Real World Evidence Solutions Market Worth $66.4 Billion by 2028: Grand View Research, Inc.

News provided by

17 Feb, 2022, 10:30 GMT

SAN FRANCISCO, Feb. 17, 2022 /PRNewswire/ -- The global real world evidence solutions market size is anticipated to reach USD 66.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 7.6% from 2021 to 2028. The key factors driving the real world evidence solutions (RWE) market growth include the favorable government regulations and shift from volume to value-based care. Furthermore, the increasing prevalence of chronic disorders is anticipated to positively influence market growth.

Key Insights & Findings from the report:

Favorable government initiatives and shift from volume to value-based care is expected to boost the market growth.
The services segment led the market in 2020 owing to the increased demand.
The drug development & approvals segment dominated the market in 2020 owing to the high adoption of RWE solutions in pharmaceutical companies for this application.
The healthcare payers segment is anticipated to grow at the fastest CAGR owing to the rising awareness regarding drug and medical device safety.
North America led the global market in 2020 owing to the presence of major players in the region.
Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028.
This growth can be credited to the presence of Contract Research Organizations (CROs) in the region.

Read 150-page market research 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 by Grand View Research.

Real World Evidence Solutions Market Report Highlights

During the pandemic, companies in the market diverted their focus towards providing solutions for curbing the spread of COVID-19. For instance, IBM collaborated with Salesforce for building digital health passes, which incorporated data, such as vaccine status, temperature checks, and COVID-19 test results for helping organizations to reopen safely. It also partnered with ServiceNow on Watson AIOps for supporting it to continue its leadership in transformative Artificial Intelligence (AI) by helping clients automate IT operations and reduce risks.

According to PerkinElmer, RWE solutions offer around USD 300 to 500 billion in top-down opportunity for the U.S. healthcare industry alone. Also, many life science companies are witnessing ad hoc value from selected RWE case studies and demonstrating around USD 100 million of bottom-up impact. Therefore, if a company captures USD 1 billion in RWE value, it ultimately creates more than USD tens of billions in terms of healthcare improvements. This is anticipated to boost the market growth.

Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in August 2021, Syneos Health partnered with Aetion for offering RWE solutions for advanced drug development and commercialization. This partnership brought together Syneos Health's proprietary data collection research solutions and Aetion's Evidence platform, AEP, for generating evidence through patient data curation and real-world data.

Real World Evidence Solutions Market Segmentation

Grand View Research has segmented the global real world evidence solutions market on the basis of component, application, end user, and region:

RWE Solutions Component Outlook (Revenue, USD Million, 2016 - 2028)

Services
Data Sets

Clinical Settings Data
Claims Data
Pharmacy Data
Patient-Powered Data

RWE Solutions 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

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

Pharmaceutical & Medical Device Companies
Healthcare Providers
Healthcare Payers
Others

RWE Solutions Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

Japan
China
India
Australia
South Korea

Latin America

Brazil
Mexico
Argentina

South Africa
Saudi Arabia
Israel

List of Key Players of Real World Evidence Solutions Market

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

Check out more related market research studies published by Grand View Research:

Smart Card in Healthcare Market - The global smart card in healthcare market size is expected to reach USD 2.46 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2021 to 2028. Growing initiatives by market players and governments of various countries for the implementation of smart cards in the healthcare system are fueling market growth. Furthermore, compliance with smart cards with HIPAA as well as ARRA is expected to boost the market growth.
AI-based Clinical Trials Solution Provider Market - The global AI-based clinical trials solution provider market size is expected to reach USD 5.2 billion by 2028 and is expected to expand at a CAGR of 21.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of AI-based platforms and technologies by pharmaceutical companies and academia, along with increasing adoption of artificial intelligence (AI) are among the factors driving the market growth. In addition, increasing public and private sector offerings for boosting the research and development in various therapeutic areas, coupled with diverse applications provided by AI in the field of clinical trials is further supporting the growth.
Clinical Trials Market - The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. However, the market growth was hindered in 2020 due to the COVID-19 pandemic. Nevertheless, the future seems promising for the market owing to factors such as globalization of clinical trials, rapid technological evolution, and augmenting demand for CROs to conduct research activities. The increasing prevalence of chronic disease and the growing demand for clinical trials in developing countries are also fueling this market's growth. The market is also driven by a rising number of biologics, the need for personalized medicines and orphan drugs, and demand for advanced technologies.

Browse through Grand View Research's coverage of the Healthcare IT Industry

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow Us: LinkedIn | Twitter