Global Real World Evidence Solutions Market Hits $2.9 billion by 2027- Leading Key Players are IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), Parexel International Corporation (US), Thermo Fis

According to the new market research report "Real World Evidence Solutions Market by Component (Services, Disparate Data Sets, (Claims, Clinical, Pharmacy, Patient), Application (Oncology, Cardiovascular, Neurology, Immunology), End User (Pharma, Medtech, Payers, Providers) - Global Forecast to 2027", The global RWE Solutions market is projected to reach USD 2.9 Billion by 2027 from USD 1.5 Billion in 2022, at a CAGR of 15.2% during the forecast period.

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Increasing growth in clinical trials, rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), and the shift from volume- to value-based care are the key factors driving the growth of this market. Additionally, delays in drug development (and the subsequent increase in development costs), rise in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the market growth.

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In this report, the RWE solutions market is segmented on the basis of component, application, end user, and region. Based on component, the RWE solutions market is divided into two major segments, namely, data sets and services. The services segment accounted for the largest share of the RWE solutions market in 2021. The rise in the need to convert data into actionable evidence, the growth in the need to reduce drug development delays, and the availability of a large volume of healthcare data are the major factors driving the growth of this market segment. The data sets segment is further sub segmented into disparate data sets and integrated data sets. The disparate data sets segment dominated the market, based on the type of data sets, owing to their significant adoption in complementing randomized clinical trial-based studies. The disparate data sets segment is further sub-segmented as clinical settings data, claims data, pharmacy data, patient-powered data, and registry-based data sets. The clinical settings data segment dominated the disparate data type segment, owing to the high demand for EMR data in generating patient-specific evidence.

Based on application, the RWE solutions market is broadly categorized into drug development and approvals, medical device development and approvals, post-market surveillance, market access reimbursement/coverage decision making, and clinical and regulatory decision-making. The drug development and approval segment dominated the market in 2021. This significant contribution of the segment can be attributed to the significant use of RWD and RWE solutions in ensuring the safety of drugs and complementing randomized clinical trials. Based on the drug discovery and approval (therapeutic applications), the RWE solutions market is further sub-categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share in 2021, owing to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

Based on end user, the RWE solutions market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share in 2021. The large share and high growth of this end-user segment can be attributed to the an increasing use of RWE solutions in meeting regulatory compliances and rise in clinical trials.

Geographical Growth Scenario:

The global RWE solutions market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the global RWE solutions market in 2021. Factors, such as shift from volume to value-based care, favorable regulatory environment, the rising number of payers using RWD, and the increasing number of pharmaceutical companies adopting RWE for drug approval processes are driving the growth of the RWE solutions market in North America. Asia Pacific region is expected to witness highest growth rate during the forecast period. Factors such as rising burden of chronic diseases, increasing geriatric population in countries such as Japan and China, increasing government initiatives for the adoption of RWE studies are some of the factors that are driving the growth of the RWE solutions market in Asia Pacific region.

Key Players:

The key players operating in the RWE solutions market include IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), Parexel International Corporation (US).

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