The global real world evidence solutions market size is expected to reach USD 3.96 billion by 2030, according to a new study by Polaris Market Research. The report “Real World Evidence Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (DataSets, Consulting and Analytics); By Therapeutic Areas (Oncology, Cardiovascular, Neurology, Immunology, Others): By End-User; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
With regulatory authorities encouraging RWE solutions, the global evidence results industry will likely grow significantly throughout the forecast period. Regulators use RWE to observe the security of marketed pharmaceuticals by combining traditional pharmacovigilance approaches with modern digital tools.
Legislators also recognize the significance of RWE. It encourages patient-centered medication development and has improved clinical trial design and review. Regulators also indicate a desire for RWE to play a prominent role in their operations. However, industry growth is likely to be spurred by drug development delays, which would increase development costs.
Further, RWE is used by regulatory agencies to monitor the safety of packaged goods using traditional pharmacovigilance tools and newer digital tools such as the FDA Sentinel Initiative, a comment active safety surveillance system. RWE is presently being utilized in pre-approved efficacy decisions. It can be used more extensively in oncology, uncommon diseases, and pediatric ailments where randomized controlled clinical trials are impractical or unethical. Simultaneously, legislators realize the importance of RWE.
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Based on the end-user, the pharmaceutical and medical devices segment accounted for the leading share in the industry in 2021. This segment is also expected to increase at the fastest rate over the projected period. This end-user segment's substantial share and rapid expansion can be related to the growing use of RWE studies in medication approvals and the increasing requirement to evaluate drug performance in world situations.
Industry players such as Clinigen Group plc, CLARIVATE PLC, Cognizant Technology Solution Corporation, PerkinElmer Inc., IBM Corporation, Flatiron Health Inc., ICON plc, IQVIA Holdings Inc., Medpace Holdings Inc., PAREXEL International Corporation, Oracle Corporation, PPD Inc., Symphony Innovation LLC, SAS Institute Inc., SYNEOS HEALTH Inc., and UnitedHealth Group Incorporated are key players operating in the global industry.
Polaris Market research has segmented the real world evidence solutions market report based on component, end-user, therapeutic areas, and region:
Real World Evidence Solutions, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Real World Evidence Solutions, Therapeutic Areas Outlook (Revenue - USD Billion, 2018 - 2030)
Real World Evidence Solutions, End-User Outlook (Revenue - USD Billion, 2018 - 2030)
Real World Evidence Solutions, Regional Outlook (Revenue - USD Billion, 2018 - 2030)