Press release
Real-world Data Market Poised to Reach $2.00 Billion by 2029
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According to the findings of this comprehensive report, the global RWD market is poised to witness substantial growth, boasting a projected CAGR of 8.2% from 2022 to 2029, reaching a remarkable valuation of $2.00 billion by the end of the forecast period. This optimistic outlook is fueled by the rapid expansion of big data in healthcare, the paradigm shift from volume to value-based care, and a burgeoning focus on personalized healthcare. However, the market faces challenges stemming from the absence of standardized methodologies for RWD generation.
The incorporation of Artificial Intelligence (AI) into RWD studies emerges as a pivotal trend in the industry. AI-integrated RWD studies hold the promise of enhancing data anomaly detection, standardization, and quality control during the pre-processing phase. By leveraging AI techniques, RWD studies can effectively collect, organize, and analyze vast amounts of data sourced from disparate datasets. Furthermore, AI-powered wearable devices and sensors offer automated and continuous patient data collection, alleviating the burden on patients while facilitating real-time, power-efficient, mobile, and personalized patient data analysis.
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The global RWD market is segmented based on Source (EMR/EHR/Clinical Data, Claims & Billing Data, Pharmacy Data, Product/Disease Registries Data, Genomics Data, and Other Datasets), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post-market Surveillance, Medical Device Development & Approvals, and Other Applications), End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), and Geography. The report also provides a comprehensive analysis of industry competitors and their market share at both global and regional levels.
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Key Highlights:
In 2022, the EMR/EHR/clinical data segment is expected to dominate the RWD market, driven by the significant data volumes generated in hospitals and the increasing adoption of EHR/EMR systems.
The market access & reimbursement/coverage decisions segment is projected to hold the largest market share in 2022, fueled by the escalating demand for RWD to expedite drug discovery and development processes.
The pharmaceutical, biotechnology, and medical device companies segment are estimated to command the largest market share in 2022, attributed to the growing significance of RWD in drug development and approvals.
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Geographically, the report offers a comprehensive analysis covering North America (U.S., Canada), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Latin America, and the Middle East & Africa.
Leading Companies:
Key players shaping the global RWD market include Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).
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