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

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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Future Outlook: Real-World Evidence (RWE) Solutions Market to Witness Lucrative Growth during the Forecast Period (2019-2024)

In a report published today, Meticulous Research® has stated that the size of the global Real-World Evidence (RWE) solutions market will reach an impressive $1.64 billion by 2024.

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.”

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Drivers-
1. Rising Geriatric Population and Burden of Chronic Diseases
2. Shift Towards Value-Based Care
3. Growing Focus on Personalized Health Care
4. Delays in Drug Development and the Subsequent increase in
Development Costs
5. Expanding Use of RWE for Regulatory Decision Making

Restraint-
1. Uneven Data Quality & Reluctance to Rely on Real-World Studies

Opportunities-
1. Growth Opportunities in Emerging Markets
2. Rising Focus on End-To-End RWE Services
3. Emerging Roles of Wearable Devices and AI in RWE

Challenge-
1. Lack of Standardized Methodologies to Develop RWE

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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.