Real-World Evidence Solutions Market Size is Projected to Reach US$ 2.7 Billion by 2028

Industry Overview of Real-World Evidence Solutions Market
Real-world evidence solutions represent clinical evidence derived from real-world data (RWD), offering information on the usage, potential benefits, and risks of medical products. They can be obtained through various study designs and analyses, such as randomized trials, big simple trials, pragmatic trials, and observational studies. Real-world evidence solutions provide valuable insights into the actual treatment patterns observed in patient groups, encompassing aspects including dosing, compliance, adherence, off-label use, and the delicate balance between efficacy and safety. They can even aid researchers in identifying potential patients and developing accurate inclusion criteria for clinical trials, enabling them to design more robust pre-trial studies. Consequently, real-world evidence solutions find extensive demand across the globe.

How Big Is the Real-World Evidence Solutions Market?
The global real-world evidence solutions market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.57% during 2023-2028.

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Global Industry Trends and Drivers:
The real-world evidence solutions market is primarily driven by shifting preferences toward precise and comprehensive assessment of the safety and efficacy of new products. Furthermore, the inflating demand for these solutions to identify diverse reactions, product effects on specific subpopulations, and the value of products when used by complex and comorbid patients is acting as another significant growth-inducing factor. Apart from this, the expanding healthcare industry and the escalating utilization of advanced analytics and technological solutions in real-world evidence solutions for commercialization, clinical development, innovation acceleration, and improvement of healthcare outcomes are also positively influencing the global market. Additionally, the implementation of numerous initiatives by government bodies across several countries aimed at promoting the use of real-world evidence solutions, which facilitate insights into the effectiveness of drugs and vaccines, is further propelling the market growth. Besides this, the elevating shift from volume-based to value-based care, the increasing adoption of digitalization and patient-centered virtual care, the growing prevalence of chronic diseases such as cancer, obesity, and diabetes, and the rising delays in drug innovations are expected to bolster the real-world evidence solutions market in the coming years.

Real-World Evidence Solutions Market Growth and Opportunities:
The real-world evidence (RWE) solutions market is experiencing significant growth and presenting ample opportunities for expansion. The increasing adoption of real-world data (RWD) in healthcare research and decision-making processes is a major driver. RWE solutions offer insights derived from real-world patient data, including electronic health records, claims data, and patient registries, providing valuable evidence on treatment outcomes, safety profiles, and comparative effectiveness. This enables healthcare stakeholders to make informed decisions regarding drug development, regulatory approvals, and treatment strategies. Additionally, the rising demand for personalized medicine and value-based healthcare further fuels the growth of the RWE solutions market. These solutions help bridge the gap between clinical trials and real-world practice, offering real-time insights into treatment effectiveness, patient outcomes, and healthcare costs. Furthermore, advancements in data analytics, artificial intelligence, and machine learning techniques are enhancing the capabilities of RWE solutions, enabling more accurate and actionable insights. With the increasing availability of healthcare data and the need for evidence-based decision-making, the RWE solutions market is expected to witness continued growth and numerous opportunities for innovation and expansion.

What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
Clinical Settings Data
Claims Data
Patient-Powered Data
Pharmacy Data
Others

Breakup by Therapeutic Area:
Oncology
Immunology
Neurology
Cardiovascular Disease
Others

Breakup by End User:
Pharmaceutical and Medical Device Companies
Healthcare Payers
Healthcare Providers
Others

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:
Aetion Inc., Clinigen Limited, Flatiron Health Inc. (Roche Holding AG), ICON plc, International Business Machines Corporation, IQVIA, Optum Inc. (UnitedHealth Group Incorporated), Oracle Corporation, Parexel International Corporation, PPD Inc. (Thermo Fisher Scientific Inc.), Sas Institute Inc. and Syneos Health.

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This release was published on openPR.