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, Data Sets), By Application, By End-user, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-808-0
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global real world evidence solutions market size was valued at USD 39.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. 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 witness 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 solutions market size, by application, 2020 - 2030 (USD Billion)

It also activated business continuity plans, including the remote delivery capabilities in technology and analytics, remote monitoring and 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.

The uncertainty brought on by the pandemic has significantly shifted how and when patients choose to seek medical care. In addition, a shift in healthcare treatment and provision during the pandemic has altered the discovery and reporting of some outcomes in data and the treated populace. This indicates that disease trends may lead to inaccurate interpretations when RWE and Real World Data (RWD) do not border on the framework of the COVID-19 pandemic and long-term COVID-19 therapy, disease, and lifestyle changes.

 A steadily growing market, slightly negatively impacted by the pandemic

            Pandemic Impact

                      Post COVID Outlook

The earlier projections depicting approximately 6.2% YoY growth were countered by the pandemic, resulting in a decline of 5.88% 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 6.07% 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 many 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 COVID-19 pandemic, which also 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 market growth. Furthermore, an industry coalition to innovate and expand the application of RWE promotes market growth. For instance, in May 2021, five corporations-Aetion, IQVIA, Flatiron Health, Tempus, and Syapse-collaborated to expand the use of data derived from EHRs, claims, and other sources beyond clinical trials. The coalition will also work together with pharma companies, medical device manufacturers, patient groups, and other key stakeholders to support broader efforts around the usage of RWE, which members say supports developers, regulators, and providers in having a greater understanding of medical product safety and efficacy.

Thus, such kind of innovations will support the market to enable faster access to new treatment options, which, in turn, will impel market growth during the forecast period. As there is continuous growth in data variety, volume, and speed and the need for quick delivery of insights derived from that data, the need for integrating the right technologies for the implementation of the RWE program is growing. Many life sciences companies are adopting cloud technologies owing to the speed, flexibility, security, and scalability they provide. Cloud technology can provide various benefits to RWE solutions. These include speed through which cloud-based analytics can be scale-up quickly, which helps as the data volume grows; and security, which helps in protecting patient-level data even in a de-identified format.

Component Insights

The services segment accounted for the maximum revenue share of over 55.0% in 2021. The market growth is attributed to the high adoption of real world services by pharmaceutical and biotechnology companies and healthcare providers. The segment is also anticipated to register the fastest CAGR during the forecast period. IQVIA, Syneos Health, and ICON plc are currently offering endwise real world evidence solutions and late-phase services, including research planning, protocol preparation, clinical study management, & reporting.

The increased need for complete evidence services throughout the product lifecycle is likely to create opportunities for real world evidence solutions vendors to boost their investments throughout the drug development cycle. 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 the growth in the volume of data generated in the healthcare facilities and growing attention for additional insights on epidemiology.

Application Insights

The drug development and approvals segment accounted for the largest revenue share of over 25.0% in 2021. Real world evidence solutions allow pharmaceutical companies and healthcare providers and payers for efficient management of operations and acceleration of the process of drug development and its approval. This fuels market growth. Top healthcare corporations had a desire to increase the use of RWE beyond traditional safety-related applications because of the need and urgency to develop vaccines and medicines during the COVID-19 pandemic.

Thus, in March 2021, a CDC study used RWE to find that mRNA COVID-19 vaccines successfully prevented SARS-CoV-2 infections among the first responders, healthcare personnel, and other essential workers who received the shot in the first vaccine rollout. The reimbursement/coverage and regulatory decision-making segment are expected to grow at the fastest rate of 8.5% over the forecast period owing to the rising focus on clinical value evidence for making decisions to provide coverage and the rising therapy costs. The post-market safety and adverse event monitoring segment are anticipated to grow at a significant rate over the forecast period.

End-user Insights

The pharmaceutical and medical device companies segment accounted for the largest revenue share of over 30.0% in 2021. The market 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. RWE can support and advance a variety of processes such as identifying which cohort of patients can benefit most from an intervention, informing regulatory approvals, complementing data from randomized controlled trials, supporting reimbursement efforts, and increasing indications of use.

 Global real world evidence solutions market share, by end-user, 2021 (%)

Besides, in August 2020, the Medical Device Innovation Consortium (MDIC) announced the launch of its RWE Framework for regulatory decision-making for in-vitro diagnostics. The healthcare payers segment is expected to grow at the fastest rate of 8.4% from 2022 to 2030 owing to the increasing awareness among the payers regarding the importance of medical device/drug safety and their adverse effects and favorable reimbursement scenario, especially in developed countries.

Regional Insights           

North America accounted for the largest revenue share of over 40.0% in 2021. The large share of the North American 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 also expected to contribute to the market growth. Furthermore, the shift from volume to value-based care is expected to fuel market growth. Moreover, the rising geriatric population and the subsequent increase in the prevalence of chronic diseases are key factors fueling the growth of this market.

In addition, the large share of the North American region can be attributed to the presence of key players in the U.S. and Canada. Favorable government regulations and the increasing number of RWE service providers in North America are anticipated to drive the market further. Asia Pacific is expected to expand at the fastest CAGR of 11.0% from 2022 to 2030 owing to the rising government initiatives for the adoption of RWE studies and the presence of many contract research and manufacturing organizations 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 and 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 August 2021, Syneos Health partnered with Aetion to provide a real world evidence solution and offers analytical-driven data and regulatory grade data. Likewise, in April 2021, Thermo Fisher Scientific announced that it is set to acquire PPD, Inc. for USD 47.50 per share. Some prominent players in the global real world evidence (solutions market include:

  • IQVIA

  • IBM

  • PPD Inc.

  • Parexel Internation Corporation

  • PerkinElmer Inc.

  • Icon Plc

  • Oracle

  • Syneos Health

  • Cegedim Health Data

  • Medpace

Real World Evidence Solutions Market Report Scope

Report Attribute

Details

The market size value in 2022

USD 42.39 billion

The revenue forecast in 2030

USD 78.80 billion

Growth rate

CAGR of 8.1% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

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 Corporation; PerkinElmer Inc.; Icon Plc; Oracle; Syneos Health; Cegedim Health Data; Medpace

Customization scope

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

Pricing and purchase options

Avail of 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 and opportunities in each of the sub-segments from 2017 to 2030. For this report, Grand View Research has segmented the global real world evidence solutions market report based on component, application, end-user, and region:

  • Component Outlook (Revenue, USD Million, 2017 - 2030)

    • Services

    • Data Sets

      • Clinical Settings Data

      • Claims Data

      • Pharmacy Data

      • Patient-powered Data

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Drug Development & Approvals

    • Medical Device Development & Approvals

    • Reimbursement/Coverage & Regulatory Decision Making

    • Post Market Safety & Adverse Events Monitoring

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • Pharmaceutical & Medical Device Companies

    • Healthcare Payers

    • Healthcare Providers

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • 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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