The most recent study conducted by Report Ocean, titled “Global Real World Evidence/RWE Solutions Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Real World Evidence/RWE Solutions. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Real World Evidence/RWE Solutions Market Size study, By Component (Services, Data Sets, Clinical setting data, Claims data, Pharmacy data, Patient powered data), By Therapeutic area (Oncology, Cardiovascular, Neurology, Immunology, Others), By End Users (Pharmaceutical and Medical Devices Companies, Healthcare Providers, Healthcare Payers, Other End Users), and Regional Forecasts 2022-2028
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Global Real World Evidence/RWE Solutions Market is valued approximately USD 1.03 Billion in 2021 and is anticipated to grow with a healthy growth rate of more than 14.6% over the forecast period 2022-2028. Real World Evidence in medicine refers to the evidences that are collected from real world data, which is a factual data acquire from outside controlled trials and produced through routine clinical practice.
RWD creates extrapolative results, insights, prudence on diseases, unmet patient needs, medical devices, and the value provided by the goods to patient demographics and sub-populations as per the observational data. RWE offers data about various areas such as effectiveness studies, course of disease & natural history, outcome study, and safety surveillance. The growing support of the governments for the penetration of RWE solutions, the growing prevalence of chronic diseases, the rising geriatric population, coupled with the increasing R&D investments is the primary factors that may augment the market demand across the globe.
For instance, in May 2021, Five RWD and analytics organizations that is Aetion, Flatiron Health, IQVIA, Syapse, and Tempus come into an industry association with the objective of advance the usage of RWE solutions to support governmental decisions. Thereby, an increasing number of companies’ initiatives for promoting the adoption of the RWE solution are further driving the market growth. However, the lack of universal acceptance for methodological standards and data processing infrastructure impedes the growth of the market over the forecast period of 2022-2028. Also, a growing focus on end-to-end RWE services is anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the Global Real World Evidence/RWE Solutions Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to increasing government initiatives for the adoption of RWE studies, coupled with the growing number of RWE service providers. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the presence of many Contract Research Organizations (CROs) and manufacturing companies, as well as growing demand for better healthcare services, would create lucrative growth prospects for the Real World Evidence/RWE Solutions Market across the Asia-Pacific region.
Major market players included in this report are:
Cognizant
Oracle
ICON, plc.
PAREXEL International Corporation
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Cerner Corporation
Flatiron Health
PerkinElmer
Anthem
Cegedim Health Data
SAS
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component
Services
Data Sets
Clinical Setting Data
Claims Data
Pharmacy Data
Patient Powered Data
By Therapeutic area
Oncology
Cardiovascular
Neurology
Immunology
Others
By End Users
Pharmaceutical and Medical Devices Companies
Healthcare Providers
Healthcare Payers
Other End Users
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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