Real World Evidence Solutions Market Trends | Industry Size Statistics 2023

According to Precision Business Insights (PBI), the latest report, the real-world evidence solutions market size was valued at USD 2.2 billion in 2022 and it is expected to grow at a CAGR of 8.5% during the forecast period 2023 to 2029. The primary factors that drive the market are the growing prevalence of clinical data safety rising research and development activities and increasing demand for standard and high-quality data.

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Claiming data and Clinical Data as Major Application of Real-World Evidence Solutions Market:
Based on component type, claims data and clinical data hold the highest market share. The major factor for the rise of this segment is that the use of standard epidemiological data eradicates wrong information about the clinical data later it helps in claiming data. For most real-world evidence solutions firms, clinical and epidemiological data are a real solution as a user can provide correct information to pharmaceutical and healthcare providers. These factors can drive the Real-world evidence solutions market growth.

The real-world evidence solutions market is segmented based on component, indication, and geography.
Based on the component, the market is segmented into the following:
• Claims Data
• Clinical Data Setting
• Pharmacy data
• Others

Based on the indication, the market is segmented into the following:
• Cardiovascular diseases
• Oncology
• Neurology
• Urology
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia Pacific Real-world Evidence Solutions Market:
Asia Pacific region is expected to grow significantly in the global Real-world evidence solutions market size over the forecast period. Factors such as clinical trials and government initiatives in increasing clinical trials studies, the incidence of cases of chronic diseases, rising number of geriatric patients are the major factor for the growth of real-world evidence solutions in the Asia Pacific region.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The Real-world evidence solutions market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In August 2022, Trinity Lifesciences announced a partnership with Bain & Company. The partnership is to intend to pair extensive experience in the life sciences with the evidence-based solutions of Trinity Life Sciences.

The real-world evidence solutions market report key players are IQVIA, IBM, PPD Inc., Parexel International Corporation, PerkinElmer Inc., Icon Plc, Oracle, Syneos Health, Cegedim Health Data, Medpace.

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This release was published on openPR.