Real World Evidence Solutions Market Worth $1.64 Billion by 2024- Exclusive Report by Meticulous Research®

LONDON, March 14, 2019 (Newswire.com) - ​​According to the latest publication from Meticulous Research^®, the global Real-World Evidence (RWE) solutions market is expected to grow at a CAGR of 15.0% from 2019 to reach $1.64 billion by 2024, driven by the rising geriatric population and burden of chronic diseases, increasing R&D expenditure in life sciences industry, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making. However, reluctance to rely on real-world studies and uneven quality of real-world data sources may hinder the growth of RWE market to some extent.

The real-world evidence solutions market is segmented based on component, application, end user, and geography. Pharmaceutical, biotechnology, and medical device companies are currently the leading adopters of RWE and are also expected to witness highest CAGR of during the forecast period, owing to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, and increasing need to assess drug performance in real-world settings.

Real-world data (RWD) sets captured a major market share in the RWE solutions market owing to factors such as increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment; growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information by the payers, regulatory bodies, and providers regarding drug safety.

Geographically, North America commanded the largest share of the global RWE solutions market in 2018, followed by Europe, Asia-Pacific, and Rest of the World (RoW). The largest share and fastest growth of this region is mainly attributed to significant availability of RWD, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, presence of major RWE players in the region, stringent regulations for drug approvals, and government support to promote RWE solutions market.

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Major players operating in the global RWE solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum, Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC., SAS Institute Inc., and Syneos Health, among others.

Scope of the Report:

Real-World Evidence Solutions Market, by Component

• Data Sets
• Disparate data sets
• EMR/EHR/Clinical data
• Pharmacy data
• Product/disease registries
• Claims & billing Data
• Other data
• Integrated data sets
• Consulting/ Services

 Real-World Evidence Solutions Market, by Application

• Drug development & approvals
• Oncology
• Cardiovascular Disease
• Neurology
• Immunology
• Other Therapeutic Areas
• Market access &reimbursement/coverage decisions
• Medical device development & approvals
• Clinical decision-making
• Other applications

Real-World Evidence Solutions Market, by End User

• Pharmaceutical, biotechnology & medical device companies
• Healthcare payers
• Healthcare providers
• Other End users

 Real-World Evidence Solutions Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • Rest of APAC (RoAPAC)
• Rest of the World

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Contact Info:

Khushal Bombe

Email: khushal@meticulousresearch.com

Direct Lines: +1-646-781-8004 (North America)

+44-203-868-8738 (Europe)

+91 744-7780008 (Asia-Pacific)

Source: Meticulous Market Research Pvt. Ltd.