Real World Evidence Solutions Market | Ongoing Trends and Recent Developments | Major Key Players like IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US)

Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from several sources that are associated with outcomes in a heterogeneous patient population in real-world settings.

What the Market Looks Like?

The Global Real World Evidence Solutions Market is valued at 612.0 million in 2017 and projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%. In 2017, North America accounted for the largest share of the market, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global Real World Evidence Solutions Market.

Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

Based on end user, the pharmaceutical & medical device companies segment accounted for the largest share of the Real World Evidence Solutions Market. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

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What Drives the Market?

The growth of the global market for Real World Evidence Solutions is primarily influenced by the following factors:
• Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
• Shift From Volume- to Value-Based Care
• Delays in Drug Development and the Subsequent Increase in Development Costs

Geographical growth scenario of Real World Evidence Solutions Market:

North America accounted for the largest share of the Real World Evidence Solutions Market in 2017, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global Real World Evidence Solutions Market.

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Leading market players and strategies adopted:

The prominent players in the Real World Evidence Solutions market include IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), and Optum (US) held the major share of the Real World Evidence Solutions Market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market include International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).

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