5.2.4 CHALLENGES RWD can come from a number of sources, for example: Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from analysis of RWD. 13.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL RWE can assist and advance several processes, including determining which patient group will benefit from an intervention the most, assisting with regulatory approvals and completing data from randomized controlled trials, and assisting with reimbursement efforts and expanding usage indications.Therapeutic Area OutlookBased on Therapeutic Area, the Real World Evidence Solutions Market is segmented into Oncology, Cardiology, Neurology, Diabetes, Respiratory, and Others. Coming Soon listings are homes that will soon be on the market. In, IDC, und Statista. Find out more about how we use your information in our privacy policy and cookie policy. Over the next five years up to 2025,. TABLE 26 RWE PATIENT-POWERED DISPARATE DATA MARKET, BY COUNTRY, 20202027 (USD MILLION) The healthcare ecosystem is changing, and there is increased scrutiny on healthcare costs as stakeholders in the healthcare industry seek new alternatives to deal with the unsustainable cost burden and relatively poor return on investment. According to estimates, cancer, obesity, cardiovascular diseases, and diabetes, all of which are on the rise, are responsible for over half of all fatalities from chronic diseases. Click Manage settings for more information and to manage your choices. 7.3.2.1 Increasing demand for integrated data from multiple sources to drive growth With the growing need for evidence generated from real-world data, the increasing importance of epidemiological data in decision making, and a shift from volume to value-based care, there has been an increased focus on patient registries, a rise in the adoption of EMR in hospitals, and exponential growth in mobile health data and social media which have resulted in the generation of huge amounts of medical data. TABLE 92 UK: RWE SOLUTIONS MARKET, BY END USER, 20202027 (USD MILLION) Pharma data analyses extract insights, inform new strategies and provide KPI tracking. The acquisition would enhance Syneos Healths ability to provide technology-enabled, insight-powered solutions. REDDING, Calif., March 10, 2022 /PRNewswire/ -- According to a new market research report titled "Real-World Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Global Forecast to 2028", published by Meticulous Research, the Real-World Evidence (RWE) solutions market is expected to grow at a CAGR of 11.8% from 2021 to 2028 to reach $4.4 billion by 2028. TABLE 43 RWE SOLUTIONS MARKET IN MARKET ACCESS AND REIMBURSEMENT/COVERAGE DECISION MAKING, BY COUNTRY, 20202027 (USD MILLION) 6.2 Real-World Data Sources Table 4 Indicative List of National Databases in Developed Countries 6.3 Ecosystem Analysis Figure 27 Ecosystem Coverage: Parent Market (Healthcare It Solutions) . Similarly, new solution launches & enhancements were the second most preferred strategy after partnerships, collaborations, and agreements in the market. TABLE 30 INTEGRATED DATA SETS OFFERED BY KEY MARKET PLAYERS The global big data analytics market size was valued at USD 240.56 billion in 2021. The growth of this market is primarily driven by the increasing growth in clinical trials and the shift from volume-based to value-based care. FIGURE 54 ELEVANCE HEALTH: COMPANY SNAPSHOT (2021) FIGURE 46 IQVIA HOLDINGS INC: COMPANY SNAPSHOT (2021) The market is expected to expand at a CAGR of 8.2% from 2023 to 2030. - 98) TABLE 4 INDICATIVE LIST OF NATIONAL DATABASES IN DEVELOPED COUNTRIES 5.2.4.1 Lack of universally accepted methodology standards and data processing infrastructure 12.2.1 HEALTHVERITY INC. Then you can access your favorite statistics via the star in the header. Access to this and all other statistics on 80,000 topics from, Show sources information Data marketplaces and exchanges provide single platforms to consolidate third-party data offerings. Webinar White paper 2.2 MARKET SIZE ESTIMATION: REAL WORLD EVIDENCE SOLUTIONS MARKET 7.3.1 DISPARATE DATA SETS 8.5.1 GROWING USE OF RWE SOLUTIONS TO DEVELOP ECONOMIC AND BUDGET IMPACT MODELS 6.7.1.1 Case examples - 23) 12.1.15 PERKINELMER INC. TABLE 17 DISPARATE DATA SETS MARKET, BY TYPE, 20202027 (USD MILLION) 7.3.1.3 Pharmacy data set Real-world data are the data relating to patient health status and/or the delivery of health care routinely collected from a variety of sources. These companies are majorly focused on partnerships, collaborations, and agreements to accelerate the delivery of RWE datasets and consulting & analytics services and explore how real-world evidence can provide information for health technologies and improve clinical and cost-effectiveness. 6.5 PRICING ANALYSIS 6.4 PORTERS FIVE FORCES ANALYSIS Hence, a successful phase transition is dependent on strong real-world outcomes. - 257) *Details on Business Overview, Products, Recent Developments, MnM View might not be captured in case of unlisted companies. The primary sources from the demand side included Directors, and strategy managers of pharmaceutical and medical device companies, insurance providers, healthcare providers, and department heads. 11.5 COMPETITIVE BENCHMARKING TABLE 71 CANADA: RWE SOLUTIONS MARKET, BY END USER, 20202027 (USD MILLION) 7.3.1.5.1 Increasing number of disease registries is driving the demand for registry-based data sets in evidence generation TABLE 157 LATIN AMERICA: RWE SOLUTIONS MARKET, BY APPLICATION, 20202027 (USD MILLION) This growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug development process, is expected to drive the growth of the real world evidence solutions market. 7.3.2 INTEGRATED DATA SETS TABLE 32 RWE SOLUTIONS MARKET, BY APPLICATION, 20202027 (USD MILLION) 10.2 NORTH AMERICA Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. 10.3.1 GERMANY The absence of universally accepted standards or principles that can be used for designing, analyzing, and reporting RWE has become a major challenge in this market. It was also used to obtain important information about the key players, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. Are you interested in testing our business solutions? TABLE 121 ASIA PACIFIC: RWE SOLUTIONS MARKET, BY COMPONENT, 20202027 (USD MILLION) 5.2.3.2 Rise in focus on end-to-end RWE services Additionally, the adoption of RWE in the pharmaceutical industry continues to increase due to its use in meeting regulatory compliance requirements as well as payer demands related to HEOR. 11.4 MARKET RANKING ANALYSIS TABLE 66 CANADA: RWE SOLUTIONS MARKET, BY COMPONENT, 20202027 (USD MILLION) The drug development and approvals segment is further sub-segmented into oncology, cardiovascular disease, neurology, immunology, and other therapeutic areas. to incorporate the statistic into your presentation at any time. In August 2022, Trinity Life Sciences (US), announced a partnership with Bain & Company (US). 5.1 INTRODUCTION : BUSINESS OVERVIEW Moreover, the processes and evidence used in making pharmaceutical coverage decisions vary substantially among the payers. In turn, this has increased the possibility of using an end-to-end strategy to leverage a life sciences organizations data, proof, and knowledge resources. 5.2 MARKET DYNAMICS 7.3.1.3.1 Increasing adoption of e-prescribing systems to drive growth The global real world evidence solutions market is projected to grow at a Compound Annual Growth Rate (CAGR) of 15.2% from 2022 to 2027. FIGURE 51 THERMO FISHER SCIENTIFIC, INC.: COMPANY SNAPSHOT (2021) 5.2.1.1 Rise in the geriatric population and the subsequent increase in the prevalence of chronic diseases - 28) Science and Research Special Topics, Recalls, Market Withdrawals and Safety Alerts, Considerations for the Design and Conduct of Externally Controlled Trials for Drug and Biological Products, Submitting Documents Using Real-World Data and Real-World Evidence to FDA for Drug and Biological Products, Framework for FDAs Real-World Evidence Program, Assessing Electronic Health Records and Medical Claims Data To Support Regulatory Decision-Making for Drug and Biological Products, Assessing Registries to Support Regulatory Decision-Making for Drug and Biological Products, Considerations for the Use of Real-World Data and Real-World Evidence To Support Regulatory Decision-Making for Drug and Biological Products, Data Standards for Drug and Biological Product Submissions Containing Real-World Data, Submitting Documents Utilizing Real-World Data and Real-World Evidence to FDA for Drugs and Biologics, Use of Electronic Health Records in Clinical Investigations, Use of Real-World Evidence to Support Regulatory Decision-Making for Medical Devices. 6.1.2 SOCIAL MEDIA-SOURCED RWE TABLE 183 TRINETX LLC: BUSINESS OVERVIEW FIGURE 16 REAL WORLD EVIDENCE SOLUTIONS MARKET: GEOGRAPHIC SNAPSHOT, 4 PREMIUM INSIGHTS (Page No. TABLE 168 FDA APPROVALS/ENHANCEMENTS, 20192022 TABLE 142 INDIA: REAL WORLD EVIDENCE SOLUTIONS MARKET, BY COMPONENT, 20202027 (USD MILLION) Data monetization is the sharing of data between companies. Real-world evidence (RWE) is clinical evidence gathered via RWD analysis on the use and potential benefits or risks of a medical product. As a Premium user you get access to the detailed source references and background information about this statistic. Download Report. TABLE 181 SAS INSTITUTE: BUSINESS OVERVIEW The rise in the need to convert data into actionable evidence increased the need to reduce drug development delays, and the availability of a large volume of healthcare data is one of the major factors driving the growth of this market segment. 11.6.1 END-USER FOOTPRINT OF COMPANIES TABLE 106 ITALY: RWE MARKET, BY END USER, 20202027 (USD MILLION) TABLE 120 ASIA PACIFIC: RWE MARKET, BY COUNTRY, 20202027 (USD MILLION) TABLE 112 SPAIN: RWE SOLUTIONS IN DRUG DEVELOPMENT AND APPROVALS MARKET, BY TYPE, 20202027 (USD MILLION) TABLE 40 DRUG DEVELOPMENT AND APPROVALS MARKET IN OTHER THERAPEUTIC AREAS, BY COUNTRY, 20202027 (USD MILLION) 12.1.1 IQVIA HOLDINGS INC. ReportLinker FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS (SUPPLY-SIDE): BY COMPANY TYPE, DESIGNATION, AND REGION The data for GDP at purchasing power parity has also been rebased using the new International Comparison Program price surveys and extrapolated to 2007. The U.S. labor market still shows signs of resilience despite layoffs and slowdown in hiring. Pharmaceutical companies are focusing on evidence to create a more holistic picture of a drug's value and demonstrate the newly developed drug's value outside of clinical trials. United States Real-World Evidence (RWE) Solutions Market Report 2022: Market is Expected to Grow at a CAGR of 13% from 2021 to 2028 to Reach $2.01 Billion by 2028 - ResearchAndMarkets.com March 11 . 6.6 TECHNOLOGY ANALYSIS Support from regulatory bodies for using Real World Evidence Solutions (RWE) and an increase in R&D spending are anticipated to boost market growth. TABLE 105 ITALY: RWE SOLUTIONS IN DRUG DEVELOPMENT AND APPROVALS MARKET, BY TYPE, 20202027 (USD MILLION) 1.2.3 YEARS CONSIDERED FOR THE STUDY 5.2.2.1 Reluctance of medical practitioners and researchers to rely on real-world studies June 7, 2021. Poor data quality costs the US economy up to $3.1 trillion yearly. 7.3.1.4.1 Increasing need to access opinions on diseases and treatments across social media to drive growth The 21st Century Cures Act, passed in 2016, places additional focus on the use of these types of data to support regulatory decision making, including approval of new indications for approved drugs. Volume of data/information created, captured, copied, and consumed worldwide from 2010 to 2020, with forecasts from 2021 to 2025 (in zettabytes) [Graph]. FIGURE 35 TOTAL E-PRESCRIPTIONS AND CONTROLLED SUBSTANCE PRESCRIPTIONS IN THE US (2018-2021) Figures were rounded to provide a better understanding of the statistic. Through this acquisition, the company would focus on developing drugs by using data, applying techniques, and identifying a variety of patient populations.Dec-2020: Syneos Health completed the acquisition of Illingworth Research Group, a provider of clinical research home health services. 10.4.1.1 Stringent regulatory scenario in Japan to restrain market growth TABLE 188 CEGEDIM HEALTH DATA: BUSINESS OVERVIEW 9.5 OTHER END USERS RWE is regularly utilized in the drug development & approval process to inform aspects of drug development, such as the natural history and epidemiology of a disease, and provide data on treatment pathways and comparator interventions in clinical practice. FIGURE 29 GLOBAL PATENT PUBLICATION TRENDS IN THE RWE SOLUTIONS MARKET, 20162021 The report presents a detailed assessment of the real world evidence solutions market, along with qualitative inputs and insights from MarketsandMarkets. 5.2.1.5 Support from regulatory bodies for the use of RWE solutions To forecast the size of the market segments with respect to five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. An official website of the United States government, : February 22, 2023 08:06 ET 10.3.2 UK The process of drug development requires evidence on population size, clinical disease progression, and adherence to similar therapies that can support decision-making. 5.2.3 OPPORTUNITIES (IDC, 2020) AR/VR Spending 2020 By Segment. TABLE 133 JAPAN: REAL WORLD EVIDENCE SOLUTIONS MARKET, BY END USER, 20202027 (USD MILLION) Insurance. 4.2 ASIA PACIFIC: RWE SOLUTIONS MARKET, BY END USER AND COUNTRY (2021) TABLE 158 LATIN AMERICA: RWE SOLUTIONS IN DRUG DEVELOPMENT AND APPROVALS MARKET, BY TYPE, 20202027 (USD MILLION) This highlights the requirement for practical, workable solutions. It is the process of using data to generate revenue or create new revenue-generating streams. Location: New York, New York Aetion operates as a real-world evidence and analysis platform to assist the healthcare industry. TABLE 114 REST OF EUROPE: REAL WORLD EVIDENCE SOLUTIONS MARKET, BY COMPONENT, 20202027 (USD MILLION) 8.3.1 INCREASING RESEARCH IN MEDICAL DEVICE DEVELOPMENT TO DRIVE DEMAND 8.1 INTRODUCTION FIGURE 13 REAL WORLD EVIDENCE SOLUTIONS MARKET, BY APPLICATION, 2022 VS. 2027 (USD MILLION) 11.8.4 DYNAMIC COMPANIES 11.8.3 RESPONSIVE COMPANIES 6.7.3 ASIA PACIFIC 1.2.2 MARKETS COVERED Note 3: Companies are classified into tiers based on their total revenue. The name of our company defines our services, strengths, and values. - 41) 2.1.1 SECONDARY DATA Real-world evidence (RWE) solutions vendors may have more opportunities to increase their investments during the medication development cycle due to the growing demand for comprehensive evidence services all throughout the product lifetime.Application OutlookBased on Application, the Real World Evidence Solutions Market is segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making, and Post Market Safety & Adverse Events Monitoring. 11.2 STRATEGIES ADOPTED BY KEY PLAYERS /RIGHT TO WIN FIGURE 56 PERKINELMER INC.: COMPANY SNAPSHOT (2021) For instance, in May 2020, PAREXEL International Corporation (U.S.) launched the #KeepingPatientsFirst integrated real-world evidence (RWE) research platform focused on aggregating, analyzing, and predicting real-world COVID-19-related disease progression and outcomes using state-of-the-art machine learning, artificial intelligence, and analytics. 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