisions. The founding members of the RWE Alliance are Aetion, Flatiron Health, IQVIA, Syapse and Tempus. and May 2020 – Syapse, a San Francisco, CA-based provider of precision oncology solutions announced USD 30 million in new equity funding to accelerate the creation and use of real-world evidence (RWE) in oncology led by Revelation Alpine, LLC.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Hospitals and clinics, Pharmaceutical and Medical Device Manufacturing Companies, Academic Medical Centers, Government Research Organizations, Contract Research Organizations, Research and Consulting Firms and Regulatory Agencies