GVR Report cover Real World Evidence Solutions Market Size, Share & Trends Report

Real World Evidence Solutions Market Size, Share & Trends Analysis Report By Component (Services, Datasets), By End User (Healthcare Payers, Healthcare Providers), By Application, And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-808-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global real world evidence solutions market size was valued at USD 37.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. Support from regulatory bodies for using real world evidence (RWE) solutions and an increase in R&D spending are anticipated to boost the market growth. Furthermore, the shift from volume to value-based care is expected to fuel market growth. Due to the COVID-19 pandemic, many market players began to experience general business disruptions, which impeded normal business activities. For instance, IQVIA reported that it was unable to perform on-site monitoring as well as deliver offerings that relied on in-person gatherings or face-to-face interactions. However, the company accelerated and expanded a variety of cost containment actions for reducing the impact on profitability.

North America Real World Evidence (RWE) solutions market size, by application, 2018 - 2028 (USD Billion)

It also activated business continuity plans, including the remote delivery capabilities in technology and analytics, remote monitoring & virtual trials in research & development solutions, and virtual commercial activity with clients wherever possible. Organizations, such as the National Patient-Centered Clinical Research Network (PCORnet), National Institutes of Health (NIH) Collaboratory, and FDA’s Sentinel Initiative, have collaborated to use the RWE data for improving clinical trial efficiency and drug safety monitoring.

A steadily growing market, slightly negatively impacted by the pandemic

Pandemic Impact

Post COVID Outlook

The earlier projections depicting approximately 6.2% YoY growth was countered by the pandemic resulting in a decline of 5.55% in the year-on-year growth rate from 2019 to 2020

The market is anticipated to recover post-COVID, with a year-on-year growth rate of 6.5% from 2020 to 2021

Companies, such as IBM and Syneos Health, reported a decline of 4.6% and 5.6%, respectively, in their annual revenue from 2019 to 2020

Many companies started to deploy various remote services during the pandemic, which is expected to help in portfolio expansion for these companies

Market players also diverted their operations towards providing solutions for curbing the spread of the disease, which also negatively hampered the market growth

 

 

The European Medicines Agency has also issued guidelines for RWE studies, requiring risk-benefit data in addition to post-authorization safety studies. Therefore, favorable government initiatives are expected to boost the market growth.

Component Insights

The services segment accounted for the maximum revenue share of more than 57% in 2020. The market growth is attributed to the high adoption of real-world services by pharmaceutical & biotechnology companies as well as healthcare providers. The segment is anticipated to expand further at the fastest CAGR during the forecast period.

The data sets segment consists of clinical settings data, claims data, pharmacy data, and patient-powered data. The segment is anticipated to witness growth owing to arise in the volume of data generated in healthcare facilities and growing attention for additional insights on epidemiology.

Application Insights

The drug development and approvals segment accounted for the highest revenue share of more than 28.5% in 2020. Real-world evidence solutions services allow pharmaceutical companies and healthcare providers as well as payers for efficient management of operations and accelerate the process of drug development and its approval. This fuels RWE solutions market growth.

The reimbursement/coverage and regulatory decision-making segment is expected to grow at the fastest CAGR of more than 8% from 2021 to 2028 owing to the rising focus towards clinical value evidence for making decisions to provide coverage and the rising therapy costs. The post-market safety & adverse event monitorings segment is also anticipated to grow at a significant rate.

End-user Insights

The pharmaceutical & medical device companies segment accounted for the maximum revenue share of around 32.9% in 2020. The segment growth is attributed to the rising importance of RWE studies in the drug approval process, assessing drug performance in real-world settings, and preventing drug recalls.

Global Real World Evidence (RWE) solutions market share, by enduser, 2020 (%)

The healthcare payers segment is expected to grow at the fastest growth rate of more than 7.5% over the forecast period owing to the increasing awareness among the payers regarding the importance of medical device/drug safety & their adverse effects and favorable reimbursement scenario, especially in developed countries.

Regional Insights

North America accounted for the largest revenue share of 44.4% in 2020. The large share of the region is credited to the presence of key players in the U.S. Rising number of RWE service providers and favorable government regulations in the region are expected to drive the market further.

Asia Pacific is expected to be the fastest-growing regional market during the forecast years owing to the rising government initiatives for the adoption of RWE studies and the presence of many Contract Research Organizations(CROs) and manufacturing companies in countries, such as China and India. Rising demand for better healthcare services is also estimated to fuel the market growth.

Key Companies & Market Share Insights

The global market is highly competitive and fragmented. Market players implement strategic initiatives, such as product development &launches, expansion of distribution network, and global footprint through subsidiaries and partnerships. Key players are also involved in portfolio diversification and mergers & acquisition. For instance, in April 2021, Thermo Fisher Scientific announced that it is set to acquire PPD, Inc. for USD 47.50 per share. Key players in the global real world evidence solutions market include:

  • IQVIA

  • IBM

  • PPD, Inc.

  • Parexel International Corp.

  • PerkinElmer, Inc.

  • Icon Plc

  • Oracle

  • Syneos Health

  • Cegedim Health Data

  • Medpace

Real World Evidence Solutions Market Report Scope

Repoprt Attribute

Details

Market size value in 2021

USD 39.7 billion

Revenue forecast in 2028

USD 66.4 billion

Growth rate

CAGR of 7.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, application, end user, region

Regions covered

North America; Europe; Asia Pacific; Latin America; MEA

Country Scope

U.S.; Canada; U.K.; Germany; Italy; France; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Israel

Key companies profiled

IQVIA; IBM; PPD, Inc.; Parexel International Corp.; PerkinElmer, Inc.; Icon Plc; Oracle; Syneos Health; Cegedim Health Data; Medpace

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global real world evidence solutions market report on the basis of component, application, enduser, and region:

  • Component Outlook (Revenue, USD Million, 2016 - 2028)

    • Services

    • Data Sets

      • Clinical Settings Data

      • Claims Data

      • Pharmacy Data

      • Patient-Powered Data

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Drug Development & Approvals

    • Medical Device Development & Approvals

    • Reimbursement/Coverage & Regulatory Decision Making

    • Post Market Safety & Adverse Events Monitoring

  • End-user Outlook (Revenue, USD Million, 2016 - 2028)

    • Pharmaceutical & Medical Device Companies

    • Healthcare Payers

    • Healthcare Providers

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • Israel

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