Press Release

Real World Evidence Solutions Market Size Worth US$ 1.9 Bn By 2025, Growing At A CAGR Of 14.3%

Real-world evidence solutions are boosting the escalating awareness amongst individuals for the advantages of maintaining decent health and the increasing demand for high-quality healthcare services. Real World Evidence Solutions is defined as organized information procuring clinical outcomes or judgment created on the real-world data (RWD). It gains observational data to make insights, extrapolative findings, and foresight on medical devices, diseases, patient populations, and products. It is the process of collecting data utilized for decision-making by the healthcare industry; it can’t be managed or derived in a traditional randomized controlled trial (RCT) setting.  The Global Real World Evidence Solutions Market is estimated to see healthy growth, pegged at a CAGR of around 14.3% throughout the forecast period 2020-2025.

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Real-world evidence solutions collect the data or information from the existing secondary sources like the World Health Organization databases to obtain new data or methodology. It is also known as a late-phase research finding that plays a vital role in patient-centric outcome research. The data or information derived from RWE helps the healthcare industry develop novel drugs and medical devices more rapidly. Thus, provide deeper insight regarding drug usage and its outcomes in the real world. Real-world evidence solutions help healthcare providers, healthcare payers, and pharmaceutical & medical device companies to efficiently manage their operations and quicken the drug development and approval process.

The shift towards a regulatory approach to clinical trials is driving renewed and redoubled interest in expanding methods for collecting and utilizing patient data. With the integration of data science, the healthcare industry is bidding farewell to the traditional method of analysis as RWE solutions enable scientists to extract data or information using scientific techniques, including machine learning, AI, and natural language processing (NLP). It further helps analyze the right population for clinical trials and treatment protocol and provides effective treatment to those in need. RWE solutions integrated data, improved accuracy, and the right people for clinical trials, treatment protocol, and effective treatment of people in need. Moreover, various scientists and pharmaceutical companies use a clinical-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Thus, companies broaden their indication range and conduct a small number of clinical trials for the rare biomarker-defined population.

Segmentation Overview of the Global Real World Evidence Solutions Market

The Real World Evidence Solutions market is segmented into component, therapeutic area, and end users. These major market segments are further categorized into various sub-segments to study the market in detail.

By Component Outlook (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Others)

By Therapeutic Area Outlook (Oncology, Immunology, Neurology, Cardiovascular Disease, and Other Therapeutic Areas)

By End user Outlook (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies and Other End Users)

Key Players Insights

Clinigen Group, Icon PLC, IBM, IQVIA, Oracle Corporation, Parexel International, PerkinElmer, Inc., Pharmaceutical Product Development (PPD, Inc), SAS Institute, Syneos Health, and others are some key market players included in the research study of the global real world evidence solutions market.

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