Market Size of Global Real-World Evidence Solutions Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 1.47 Billion |
Market Size (2029) | USD 2.31 Billion |
CAGR (2024 - 2029) | 9.40 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Real-World Evidence Solutions Market Analysis
The Global Real-World Evidence Solutions Market size is estimated at USD 1.47 billion in 2024, and is expected to reach USD 2.31 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
The contagious coronavirus has a potential economic impact and implications on most sectors, including the pharmaceutical industry. Governments worldwide are now responding to the threat of COVID-19 with all the essential measures, such as social distancing, nationwide lockdown, travel restrictions, and large-scale quarantines that are anticipated to negatively impact businesses and consumer spending.
In the context of the COVID-19, government organizations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on the development of effective and rapid diagnostic technologies. Moreover, many healthcare providers and drug developers have been stretching their available resources to curb the spread and develop effective medicines/vaccines for the COVID-19 pandemic. The market is, thus, found witnessing a trend that is shifting toward digitalization and patient-centered virtual care. This emphasizes the need for effective real-world solutions.
In April 2020, two healthcare data science companies, Aetion and HealthVerity, were found collaborating, extending their current relationship, to extract real-world medical evidence from electronic health records and advise drug makers and regulators on COVID-19 treatments.
The real-world evidence solutions market will show rapid growth due to the shift from volume to value-based care, increasing aging population and prevalence of chronic diseases, delays in drug development, and subsequent increase in development costs. According to the World Ageing Population report, in 2020 highlights, approximately 727 million people living worldwide were aged 65 years and above, and the number is expected to reach 1.5 billion by 2050. It has been calculated that almost half of the total chronic disease deaths are attributable to cardiovascular diseases, cancer, obesity, and diabetes which are showing increasing trends.
Pharmaceutical companies take several years to introduce a new drug molecule to market, and they invest billions in research and development with a low probability of success. To shorten the drug development cycles, pharma research centers need a clear insight on treatment options that work in a wide population compared to few patient pools in clinical trials. The use of real-world evidence (RWE) insights is thus found to increase as pharma and biotech companies realize that real-world evidence (RWE) can be important in drug development and life-cycle management and increase the innovation efficiency cost of clinical trials.
The big pharmaceutical companies are found using a clinico-genomic database with tumor sequencing information for cancer discovery studies and targeted drug development. Companies are thus able to broaden their indication range and conduct a small number of clinical trials for the rare biomarker-defined population. Thus it indicates the growth of the real-world evidence solutions market during the forecast period.
In addition, the real-world data sets are widely adopted by end users for real-world evidence (RWE) for various applications such as drug development and approvals, market access and reimbursement/coverage decisions, clinical decision-making, and medical device development and approvals, among others, which helps in the growth of the overall market.
Real-World Evidence Solutions Industry Segmentation
As per the scope of the report, 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. The real-world evidence solutions market refers to services that enable healthcare payers, providers, and pharmaceutical companies to efficiently manage their operations and quicken the drug development and approval process. These real-world evidence solutions are transforming the entire process of drug development, the new opportunities, and the challenges that remain. The Real-world Evidence Solutions Market is segmented by Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Other Components), Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease, Other Therapeutic Areas), End User (Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Companies, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Component | |
Claims Data | |
Clinical Settings Data | |
Patient-Powered Data | |
Pharmacy Data | |
Other Components |
By Therapeutic Area | |
Oncology | |
Immunology | |
Neurology | |
Cardiovascular Disease | |
Other Therapeutic Areas |
By End User | |
Healthcare Payers | |
Healthcare Providers | |
Pharmaceutical & Medical Device Companies | |
Other End Users |
Geography | ||||||||
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Global Real-World Evidence Solutions Market Size Summary
The real-world evidence solutions market is poised for significant growth, driven by the shift from volume to value-based care and the increasing prevalence of chronic diseases. The market is experiencing a transformation as pharmaceutical companies and healthcare providers leverage real-world data to enhance drug development and life-cycle management. This shift is further accelerated by the aging population and the rising incidence of conditions such as cardiovascular diseases, cancer, obesity, and diabetes. The COVID-19 pandemic has also catalyzed the adoption of digital health solutions and patient-centered virtual care, highlighting the importance of real-world evidence in addressing public health challenges and informing treatment strategies.
In the oncology sector, the demand for real-world evidence is particularly strong due to the high number of clinical trials and the growing prevalence of cancer globally. Regulatory authorities, including the US Food and Drug Administration, are increasingly endorsing the use of real-world data to support clinical and regulatory decision-making, especially in the context of immuno-oncology and personalized medicine. The North American region, with its favorable regulatory environment and robust pharmaceutical industry, is expected to be a key driver of market growth. The market is characterized by fragmentation and competitiveness, with major players like IQVIA, ICON, and Oracle Corporation employing strategies such as partnerships and product launches to expand their market presence.
Global Real-World Evidence Solutions Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Shift From Volume- to Value-based Care
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1.2.2 Increasing Aging Population and Prevalence of Chronic Diseases
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1.3 Market Restraints
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1.3.1 Unwillingness to Rely on Real-world Studies
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1.3.2 Lack of Standards
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market SIze by Value - USD Millions)
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2.1 By Component
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2.1.1 Claims Data
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2.1.2 Clinical Settings Data
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2.1.3 Patient-Powered Data
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2.1.4 Pharmacy Data
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2.1.5 Other Components
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2.2 By Therapeutic Area
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2.2.1 Oncology
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2.2.2 Immunology
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2.2.3 Neurology
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2.2.4 Cardiovascular Disease
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2.2.5 Other Therapeutic Areas
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2.3 By End User
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2.3.1 Healthcare Payers
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2.3.2 Healthcare Providers
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2.3.3 Pharmaceutical & Medical Device Companies
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2.3.4 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East & Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Real-World Evidence Solutions Market Size FAQs
How big is the Global Real-World Evidence Solutions Market?
The Global Real-World Evidence Solutions Market size is expected to reach USD 1.47 billion in 2024 and grow at a CAGR of 9.40% to reach USD 2.31 billion by 2029.
What is the current Global Real-World Evidence Solutions Market size?
In 2024, the Global Real-World Evidence Solutions Market size is expected to reach USD 1.47 billion.