Press release
Global Real-World Evidence (RWE) Solutions Market Projected to Reach $4.4 Billion by 2028
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According to the findings by Meticulous Research®, the global real-world evidence (RWE) solutions market is poised to register a robust CAGR of 11.8% from 2021 to 2028, reaching a valuation of $4.4 billion by the end of the forecast period. This growth trajectory can be attributed to several factors, including the exponential expansion of healthcare data, the paradigm shift towards value-based care models, and a heightened emphasis on personalized healthcare solutions. Despite these positive indicators, the absence of standardized methodologies for RWE development poses a significant hurdle to market expansion.
The report provides a comprehensive analysis of the historical market data spanning 2019 and 2020, along with projections for 2021 and forecasts up to 2028. It segments the market based on components (Datasets and Consulting Services), applications (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post Market Surveillance, Medical Device Development & Approvals, and Other Applications), end-users (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Others), and geographical regions.
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Component Analysis: The datasets segment is anticipated to dominate the RWE solutions market in 2021, fueled by the escalating volumes of medical data generated across healthcare facilities. Electronic Health Records (EHRs) emerge as pivotal data sources facilitating outcome-based studies and garnering increased attention from regulatory bodies worldwide.
Application Insights: Market access & reimbursement/coverage decisions segment is projected to command the largest market share in 2021, driven by the imperative for evidence-based decision-making amid economic uncertainties and the COVID-19 pandemic. Real-world data (RWD) emerges as a critical resource for stakeholders in assessing clinical value and resource implications.
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End-User Perspective: The pharmaceutical, biotechnology, & medical device companies segment is forecasted to hold a significant market share in 2021, underscoring the escalating demand for RWE studies in drug development and approvals. Real-world evidence facilitates a deeper understanding of real-world clinical practices, aiding in mitigating risks and optimizing drug performance in diverse patient populations.
The report offers a detailed analysis of key geographical regions, encompassing North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Additionally, it profiles leading players in the global RWE solutions market, including IQVIA Holdings Inc., ICON plc, PPD, Inc., SYNEOS HEALTH, INC., CLARIVATE PLC, among others.
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