The Worldwide Real World Evidence Industry is Expected to Reach $2.3 Billion by 2026 at a CAGR of 14.4% from 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Real World Evidence (RWE) Solutions Market with COVID-19 Impact Analysis by Component (Dataset, Services), Therapeutic Area (Oncology, Cardiovascular, Neurology), End-user (Pharma, MedTech, Payers, Providers), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The Services segment accounted for the largest market share in 2020
Based on component, the market is segmented into data sets and services. In 2020, the services segment accounted for a larger share of 58.8% of the global RWE 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.
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 RWE solutions 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 RWE 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.
North America was the largest regional market for real world evidence solutions market in 2020
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 RWE solutions 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 RWE solutions market in the Asia-Pacific.
- Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
- Shift from Volume- to Value-based Care
- Potential of RWE in Reducing Drug Development Costs and Expediting the Drug Development Process
- Growth in R&D Spending
- Support from Regulatory Bodies for the Use of RWE Solutions
- Reluctance to Rely on Real-World Studies
- Growth Opportunities in Emerging Markets
- Rising Focus on End-to-End RWE Services
- Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure
- Shortage of Skilled Professionals
- Cegedim Health Data
- Cerner Corporation
- Ciox Health
- Flatiron Health
- ICON plc
- Medpace Holdings
- Optum (a Subsidiary of the UnitedHealth Group, Inc.)
- PAREXEL International Corporation
- Pharmaceutical Product Development, LLC
- SAS Institute
- Syneos Health
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