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Future of the Real World Evidence Solutions Market: Strategic Analysis and Forecast to 2034
Real World Evidence Solutions
Real World Evidence Solutions Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of real world evidence solutions has experienced swift expansion in the last few years. The market value, estimated to be $2.03 billion in 2024, is projected to increase to $2.34 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 14.9%. The historic growth can be linked to expansion in the pharmaceutical and healthcare industries, increased need for post-market surveillance and drug safety, the burgeoning of electronic health records and data, application in clinical research and outcomes evaluation, and regulations pertaining to real-world evidence (rwe).
Real World Evidence Solutions Market Size Forecast: What's the Projected Valuation by 2029?
Continued progress is projected for the real world evidence solutions market, with its size expected to escalate quickly over the next few years. The forecast expects the market to peak at $4.21 billion by 2029, delivering a compound annual growth rate (CAGR) of 15.9%. The predicted surge can be traced back to factors like the tailoring of rwe solutions for specific therapeutic areas, the broadening of real-world data networks, advancements in real-world evidence generation, the incorporation of rwe in drug development and access, and a partnership between the healthcare and technology sectors. Noteworthy trends during the forecast period consist of predictive analytics in rwe powered by AI, regulatory compliance in rwe data privacy and security, bespoke rwe solutions for healthcare providers, transparency in both the sharing of data and rwe discoveries, and the inclusion of rwe in drug pricing and payout.
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What Are the Drivers Transforming the Real World Evidence Solutions Market?
The expansion of the real-world evidence solutions market is likely to be fueled by the increasing geriatric population. This refers to individuals aged 65 and above, who have a higher propensity to fall due to various factors such as postural hypotension, as well as balance or gait disorders. The danger of chronic ailments such as strokes, cardiovascular diseases, type 2 diabetes, arthritis, and cancer escalates with age. For example, the Population Reference Bureau, a non-profit organization based in the US, released data in January 2024 projecting that the American population aged 65 and over is set to rise from 58 million in 2022 to 82 million in 2050, marking a 47% upswing. In addition, it is estimated that their representation in the overall population will increase from 17% to 23%. Thus, the surge in the geriatric population is bolstering the growth of the real-world evidence solutions market.
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What Long-Term Trends Will Define the Future of the Real World Evidence Solutions Market?
The emergence of real-world evidence is a significant trend that's gaining traction in the real-world evidence market. Opting for real-world data for effective decision making and commercial success has become pivotal, with real-world evidence catering to the additional information requirements. For example, in May 2023, a US-based data infrastructure and analytics firm, Inspire, unveiled its Real-World Evidence (RWE) solutions. Inspire's RWE provides groundbreaking data and analytic solutions for life sciences companies. Utilizing its patient engagement platform, Inspire gathers real-world insights from numerous patients, with the ultimate goal of enhancing patient-oriented healthcare results.
Which Segments in the Real World Evidence Solutions Market Offer the Most Profit Potential?
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 Firms Dominate the Real World Evidence Solutions Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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