Global Real World Evidence Solutions Market is growing at healthy CAGR of 15% - Key Market Players are IQVIA Holdings, Parexel, Icon, PPD, Syneos Health, Clarivate, Cerner, Medpace Holdings, Flatiron Health, Aetion

Real-World Evidence (RWE) is the clinical evidence regarding utilization/consumption and potential benefits/risks of a medical product based on analysis of the real-world data.

Real-World Evidence Solutions to play a major role in helping regulators formulating Key Decisions

Real-World Evidence Solutions could potentially help FDA while making regulatory decisions about the safety and effectiveness of medical products such as identifying new safety issues post-approval or determine the effectiveness of a drug for a new indication or patient population.

Citing the potential, the 21st Century Cures Act (Cures Act, signed in 2016) required FDA to publish a framework for a program to evaluate the use of RWE in regulatory decision-making; FDA published the framework for this program in December 2018. As part of its RWE Program, FDA committed to understanding the full potential of RWD and RWE in regulatory decision-making. The agency has been holding workshops, funding demonstration projects, creating mobile and web applications that can collect real world data, and engaging with sponsors on the topic.

Fundings from Pivate Equity and Pharmaceutical Companies for Real World Evidence Solutions Market

Private equity firms are backing the RWE solutions providers by offering investment fundings. For instance,

Aetion, one of the leading Real-World Evidence solution providers, received $110 million funding, led by private equity firm Warburg Pincus, in May 2021. Aetion's platform compiles and analyses real-world data from a variety of sources to assess the safety and effectiveness of medical products. Aetion would use the capital to advancing the capabilities of its data analytics platform, enhance commercial team and expand its geographic footprint.

"Clinical research networks will be necessary for the successful and long-term application of real-world evidence. It entails developing cross-sector collaborations between providers, payers, patients, and life science companies to pool resources and expertise in clinical research" -President, Leading Pharmaceutical Company

Poor Quality Medical Data and Lack of Interoperability present Major Challenges in the Growth of Real World Evidence Solutions Market

Major regulatory authorities across the world have pointed that the poor data quality and inconsistent data are the key obstacles in executing Real World Evidence (RWE) studies. The data often originates from electronic health records (EHRs), where the data may be unstructured and/or in inconsistent formats, such as doctors' notes that aren't written in a standardized way. Further, during the clinical trials (RCTs), a patient's daily activities are monitored. However, in the real world, patients don't go to the doctor frequently, and therefore the EHR data is less regular and inconsistent.

Competitive Landscape Analysis: Real World Evidence Solutions Market

The established players operating in the real world evidence solutions market are IQVIA Holdings, Parexel, Icon, PPD, Syneos Health, Clarivate, Cerner, Medpace Holdings, Flatiron Health, Symphony Innovation, Aetion, Cognizant Technology, IBM, Oracle, Data Matrix, SAS Institute Inc., Clinigen Group, and UnitedHealth Group.

Get Detailed Insights on Real World Evidence Solutions Market with TOC @ https://meditechinsights.com/real-world-evidence-solutions-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy.

This release was published on openPR.