Real World Evidence Solutions Market: Current Analysis and Forecast (2022-2028)

Report Description

The real world evidence solutions market is expected to register a CAGR of approx. 13% over the period of 2022-2028. Real-world Evidence (RWE) is clinical evidence gathered through Real-world data (RWD) analysis on the use and potential benefits or risks of a medical product. Randomized trials, large simple trials, pragmatic trials, and observational studies are just a few of the study types or analyses that can result in RWE (prospective or retrospective). In addition to reducing clinical trial costs and lengthening development timelines, RWE also increases the likelihood that technical and regulatory success will be achieved. The growing demand for real world evidence solutions can be attributed to government support for the infrastructure development of medical facilities and the general welfare of the healthcare system, thus, rising the adoption of inorganic growth strategies among key industry players across the globe. For instance, In March 2022, the collaboration between Thermo Fisher and Symphogen has been expanded to include improved data workflow, which aids in the discovery and development of innovative cancer treatments. Owing to the glaring statistics due to the rising government support contribute to the growth of the market in the forthcoming period as well. Furthermore, the real world evidence solutions market is anticipated to grow on account of the shift from volume to value-based care. In addition, increasing adoption of big data in the medical sector is a prominent factor that drives the market growth. However, some of the restraints in the market including the company accelerated and expanded a variety of cost containment actions for reducing the impact on profitability are impeding the growth of this market all over the world.

IQVIA, IBM, PPD Inc., Parexel Internation Corporation, PerkinElmer Inc., Icon Plc, Syneos Health Inc, Cegedim Health Data, Medpace Holdings Inc, Oracle Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, the services category accounted for the significant share in the market in 2020”

Based on the component, the real world evidence solutions market is segmented into services and data sets. The services segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe i.e., 2022-2028 due to the high adoption of real world services by pharmaceutical and biotechnology companies and healthcare providers. Because of the increased demand for comprehensive evidence services throughout the product lifecycle, real-world evidence solution vendors are likely to increase their investments throughout the drug development cycle.

“Amongst application, the pharmaceutical & medical device companies’ category is expected to witness considerable CAGR during the forecast period”

Based on the application, the market is fragmented into pharmaceutical & medical device companies, healthcare payers, healthcare providers, and others. The pharmaceutical & medical device companies segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due 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 help and advance a variety of processes, including determining which patient cohorts will benefit the most from an intervention, informing regulatory approvals, supplementing data from randomized controlled trials, assisting with reimbursement efforts, and expanding indications of use.

“North America to witness significant growth during the forecast period”

For a better understanding of the market dynamics of the real world evidence solutions market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. The North America constitutes a major market for the real world evidence solutions industry owing to the presence of key players in the United States. The growing number of RWE service providers in the region, as well as favorable government regulations, are expected to contribute to market growth. The transition from volume-based to value-based care is expected to drive market growth. Furthermore, the growing geriatric population and the resulting rise in the prevalence of chronic diseases are driving the growth of this market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global real world evidence solutions market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Real World Evidence Solutions Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global real world evidence solutions market were the three major steps undertaken to create and analyze the adoption of real world evidence solutions in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global real world evidence solutions market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the real world evidence solutions market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the real world evidence solutions market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the component and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the real world evidence solutions market. Further, we conducted factor analysis using dependent and independent variables such as government support for the infrastructure development of medical facilities and the general welfare of the healthcare system, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the real world evidence solutions market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global real world evidence solutions market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the real world evidence solutions market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global real world evidence solutions market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global real world evidence solutions market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas p component, application in the global real world evidence solutions market.

The main objective of the Global Real world evidence solutions Market Study

The current & future market trends of the global real world evidence solutions market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the real world evidence solutions market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component and application.
• Define and analysis of the regulatory framework for the real world evidence solutions market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the real world evidence solutions market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the real world evidence solutions market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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