LONDON, Nov. 2, 2020 /PRNewswire/ -- According to a new market research report "Real-World Evidence (RWE) Solutions Market by Component [Data Sets, EMR, Consulting Services], Application [Drug Development & Approvals (Oncology, Neurology, Immunology), Market Access, Medical Device Development], End User - Forecast to 2027", published by Meticulous Research®, the real-world evidence (RWE) solutions market is poised to reach $5.57 billion by 2027, at a CAGR of 19.1% during the forecast period.
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Personalized medicine is one of the emerging approaches improvising disease treatment and prevention by taking individual variability in the genes, environment, and lifestyle into account. This approach allows healthcare professionals and researchers to accurately depict which treatment and prevention strategies would work for a particular disease in a particular group of people. Preventive or therapeutic interventions can then be directed to those who will benefit most from targeted intervention, thereby maximizing benefit and minimizing cost and complications. Advances in personalized medicine have already led to powerful discoveries, and several new FDA-approved treatments tailored to individuals' specific characteristics.
Thus, realizing the importance of personalized medicine, the leading pharmaceutical players are increasing their focus towards PMs. Through the cultural transformation called digital health, traditional medicine's hierarchy is transforming into an equal-level partnership between patients and caregivers. The unprecedented amount of data generated in healthcare through doctors' notes, patient forums, patient registries, and EHR, among others, helps pharma companies integrate it with clinical data and provide truly personalized healthcare that improves and saves the lives of the patients. Thus, companies' focus towards the development of precision/personalized medicine results in generating a large amount of real-world data that can be further utilized to monitor post-market safety, make regulatory decisions, support coverage decisions, and develop guidelines and decision support tools for use in clinical practice.
Impact of COVID-19 on the RWE Solutions Market
The COVID-19 pandemic has put a tremendous burden on the healthcare sector all over the world. With the unavailability of treatment, rise in cases, limited resources, and vulnerability of the medical staff, the healthcare sector struggles to deal with the pandemic situation. Healthcare professionals are working tirelessly on faster diagnosis, rapid response, and effective use of human resources and ensuring medical personnel safety all over the globe. As the COVID-19 outbreak continues to take its toll on the global markets, real-world evidence (RWE) is set to become the most influential emerging technology to help in the fight against the COVID-19 outbreak as it provides valuable insights to understand better, monitor, and prepare for the challenges caused by the pandemic. Understanding where and how quickly the outbreak is likely to spread, the same tracking models could be adapted to fight any upcoming COVID-19 or other disease outbreaks.
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The real-world evidence solutions market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027 - by component, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.
On the basis of application, the drug development and approvals segment is estimated to account for the largest share of the overall RWE solutions market in 2020. Integration of RWD and RWE to accelerate drug discovery and development, rise in the number of investments by biopharmaceutical companies for the research and development, and initiatives by the regulatory bodies towards real-world evidence solutions are expected to propel the growth of this segment. The drug discovery and development segment is categorized based on therapeutic areas, such as oncology, cardiovascular diseases, neurology, immunology, and other therapeutic areas. Oncology is estimated to account for the largest share of the RWE market for drug discovery and development in 2020 and is also expected to witness the fastest growth during the forecast period due to increased cancer cases, growth in the R&D expenditure used for cancer drugs, and rise in the adoption of RWE for innovation in the oncology sector.
Based on end user, pharmaceutical, biotech & medical device companies are estimated to account for the largest share of the overall RWE solutions market in 2020 due to growing inclination to avoid costly drug recalls, increasing use and importance of RWE studies in drug development and approvals, and the rise in the necessity to assess drug performance in real-world settings.
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The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2017–2020). The real-world evidence solutions market has witnessed several agreements, partnerships, collaborations, agreements, and acquisitions in recent years. For instance, in July 2020, IQVIA Holdings, Inc. (U.S.) collaborated with JDRF to use non-identified patient-level, real-world data, and analytics to address unmet needs in the diabetes community. In May 2019, Evidera, a business of Pharmaceutical Product Development, LLC (U.S.) acquired Medimix International (U.S.) to enable Evidera expand the technology solutions real-world data. The acquisition has also helped generate the evidence needed to optimize the market access and commercial potential of products for the company's clients.
The key players operating in the global RWE solutions market are Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (A Subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc.(U.S.), and Syneos Health, Inc. (U.S.), among others.
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Scope of the Report:
Real-world Evidence Solutions Market, by Component
- Data Sets
- Disparate Data Sets
- EMR/EHR/Clinical data
- Claims & billing Data
- Pharmacy Data
- Product/Disease Registries Data
- Other Disparate Data Sets
- Integrated Data Sets
- Consulting Services
(Other disparate data sets comprise data gathered from other sources that can inform health statuses, such as mobile devices, wearable devices, and social media.)
Real-World Evidence Solutions Market, by Application
- Drug Development & Approvals
- Cardiovascular Disease
- Others Therapeutic Areas
(Other therapeutic areas comprise infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.)
- Medical Device Development & Approvals
- Market Access & Reimbursement/Coverage Decisions
- Clinical Decision-Making
- Other Applications
(Other applications comprise regulatory decision-making, post-approval monitoring, and post-market device surveillance.)
Real-World Evidence Solutions Market, by End User
- Pharmaceutical, Biotechnology & Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Other End Users
(Other end-users comprise academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.)
Real-World Evidence Solutions Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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