Market Trends of Global Real-World Evidence Solutions Industry
This section covers the major market trends shaping the Real-World Evidence Solutions Market according to our research experts:
Oncology is Anticipated to be the Dominant Segment During the Forecast Period
The oncology segment is expected to hold a significant market share. 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. According to Clinicaltrials.gov, as of February 8, 2022, there are around 87,366 cancer clinical trials across different phases of development.
In August 2020, Syapse and Food and Drug Administration expanded the existing research collaboration to rapidly generate real-world evidence related to COVID-19 and cancer and the use of real-world data (RWD) to support clinical and regulatory decision-making.
Globally, there has been an increased focus on the use of real-world evidence in oncology drugs due to the innovations in immuno-oncology and personalized medicine, fueled by the guidelines of many regulatory authorities, such as the US Food and Drug Administration.
With the increasing use of digital health solutions and experimental cancer therapies, real-world data can support numerous aspects of medical research and routine clinical practice.
Pragmatic trials, which are designed to evaluate the effectiveness of interventions in real life, can combine real-world evidence and information from randomized trials to support the effects of an existing treatment in practice. By including real-world data, oncologists can get involved (especially in the later stages of the study) in helping more patients access novel treatments.
As per the statistics from GLOBOCAN, worldwide, there were around 19.3 million new cancer cases (18.1 million excluding nonmelanoma skin cancer) in 2020. This factor, in turn, is expected to boost the demand for real-world evidence (RWE) and can help in defining the therapy and estimate the effectiveness of a therapy in actual clinical practice, reflecting a larger population and longer-term outcomes.
Furthermore, owing to the increased demand for personalized medicine and the complexity of oncology treatment, the collaboration offers an opportunity for the industry to expand the use of real-world evidence (RWE). This factor is expected to drive the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market over the Forcast Period
Some of the factors driving the market growth in the North American region include a favorable regulatory environment, a high number of real-world evidence (RWE) service providers, and the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure.
In May 2020, the US Food and Drug Administration and New York-based Aetion collaborated to use real-world data to understand and respond to COVID-19. The collaboration aims to focus on assessing and analyzing real-world data sets to generate information about the course and treatment of the disease, as well as diagnostic patterns, using the company's Evidence Platform system.
As per the statistics from GLOBOCAN, there were about 2,281,658 cancer cases in the United States in 2020. This number is expected to increase by 2040 and reach 3,096,944 cases. The rising number of cancer cases is creating opportunities for market players. The major market players are focusing on R&D activities to bring new therapies into the market.
Likewise, from drug development to value-based care, there is a huge opportunity to tap into real-world data (RWD) to improve patient outcomes. The information about the function of a medical product is used by patients, and this can help stakeholders in the healthcare ecosystem make important and potentially life-saving real-time decisions.
Moreover, Alberta has one of the largest, most detailed, and comprehensive healthcare data depositories in Canada. Alberta is poised to be a global leader in real-world evidence generation. In order to understand this potential, in May 2021, the Universities of Alberta and Calgary and the Institute of Health Economics led the formation of the Alberta RWE Consortium. Thus, all the aforementioned factors are expected to drive the growth of the market in the North American region during the forecast period.
