Press release
Real-world Data Market Projected to Reach $2.00 Billion by 2029, Reveals Exclusive Report by Meticulous Research®
Real-world data serves as the backbone of critical healthcare and research deliberations, offering evidence that regulators, payers, and providers rely on for informed decision-making. Stakeholders across pharmaceutical, biotechnology, and medical device companies, as well as healthcare payers and providers, harness the power of real-world data to drive value across the entire spectrum of the drug development lifecycle. From discerning unmet healthcare needs to facilitating regulatory submissions and post-market studies, real-world data plays an indispensable role in shaping market strategies and improving patient outcomes.
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Key Factors Driving Market Growth
Several factors are fueling the growth of the real-world data market, including the exponential growth of big data in healthcare, the transition from volume to value-based care, the increasing adoption of artificial intelligence (AI) in RWD studies, and the escalating focus on personalized healthcare.
Impact of COVID-19 on the Real-world Data Market
The initial stages of the COVID-19 pandemic led to a contraction in the real-world data market, primarily due to uncertainties surrounding the pandemic's impact. However, real-world data emerged as a pivotal tool in combating the outbreak, providing invaluable insights to understand, monitor, and mitigate the challenges posed by COVID-19. Despite initial setbacks, real-world data continues to play a crucial role in shaping strategies for infection treatment and vaccine development.
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Future Outlook of the RWD Market
The global RWD market is segmented based on various factors, including source, application, end user, and geography. Pharmacy data emerges as the fastest-growing segment, driven by the evolving pharmaceutical landscape and the increasing prevalence of chronic diseases. Similarly, the drug development & approvals segment is projected to witness rapid growth, supported by the growing demand for real-world data to enhance drug discovery and development processes.
Key Companies and Scope of the Report
Prominent players operating in the global RWD market include Anthem, Inc., IQVIA Holdings Inc., ICON plc, and Oracle Corporation, among others. The report provides a comprehensive analysis of major geographies, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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