Northrook, IL -- (SBWIRE) -- 01/17/2020 -- Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings. The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs).

What the Market Looks Like?

Predicted to grow at a CAGR of 14.3% during the forecast period, the global Real World Evidence Solutions Market is estimated to reach USD 1,348.1 million by 2023. In 2017, North America accounted for the largest share of the market, followed by Europe and the Asia Pacific.

The report analyzes the global real world evidence solutions market by component, therapeutic area, end user, and region. On the basis of component, the data sets segment accounted for the largest share of the global market in 2017. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.

Based on therapeutic area, the real-world evidence market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

Based on end user, the real-world evidence market is segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

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What Drives the Market?

The growth of the global market for Real World Evidence Solutions is primarily influenced by the following factors:

- Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
- Shift From Volume- to Value-Based Care
- Delays in Drug Development and the Subsequent Increase in Development Costs

The rising focus on end-to-end RWE services and growth opportunities in emerging markets are expected to provide further growth opportunities for players operating in the real world evidence market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection some of the factors limiting the growth of this market during the forecast period.

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Geographical growth scenario of Real World Evidence Solutions Market

The real-world evidence market is broadly segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America accounted for the largest share of the market, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real world evidence market.

Leading market players and strategies adopted

The prominent players in the Real World Evidence Solutions market include IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), and Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).

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