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Global Real World Evidence Solutions Market Projected to Surpass $4.22 Billion by 2029 with 0.158661280094469% Annual Growth
Real World Evidence Solutions Market
The expansion of the real-world evidence solutions market is likely to be fueled by the increasing number of elderly people. This refers to individuals aged 65 and above who are more susceptible to falling due to factors such as postural hypotension and balance or gait issues. The risk of chronic illnesses such as cardiovascular diseases, type 2 diabetes, strokes, arthritis, and cancer is heightened with age. The Population Reference Bureau, a non-profit organization based in the US, reported in January 2024 that the number of Americans aged 65 or older is anticipated to increase from 58 million in 2022 to 82 million by 2050, marking a 47% hike. Moreover, their proportion in the overall population is expected to go up from 17% to 23%. Consequently, the rise in the elderly population is a major driver in the advancement of the real-world evidence solutions market.
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What is the projected compound annual growth rate (CAGR) of the real world evidence solutions market from 2025 to 2034, and what factors influence it?
Over the past few years, the market size for real-world evidence solutions has experienced rapid expansion. Expected to rise from $2.03 billion in 2024 to $2.34 billion in 2025, this signifies a compound annual growth rate (CAGR) of 14.9%. This growth observed in the historical period is due to factors such as the growth in pharmaceutical and healthcare sectors, the increasing demand for post-market surveillance and drug safety, the proliferation of electronic health records and data, its adoption in clinical research and outcomes assessment, and the regulatory standards pertaining to real-world evidence (RWE).
In the coming years, the market size for real world evidence solutions is anticipated to experience a swift expansion. It is projected to increase to $4.21 billion by 2029, with a compound annual growth rate (CAGR) of 15.9%. This surge during the forecast period can be ascribed to factors such as tailored real world evidence solutions for specified therapeutic areas, the broadening of real-world data networks, advancements in real-world evidence generation, the implementation of real world evidence in drug development and accessibility, and cooperative efforts between the healthcare and technology sectors. Key trends for this period consist of AI-powered predictive analytics in real world evidence, regulatory adherence concerning privacy and security of real world evidence data, bespoke real-world evidence solutions for healthcare providers, transparency in data distribution and real-world evidence results, and the inclusion of real-world evidence in drug pricing and reimbursement.
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How are the latest trends influencing the growth of the real world evidence solutions market?
The growth and recognition of real-world evidence have emerged as a significant trend in its respective market. The utilization of real-world data for successful business operations and simplified decision-making processes is becoming increasingly crucial. Real-world evidence caters to the need for supplementary information in this regard. For example, in May 2023, Inspire - an American company specializing in data infrastructure and analytics, unveiled its Real-World Evidence (RWE) solutions. The solutions provided by Inspire RWE are designed to innovate data and analytics for life sciences companies. They utilize their patient engagement platform to collect valuable insights from millions of patients, in an effort to enhance healthcare outcomes that focus on the patient.
What are the major segments of the real world evidence solutions market and their role in driving growth?
The real world evidence solutions market covered in this report is segmented -
1) By Component: Services, Data Sets, Clinical Setting Data, Claims Data, Pharmacy Data, Patient Powered Data
2) By Therapeutic Area: Oncology, Cardiovascular, Neurology, Immunology, Other Therapeutic Areas
3) By Application: Drug Development And Approvals, Medical Device Development And Approvals, Reimbursement/Coverage And Regulatory Decision Making, Post market Safety And Adverse Events Monitoring
4) By End-Users: Pharmaceutical And Medical Devices Companies, Healthcare Providers, Healthcare Payers, Other End-Users
Subsegments:
1) By Services: Consulting Services, Data Management Services, Regulatory Services, Analytics Services
2) By Data Sets: Electronic Health Records (EHR), Patient Registries, Clinical Trials Data, Observational Study Data
3) By Clinical Setting Data: Hospital Data, Outpatient Data, Specialty Care Data, Claims Data
4) By Insurance Claims Data: Medicare/Medicaid Data, Commercial Claims Data, Pharmacy Data
5) By Prescription Data: Pharmacy Claims Data, Drug Utilization Data
6) By Patient Powered Data: Patient Surveys, Patient-Reported Outcomes (PRO), Wearable Device Data
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Which regions are key players in the growth of the real world evidence solutions market?
North America was the largest region in the real world evidence solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the real world evidence solutions market share during the forecast period. The regions covered in the real world evidence solutions market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the real world evidence solutions market?
Major companies operating in the real world evidence solutions market include Anthem Inc., Cegedim Health Data, Clarivate PLC, Clinigen Group, Cognizant Technology Solutions Corporation, Flatiron Health Inc., International Business Machines Corporation, ICON plc, IQVIA Holdings Inc., Medpace Holdings Inc., Optum Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., PPD Inc., SAS Institute Inc., Syneos Health, Symphony Innovation LLC, UnitedHealth Group Incorporated, Amerisource Bergen Corporation, Cardinal Health, Deloitte Touche Tohmatsu Limited, Informa PLC, Palantir Technologies, UDG Healthcare PLC, Thermo Fisher Scientific Inc., Elevance Health Inc., Covance Consulting Ltd., Clinipace Worldwide, Evidera Inc., Pharmerit International, Analysis Group Inc., HealthCore Inc., Inovalon Holdings Inc., KMK Consulting Inc.
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What Is Covered In The Real World Evidence Solutions Global Market Report?
•Market Size Forecast: Examine the real world evidence solutions market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the real world evidence solutions market for a structured understanding.
•Key Players Overview: Analyze major players in the real world evidence solutions market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the real world evidence solutions market.
•Segment Contributions: Evaluate how different segments drive overall growth in the real world evidence solutions market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the real world evidence solutions market.
•Industry Challenges: Identify potential risks and obstacles affecting the real world evidence solutions market.
•Competitive Landscape: Review strategic developments in the real world evidence solutions market, including expansions, agreements, and new product launches.
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