With the shift towards personalized healthcare and the rising emergence of rare diseases, healthcare and research organizations are facing various challenges, such as high costs and lengthy timelines of delivering medicines. In addition, pharmaceutical companies conduct clinical trials to gain approval from regulatory bodies, which is considered an essential part of the drug development process. However, the increasing cost and time-consuming clinical trials discourage pharmaceutical companies from conducting drug development, limiting patients’ access to novel treatments.
Impact of COVID-19 on the real-world evidence solutions market:
The COVID-19 pandemic has put a tremendous burden on the healthcare sector all over the world. With the unavailability of treatment, rise in cases, limited resources, and vulnerability of the medical staff, the healthcare sector is struggling to deal with the pandemic situation. Healthcare professionals are working tirelessly on faster diagnosis, rapid response, and effective use of human resources, and ensuring medical personnel safety worldwide. As the COVID-19 outbreak continues to take its toll on global markets, real-world evidence (RWE) is set to become the most influential emerging technology to help in the fight against the outbreak as it provides valuable insights to better understand, monitor, and prepare for the challenges caused by the pandemic.
Understanding where and how quickly the outbreak is likely to spread, the same tracking models could be adapted to fight any upcoming COVID-19 or other disease outbreaks. In its latest publication on the Real-World Evidence (RWE) Solutions market, Meticulous Research states that the market is projected to reach USD 3.13 billion by 2027 from USD 1.08 billion in 2020, at a CAGR of 16.5% during the forecast period.
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Scope of the Report:
Real-world Evidence Solutions Market, by Component
- Disparate Datasets
- EMR/EHR/Clinical data
- Claims & billing Data
- Pharmacy Data
- Product/Disease Registries Data
- Other Disparate Datasets
- Integrated Datasets
- Services(Other disparate datasets comprise data gathered from other sources that can inform health statuses, such as mobile devices, wearable devices, and social media.)
Real-world Evidence Solutions Market, by Application
- Drug Development & Approvals
- Cardiovascular Disease
- Others Therapeutic Areas(Other therapeutic areas comprise infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.)
- Medical Device Development & Approvals
- Market Access & Reimbursement/Coverage Decisions
- Clinical Decision-making
- Other Applications(Other applications comprise regulatory decision-making, post-approval monitoring, and post-market device surveillance. )
Real-world Evidence Solutions Market, by End User
- Pharmaceutical, Biotechnology & Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Other End Users(Other end-users comprise academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.)
Real-world Evidence Solutions Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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The growth of the real-world evidence solutions market is mainly attributed to the rising geriatric population and burden of chronic diseases, a shift towards value-based care, growing focus on personalized health care, delays in drug development, thereby leading to a subsequent increase in development costs, and expanding use of RWE for regulatory decision making.
In addition, growth opportunities in emerging markets, rising focus on end-to-end RWE services, emerging roles of wearable devices, social media, and AI in RWE represent high-growth opportunities for players operating in the real-world evidence solutions market. However, reluctance to rely on real-world studies and uneven quality of real-world data sources are expected to hinder the growth of the real-world evidence solutions market.
To provide efficient analysis, Meticulous Research® has segmented this market by component (datasets, EMR, consulting services), application (drug development, neurology, market access, medical device development), end user (pharmaceutical companies, healthcare payers), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
North America is estimated to account for the largest share of the RWE solutions market in 2020, followed by Europe and Asia-Pacific. Availability of real-world data sets, growing inclination towards value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, presence of major RWE players in the region, and implementation of 21st Century Cures Act (December 2016), and FDA’s Framework for RWE (December 2018) in the U.S. supported the largest share of North America in the real world evidence solutions market.
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Based on component, in 2020, the datasets segment is expected to account for the largest share of the real-world evidence solutions market. The large share of this segment is mainly attributed to the increasing need for additional insights on epidemiology; compliance, adherence, and costs in a realistic environment; increase in the volume of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and growing demand for information by the payers, regulatory bodies, & providers regarding drug safety.
Based on the end user, the real-world evidence solutions market is segmented into pharmaceutical, biotech & medical device companies, healthcare payers, healthcare providers, and other end users. An increase in the significance of RWE studies for drug development and approvals, growing attention to avoid costly drug recalls, and increasing need to assess drug performance in real-world settings supported the largest share of pharmaceutical, biotech & medical device companies.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA (U.S.), Optum (A Subsidiary of United Health Group, Inc.) (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD Inc., (U.S.), SAS Institute Inc.(U.S.), and Syneos Health, Inc. (U.S.), among others.
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research
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