Real-World Evidence Solutions Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Real-World Evidence Solutions Market is segmented By Component (Datasets, Services), By Therapeutic Area (Oncology, Cardiology, Neurology, Immunology, Others), By End-user (Pharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers, Other End Users), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023 - 2030

Real-World Evidence Solutions Market Overview

[200 pages] Report on Global Real-World Evidence Solutions analyses the market size, shares, recent trends, competitive intelligence, and future market outlook. Demand from pharmaceutical industry in North America is rising. Competitive rivalry intensifies with Cognizant, Syneos Health, Happy Life Tech and others operating in the market.

Real-world evidence is clinical evidence regarding the usage and potential benefits or risks of a medical product derived from real-world data analysis. 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 transform the entire process of drug development, the new opportunities, and the challenges that remain.

Real-World Evidence Solutions Market Trends

The real-world evidence solutions market growth is driven by the growing trend of value-based study than volume-based study is helping in the market growth. The growing geriatric population and associated chronic diseases are the primary drivers of the market. Moreover, the demand for real-world evidence solutions in the market is due to increased drug development delay cases and overall drug development costs. This solution is recognized as an efficient solution by several biotechnological and pharmaceutical companies due to reducing overall drug development costs.

Delay in drug developments and subsequent development costs are expected to drive the global Real-World Evidence Solutions market growth.

With the inclination towards personalized healthcare and rise in the emergence of rare diseases, the healthcare and research organizations are facing challenges posed by huge costs and lengthy timelines of delivering medicines to patients as the development of new pharmaceutical entity is time-consuming, extremely expensive, and of high risk with little chance of positive outcome.

Moreover, pharmaceutical companies conduct clinical trials to gain approval from regulatory bodies, which is considered an essential part of the drug development process. However, the increasing cost and time-consuming clinical trials discourage pharmaceutical companies from conducting drug development, limiting patients' access to new treatments. Due to the high cost of drug development and clinical trials, many companies are looking for possible ways to cut down the cost of clinical trials and avoid drug development barriers to accelerate the drug development process. The adoption of real-world evidence helps simplify access and address some of the burdens while also providing a better understanding of medicines in the real world.

Reluctance to rely on real-world data findings is likely to hinder the market growth

A significant reason underlying the unavailability of data is that many pharma companies are reluctant to share their data with other organizations and do so only selectively. Even when real-world data is available, other barriers increase the risks and effort entailed in using it. The obstacles include limited standardization of data sources or statistical approaches and the need for a closer dialogue with regulators before and during trials. Pharma companies also require people with experience setting up and conducting synthetic control arms, but talent remains scarce and expensive. Additionally, companies need to help market access stakeholders become comfortable with the idea that some patient data comes from real-world evidence.

COVID-19 Impact Analysis on Real-World Evidence Solutions Market

The outbreak of coronavirus has a potential economic impact and implications on most sectors, including the pharmaceutical industry. As a result, 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 impact businesses and consumers spending negatively.

In the context of COVID-19, government organizations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on developing 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. Thus, the market is found witnessing a change that is shifting towards the digitalization and patient-centred virtual care and this is emphasizing the need for effective real-world solutions.

For instance, in April 2020, two healthcare data science companies, Aetion and HealthVerity, were found collaborating, extending their current relationship, extracting real-world medical evidence from electronic health records, and advising drug makers and regulators on COVID-19 treatments.

Real-World Evidence Solutions Market Segmentation Analysis

The datasets segment is expected to hold largest share in this market segment

The large share of data sets can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, growing attention for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment; increase in the volume of the medical data generated in hospitals and healthcare facilities and rising demand for information by payers and providers regarding drug safety. The clinical data is a staple source of most health and medical research, which is either collected during the course of any ongoing patient care or is a part of a formal clinical trial program.

The oncology segment is expected to hold largest share in this market segment

The large share of this segment can be due to many clinical trials conducted for oncology and the growing prevalence of cancer worldwide. For instance, according to the National Clinical Trials (NCT) registry, as of April 19th, 2021, there are around 81,348 cancer clinical trials across different phases of development.

In August 2020, Synapse and FDA 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. Moreover, globally there has been an increased focus on using real-world evidence in oncology drugs due to the innovations in immuno-oncology and personalized medicine, boosted by the guidelines of many regulatory authorities, such as the United States Food and Drug Administration.

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

In addition, pragmatic trials, 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.

According to 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 help define the therapy and estimate the effectiveness of a therapy in actual clinical practice, reflecting a larger population and longer-term outcomes.

The Pharmaceutical & Medical Device Companies segment is expected to hold largest share in this market segment

The large share of this segment can be due 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.

For instance, in May 2020, Parexel launched the COVID-19 real-world data platform, a new research platform powered by Microsoft Azure. This is set up to allow “rapid access” to COVID-19 data by combining Parexel’s real-world evidence expertise with Microsoft’s cloud tech, all in an effort to support doctors and researchers in better understanding and adjusting treatments for the pandemic in real time.

Global Real-World Evidence Solutions Market Geographical Share

North America region holds the largest market share of global real-world evidence solutions market

North America region is expected to serve a large share of the global market include the existence of 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.

For instance, in May 2020, the US FDA and New York-based Aetion collaborated to use real-world data to understand and respond to COVID-19. This collaboration aims to focus on assessing and analyzing real-world data sets to generate information about the course and treatment of the disease and diagnostic patterns using the company's Evidence Platform system.

According to the statistics from GLOBOCAN, there were about 2,281,658 cancer cases in the United States in 2020. The 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. Patients use the information about a medical product's function, which can help stakeholders in the healthcare ecosystem make essential and potentially life-saving real-time decisions.

Moreover, Alberta has one of the largest, detailed, and comprehensive healthcare data depositories in Canada. As a result, Alberta is poised to be a global leader in real-world evidence generation. 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 factors above are expected to drive the growth of the market in the North American region during the forecast period.

Real-World Evidence Solutions Companies and Competitive Landscape

The global real-world evidence solutions market is highly competitive with presence of global companies.  Some of the key players which are contributing to the growth of the market include IQVIA, ICON, PAREXEL, Pharmaceutical Product Development, and Optum, Cognizant, Oracle, SAS, Syneos Health, Clinigen Group, WuXi AppTech, Happy Life Tech. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, In May 2020, Parexel launched the COVID-19 real-world data platform, a new research platform powered by Microsoft Azure. This is set up to allow “rapid access” to COVID-19 data by combining Parexel’s real-world evidence expertise with Microsoft’s cloud tech, all in an effort to support doctors and researchers in better understanding and adjusting treatments for the pandemic in real time.

Real-World Evidence Solutions Market Key Companies to Watch

IQVIA

Overview: In 2016, Quintiles and IMS Health came together to created IQVIA. It brings together advances in data science, technology, and human science expertise to help the healthcare industry make better decisions and ultimately improve patient outcomes. Real World Solutions powered by IQVIA Connected Intelligence. It embraces real world data (RWD) and real-world evidence (RWE) to create intelligent connections across data, stakeholders, technologies, and services to discover previously unseen insights, drive smarter decision-making, and unleash new opportunities. The company has registered significant growth in the biopharmaceutical services industry and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, and Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on expansion as a key growth strategy.

Product Portfolio: The company is focused primarily on Human Data Science Cloud, Innovative Models, Therapeutic Areas.

Technology: IQVIA PharMetrics® Plus is IQVIA’s longitudinal health plan database of adjudicated medical and pharmacy claims, including patient enrollment data for national and sub-national health plans and self-insured employer groups.

Key Development: IQVIA Collaborating with Janssen Research & Development on their Investigational COVID-19 Vaccine Trials.

Why Purchase the Report?

• Visualize the composition of the real-world evidence solutions market segmentation by Component, Therapeutic area and End-user highlighting the key commercial assets and players.
• Identify commercial opportunities in real-world evidence solutions market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of real-world evidence solutions market - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global real-world evidence solutions market report would provide an access to an approx. 60 market data table, 54 figures and 200 pages. 

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