Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Real World Evidence market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Real World Evidence Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global real world evidence market size was US$ 1.5 billion in 2021. The global real world evidence market is forecast to grow to US$ 4.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 14.9% during the forecast period from 2022 to 2030.
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Real-world data comes from a variety of sources related to the results of a diverse patient population in real-world situations. It is the clinical verification of the use of a medicinal product and any possible hazards or advantages. Real-world data sets are widely used for a variety of purposes, including clinical decision-making for real-world evidence and market expansion, medication development, medical device development and approval, and market access and reimbursement/coverage decisions.
Factors Influencing the Market
The high risk associated with the development of a new pharmaceutical drug will primarily dirve the growth of the market. In addition, the process is extremely time-consuming and costly. Thus, the demand for real world evidence is expected to rise in the healthcare sector to combat these challenges. Apart from that, various companies are looking for possible ways to deduct the cost of clinical trials and evade barriers, which will be opportunistic for the real world evidence market during the study period.
Mobile devices, laptops, wearables, and other biosensors are increasingly being used to collect and retain a significant amount of health-related data. The data gathered from these devices can be further used to conduct and arrange clinical trials. Apart from that, data analysis and application of the findings to the development and approval of medical products will fuel the growth of the real world evidence market during the analysis period.
On the flip side, stringent government regulations may limit the growth of the real world evidence market during the study period.
COVID-19 Impact Analysis
The contagious coronavirus disease brought untapped potential opportunities for the entire pharmaceutical sector. In response to this global emergency, governments have exceeded their investments in this sector. These investments are thoroughly focused on the development of effective and rapid diagnostic technologies, which will significantly boost the growth of the real world evidence market.
Apart from that, companies have also inked agreements to extract precise information. For instance, two healthcare data science companies, Aetion and HealthVerity, inked a partnership in 2020 to gather health records and report to drug makers and regulators on COVID-19 treatments.
Regional Analysis
North America is forecast to dominate the real world evidence market during the study period. The growth of this regional market will be due to the presence of a well-established pharmaceutical industry in the region. In addition, a favorable regulatory environment and continuously growing investments in research & development activities are expected to benefit the real world evidence market during the study period.
Competitors in the Market
• IQVIA
• IBM Corporation
• Cognizant
• Oracle Corporation
• Syneos Health
• Pharmaceutical Product Development
• Clinigen Group plc
• PAREXEL International Corporation
• Palantir Technologies
• SAS
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Real World Evidence industry experienced notable growth in its workforce. Starting in January, employment within the Real World Evidence sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Real World Evidence output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Real World Evidence output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Real World Evidence market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Real World Evidence market.
Market Segmentation
The global real world evidence market segmentation focuses on Component, End-User, Therapeutic Area, and Region.
By Component
• Claims Data
• Clinical Settings Data
• Patient-Powered Data
• Pharmacy Data
• Others
By End-User
• Healthcare Payers
• Healthcare Providers
• Pharmaceutical & Medical Device Companies
• Others
By Therapeutic Area
• Oncology
• Immunology
• Neurology
• Cardiovascular Disease
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Real World Evidence Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Real World Evidence Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Real World Evidence Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Real World Evidence Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Real World Evidence market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Real World Evidence market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Real World Evidence business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
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• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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