[250 Pages Report] According to newly released Global Real World Evidence Solutions market analysis report by Future Market Insights, the market was valued at US$ 39.2 Billion in 2021 and is expected to rise at a CAGR of 10% from 2022 to 2032. While comparing to its historical CAGR of only 8.6%, the market is predicted to rise significantly. During the projected period, the market is expected to create an absolute dollar opportunity of US$ 67.2 Billion. Owing to the support from regulatory bodies and increased R&D expenditure by global competitors, the global market for Real World Evidence Solutions is likely to be valued at US$ 110 Billion by the end of 2032.
The key reasons driving the growth of the global Real World Evidence Solutions Market are the switch from volume-based to value-based care, favourable government policies, expansion in R&D spending and rising focus on end-to-end RWE services. Additionally, rising focus on personalised healthcare, increased incidence of chronic diseases, growing geriatric population and regulatory support for the adoption of RWE solutions are projected to fuel market growth. The U.S. market constitutes a majority share of nearly 3% in the global market and is expected to grow at a CAGR of 11.2% during the forecast period.
| Attributes | Details |
|---|---|
| Real World Evidence Solutions Market CAGR (2022-2032) | 10% |
| Real World Evidence Solutions Market Size (2022) | US$ 42.8 Billion |
| Real World Evidence Solutions Market Size (2032) | US$ 110 Billion |
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As per the publications released by Future Market Insights - market research and competitive intelligence provider on Real World Evidence Solutions Market, the market is presently valued at US$ 39.2 Billion. During the forecast period, the Global Market for Real World Evidence Solutions will grow at a CAGR of 10% as compared to the historical CAGR of just 8.6%. The market is estimated to offer an absolute dollar opportunity of US$ 67.2 Billion in the next 10 years and is likely to hit the valuation of US$110 Billion by 2032. Collaboration among health organisations for leveraging RWE data to improve clinical trial efficiency and monitoring drug safety is driving the market.
The rise in chronic illness incidence, the switch from volume to value-based care, the expanding focus on personalized healthcare and the growing geriatric population are projected to drive the growth of the Real World Evidence Solutions Market. Regulatory bodies' encouragement for the use of Real-world evidence (RWE) solutions is expected to drive industry growth. The RWE data has been pooled by the major health organizations to improve clinical trial efficiency and maintain risk-benefit data. As a result, market growth is projected to be aided by favorable government initiatives.
RWE can often provide a complete perspective that can’t be provided in traditional clinical trials. Observational research that is well-designed can reveal hidden characteristics of diseases, benefiting researchers and policymakers in improving care delivery systems and raising public awareness regarding the disease. The Patient centric medication was promoted with the adoption of RWE based developments with more enhanced design and clinical studies. Adoption of real-world evidence makes information more accessible and reduces barriers, while also allowing for a greater knowledge of how medicine is utilized in practice.
Many firms are experimenting with novel techniques to cut clinical trial expenses and avoid drug development barriers to speed up the drug development process. Furthermore, drug development delays are projected to stimulate market expansion in terms of switching from clinical trials to less time-consuming RWE Solutions.
Principal Consultant
The pandemic challenged earlier forecasts of roughly 8.6% YoY growth, resulting in a drop in the year-on-year growth rate from 2019 to 2020. With the onset of the Global pandemic, key market players began to endure widespread business disruptions as a result of the pandemic, which hampered routine company operations. The businesses were unable to conduct on-site surveillance or provide services that required in-person meetings or face-to-face interactions.
However, to reduce the impact on profitability, the corporations have shifted their operations to several cost-cutting measures. It also triggered business continuity strategies, such as using analytics and technology to provide remote access, monitoring and Virtual trials in R&D solutions. Market participants also shifted their activities to provide solutions for preventing the spread of the disease, which impacted market growth.
The market in APAC is expected to grow significantly during the forecast period owing to the growing government initiatives for building and implementing the RWE studies backed infrastructure in the healthcare industry. Furthermore, rising demand for better care, rising geriatric population, increasing incidences of chronic illnesses and expansion by global players in the untapped market are the factors driving the demand for Real World Evidence Solutions Market.
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The United States accounts for the largest revenue share of nearly 30% in the Global Real World Evidence Solutions Market. The U.S. market is anticipated to grow at a CAGR of 11.2% during the forecasted period owing to the growing dominance of RWE service providers in the region and favourable government policies. Furthermore, the region's growth is fuelled by a favourable regulatory environment, a well-established pharmaceutical industry, increased demand for clinical research activities, and expanding research and development spending.
In terms of CAGR, the U.K. and South Korea grow significantly at a CAGR of 10.7%. This happens because of an increase in government initiatives to implement RWE studies and the presence of numerous contract research organisations (CROs) & manufacturing enterprises. Also, the market is expected to rise due to rising demand for better and affordable healthcare services, increased government efforts to apply RWE research, rising chronic illness burdens, and an increasing geriatric population. Furthermore, China and Japan are expected to grow at a CAGR of 10.5% and 8.8% respectively between 2022 and 2032.
In 2021, the services segment had the highest revenue share and is expected to grow at a CAGR of 10.4% over the forecasted period. Pharmaceutical and biotechnology businesses which focussed on increasing the adoption of real-world services are the key drivers for this market.
Among data sets segment clinical data, which is either acquired during continuing patient treatment or as part of a formal clinical trial program, is a staple source of most health and medical research. This segment is expected to develop significantly due to an increase in the number of data created in healthcare facilities and the growing demand for new epidemiological insights.
Among the various applications segments considered, the drug development and approvals segment accounted for the highest revenue share with a significant CAGR of 10% during the forecast period. Real World Evidence Solutions services enable pharmaceutical companies, healthcare providers and payers to run operations more efficiently and speed up the development and approval process for medication. As a result, the market for RWE solutions is growing at a CAGR of 10%.
The major corporations in the Global Real World Evidence Solutions market are boosting their research and development expenditure to finance the development of strategically advanced products. Furthermore, government financing, technological developments, regulatory approvals, mergers and acquisitions and diversifying product portfolio has been significantly contributing to the healthy competitive environment. The top players are expected to gain from new product releases and the growth of current operations to maintain their dominance in the global market for Real World Evidence Solutions.
The key competitors in the Real World Evidence Solutions Market are Cegedim Health Data, IBM, Icon Plc., IQVIA, Medpace, Oracle, Parexel International Corp., PerkinElmer, Inc., PPD, Inc., and Syneos Health.
The recent developments in the Global Real World Evidence Solutions Market which were being channelized by market players are as follows:
Similarly, recent developments related to companies offering Real World Evidence Solutions have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data | 2017 to 2021 |
| Quantitative Units | In US$ Billion |
| Key Regions Covered | North America, Latin America, Europe, APAC and MEA |
| Key Countries Covered | United States, China, Japan, South Korea, UK, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, India, Australia, South Africa, Saudi Arabia, UAE, Israel |
| Key Market Segments Covered | Components, Application, End-user and Region |
| Key Companies Profiled | |
| Pricing | Available upon Request |
By Component:
By Application:
By End-user:
By Region:
In 2021, the Global Real World Evidence Solutions Market is worth US$ 39.2 Bn and is estimated to reach US$ 42.8 Bn by the end of 2022.
The Real World Evidence Solutions Market is expected to grow at a CAGR of 10% during the forecasted period of 2022 to 2032. It will be valued at US$ 110 Bn by the end of 2032.
The Real World Evidence Solutions Market provides an absolute dollar opportunity of US$ 67.3 Bn during the period between 2022 and 2032.
The Services component is expected to dominate the market with an expected compound annual growth rate of 10.4% during the forecasted.
The key players operating in the Real World Evidence Solutions market are Cegedim Health Data, IBM, Icon Plc., IQVIA, Medpace, Oracle, Parexel International Corp., PerkinElmer, Inc., PPD, Inc., and Syneos Health.
The U.S. dominates the Global Market for Real World Evidence Solutions with a majority share of around 30%.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
4. Global Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) Analysis By Component, 2017-2021
5.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Component, 2022-2032
5.3.1. Services
5.3.2. Data Sets
5.3.2.1. Clinical Settings Data
5.3.2.2. Claims Data
5.3.2.3. Pharmacy Data
5.3.2.4. Patient-Powered Data
5.4. Y-o-Y Growth Trend Analysis By Component, 2017-2021
5.5. Absolute $ Opportunity Analysis By Component, 2022-2032
6. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Mn) Analysis By Application, 2017-2021
6.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Application, 2022-2032
6.3.1. Reimbursement/Coverage & Regulatory Decision Making
6.3.2. Drug Development & Approvals
6.3.3. Medical Device Development & Approvals
6.3.4. Post Market Safety & Adverse Events Monitoring
6.4. Y-o-Y Growth Trend Analysis By Application, 2017-2021
6.5. Absolute $ Opportunity Analysis By Application, 2022-2032
7. Global Market Analysis 2017-2021 and Forecast 2022-2032, By End-user
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Mn) Analysis By End-user, 2017-2021
7.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By End-user, 2022-2032
7.4. Y-o-Y Growth Trend Analysis By End-user, 2017-2021
7.5. Absolute $ Opportunity Analysis By End-user, 2022-2032
8. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Mn) Analysis By Region, 2017-2021
8.3. Current Market Size Value (US$ Mn) Analysis and Forecast By Region, 2022-2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
9.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
9.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
9.2.1. By Country
9.2.1.1. U.S.
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Application
9.2.4. By End-user
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Application
9.3.4. By End-user
9.4. Key Takeaways
10. Latin America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
10.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
10.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Application
10.2.4. By End-user
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Application
10.3.4. By End-user
10.4. Key Takeaways
11. Europe Market Analysis 2017-2021 and Forecast 2022-2032, By Country
11.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
11.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. Italy
11.2.1.3. France
11.2.1.4. U.K.
11.2.1.5. Spain
11.2.1.6. Russia
11.2.1.7. BENELUX
11.2.1.8. Rest of Europe
11.2.2. By Component
11.2.3. By Application
11.2.4. By End-user
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Application
11.3.4. By End-user
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2017-2021 and Forecast 2022-2032, By Country
12.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
12.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. India
12.2.1.5. Rest of Asia Pacific
12.2.2. By Component
12.2.3. By Application
12.2.4. By End-user
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Application
12.3.4. By End-user
12.4. Key Takeaways
13. MEA Market Analysis 2017-2021 and Forecast 2022-2032, By Country
13.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
13.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
13.2.1. By Country
13.2.1.1. GCC
13.2.1.2. Rest of MEA
13.2.2. By Component
13.2.3. By Application
13.2.4. By End-user
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Application
13.3.4. By End-user
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. U.S.
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Component
14.1.2.2. By Application
14.1.2.3. By End-user
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Component
14.2.2.2. By Application
14.2.2.3. By End-user
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Component
14.3.2.2. By Application
14.3.2.3. By End-user
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Component
14.4.2.2. By Application
14.4.2.3. By End-user
14.5. Argentina
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Component
14.5.2.2. By Application
14.5.2.3. By End-user
14.6. Germany
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Component
14.6.2.2. By Application
14.6.2.3. By End-user
14.7. Italy
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Component
14.7.2.2. By Application
14.7.2.3. By End-user
14.8. France
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Component
14.8.2.2. By Application
14.8.2.3. By End-user
14.9. U.K.
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Component
14.9.2.2. By Application
14.9.2.3. By End-user
14.10. Spain
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Component
14.10.2.2. By Application
14.10.2.3. By End-user
14.11. Russia
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Component
14.11.2.2. By Application
14.11.2.3. By End-user
14.12. BENELUX
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Component
14.12.2.2. By Application
14.12.2.3. By End-user
14.13. China
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Component
14.13.2.2. By Application
14.13.2.3. By End-user
14.14. Japan
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Component
14.14.2.2. By Application
14.14.2.3. By End-user
14.15. South Korea
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Component
14.15.2.2. By Application
14.15.2.3. By End-user
14.16. India
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Component
14.16.2.2. By Application
14.16.2.3. By End-user
14.17. GCC Countries
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Component
14.17.2.2. By Application
14.17.2.3. By End-user
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Component
15.3.3. By Application
15.3.4. By End-user
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Cegedim Health Data
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segment
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. IBM
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segment
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. Icon Plc.
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segment
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. IQVIA
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segment
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. Medpace
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segment
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. Oracle
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segment
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. Parexel International Corp.
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segment
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. PerkinElmer, Inc.
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segment
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. PPD, Inc.
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segment
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. Syneos Health
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segment
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Real World Evidence Solutions Market
