Report Ocean conducted research on the global Real World Evidence Solutions market, some important discoveries were made. First, the market is expanding steadily, and over the coming years, demand is expected to rise. Second, there is a lot of market competition, yet only a few major businesses control the sector. Last but not least, there are numerous chances for market innovation and improvement, notably in terms of product offerings and marketing tactics.
The global real world evidence solutions market size was US$ 1.1 billion in 2021. The global real world evidence solutions market is forecast to grow to US$ 3.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 13.3% during the forecast period from 2022 to 2030.
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Real world evidence (RWE) is being carried out from real world facts on the use of a pharmaceutical drug. The information is derived during routine clinical practice.
Factors Influencing the Market
- Factors such growing adoption of RWE in the healthcare and pharmaceutical sector, combined with the growing prevalence of diseases, will fuel the growth of the global real world evidence solutions market.
- The increasing rate of the aging population is forecast to benefit the market because the aging population requires constant care.
- Changing lifestyle of the people is forecast to contribute to the growth of the global real-world evidence solutions market during the study period.
- The emergence of rare diseases, such as COVID-19 impact and improving healthcare infrastructure will escalate the growth of the real-world evidence solutions market.
- The high cost of real-world evidence solutions may limit the overall market growth.
COVID-19 Impact Analysis
COVID-19 pandemic created various uncertainties in daily lives. However, RWE became one of the most influential emerging technology to combat the health risk associated with the COVID-19 outbreak. With the use of RWE, healthcare professionals can get valuable insights to better understand the COVID-19 pandemic. The utilization of RWE increased abruptly, which has been beneficial for the overall market. In addition, government organizations also began investing in R&D activities. As a result, it boosted the growth of the global real world evidence solutions market.
Regional Analysis
North America is forecast to dominate the real-world evidence solutions market in terms of revenue. It is owing to the favourable regulatory environment and growing adoption of RWE in the region.
Moreover, Asia Pacific is forecast to hold a significant share due to the presence of various Contract Research Organizations (CROs) and manufacturing firms in emerging nations like China and India.
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Rising healthcare expenditure and investments will also contribute to the growth of this market during the forecast period.
Competitors in the Market
- CLARIVATE PLC
- Clinigen Group plc
- Cognizant Technology Solutions Corporation
- Flatiron Health Inc.
- IBM Corporation
- ICON plc
- IQVIA Holdings Inc.
- Medpace Holdings Inc.
- Oracle Corporation
- PAREXEL International Corporation
- PerkinElmer Inc.
- PPD Inc.
- SAS Institute Inc.
- Symphony Innovation LLC
- SYNEOS HEALTH Inc.
- UnitedHealth Group Incorporated.
- Other Prominent Players
Market Segmentation
The global real world evidence solutions market segmentation focuses on Components, Therapeutic Area, End-User, and Region.
By Component
- DataSets
- Disparate Datasets
- HER/Clinical setting data
- Claims and billing data
- Pharmacy data
- Patient powered data
- Other Datasets
- Integrated datasets
- Consulting and Analytic
By Therapeutic Areas
- Oncology
- Cardiovascular
- Neurology
- — Immunology
- Others
By End-User
- Pharmaceutical and Medical Devices Companies
- Healthcare Providers
- Healthcare Payers
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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