According to a new market research report "Real World Evidence Solutions Market by Component (Dataset, (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Immunology), End User (Pharmaceuticals, Medical Devices, Payers, Providers) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period.
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The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs).
By component, the data sets segment accounted for the largest share of the Real World Evidence Solutions Market in 2017.
On the basis of component, the data sets segment accounted for the largest share of the global Real World Evidence Solutions Market. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
By therapeutic area, the oncology segment held the largest market share of the Real World Evidence Solutions Market in 2017.
Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence market in 2017. 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.
By end user, the pharmaceutical & medical device companies segment held the largest market share of the RealWorld Evidence Solutions Market in 2017.
Based on end user, the pharmaceutical & medical device companies segment accounted for the largest share of the Real World Evidence Solutions Market. The large share of this 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 accounted for the largest share of the Real World Evidence Solutions Market in 2017, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global Real World Evidence Solutions Market.
The prominent players in the global Real World Evidence Solutions Market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), and Optum (US) held the major share of the Real World Evidence Solutions Market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market include International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
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