Real-World Evidence (RWE) Solutions Market will reach $1.64 billion by 2024, Anthem, Inc., Clinigen Group, Cognizant, IBM, ICON plc, IQVIA, Optum, Oracle, PAREXEL, PerkinElmer, Inc., PPD, SAS, and Syneos Health.

A report into the projected growth of the current Real-World Evidence (RWE) solutions market by Meticulous Research® has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a compound annual growth rate (CAGR) of 15.0%, reaching $1.64 billion.

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The researchers suggest that the growth of Real-World Evidence (RWE) solutions market will be driven by factors including the rising geriatric population and burden of chronic diseases, shift towards value-based care, increasing R&D expenditure by the life sciences industry, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making.

The report states that data sets currently account for the largest share of the total market and is expected to grow at a CAGR of 13.8% from 2019 to 2024. Meticulous Research® identified as to why this segment will continue dominating over real-world evidence services: “Due to 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.”

Based on application, drug development and approvals commanded the largest share in 2018 owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE.

Pharmaceutical, biotechnology & medical device companies were the leading adopters of real-world evidence solutions in 2018 and are also expected to register fastest growth during the forecast period. This is attributed to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, increasing need to assess drug performance in real-world settings, and growing emphasis on drug safety and post-market surveillance.

Real World Evidence (RWE) Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User (Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to 2024

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North America is currently home for most of the real-world evidence solutions providers and is the leading adopter of RWD and RWE. The largest as well as fastest growth of this region is supported by significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, stringent regulations for drug approvals, and favorable government policies (implementation of 21st Century Cures Act (December 2016) and FDA’s new 2019 strategic Framework for RWE (December 2018) in the U.S).

The key players operating in the global real-world evidence (REW) solutions market are
Anthem, Inc.
Clinigen Group
Cognizant
IBM
ICON
IQVIA
Optum,Inc.
Oracle
PAREXEL
PerkinElmer
PPD
SAS and
Syneos Health

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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This release was published on openPR.