Report Overview

Global Real-World Evidence Solution Market- Industry Trends & Forecast Report 2027

The global real-world evidence (RWE) solution market has reached USD 1.487.1 million by 2020 and is expected to reach USD 4,415.3 million by 2027, with a healthy CAGR of 17.1% during 2021-27 (forecast period). The growth is due to the shift from volume to value-based care, increasing aging population and prevalence of chronic diseases, delays in drug development, and the subsequent increase in development costs. In addition, the real-world data sets are widely adopted by end-users for RWE for various applications such as drug development & approvals, market access & reimbursement/coverage decisions, clinical decision-making, and medical device development & approvals, and others that helps in the growth of the overall market.

                                                                                            Source: BlueWeave Consulting

Global Real-World Evidence Solution Overview

Real-world evidence is the clinical proof for the utilization and potential advantages or dangers of a restorative item for the examination of genuine information. Real-World Data (RWD) is characterized as information got from various sources that are related to results in a heterogeneous patient populace in genuine settings. This real-world evidence solutions market will demonstrate quick development because of the move from volume to esteem based consideration, expanding maturing populace and pervasiveness of incessant maladies and postponements in medication advancement and the ensuing increment being developed expenses. Pharmaceutical organizations take quite a long while to acquaint another medication atom with the market, and they put billions in innovative work with a low likelihood of achievement.

Global Real-World Evidence Solution Market Trend

Growth Drivers

Increasing Use of Real World Evidence with Digitalization

Traditionally, RWE has had its place in satisfying post-launch regulatory requirements principally related to drug safety. RWE has been expanding well beyond its beginnings in pharmacovigilance and has found widespread acceptance for a range of use cases with different healthcare stakeholders, including regulators, Health Technology Assessment (HTA) bodies, payers, and Healthcare Professionals (HCPs). Initial skepticism and uncertainty about the robustness of real-world data, and the analytical methodologies used to derive RWE, have given way to the appreciation by those stakeholders of the value RWE brings in addressing their needs. This expansion has gone hand in hand with the digitization of healthcare combined with innovation in technology and analytics. Healthcare sector's shifting focus from volume-based care to prioritizing paying for value is likely to promote the use of real-world evidence. Such data helps to prove whether medicines deliver the same patient outcomes in everyday clinical practice as was demonstrated in randomized, controlled trials.

Growing Prevalence of Chronic and Infectious Diseases

The growth of the real-world evidence market would be positively influenced by the growing chronic and infectious diseases in population in developed as well as emerging regions. With the exponential growth of the geriatric population globally, it is predicted that the incidence of age-related diseases likely to increase significantly. The number of older people living in the U.S. in 2019 was about 54 million, according to the OECD. Huge and increasing geriatric populations also exist in other developed economies around the world.

The geriatric population in Germany accounts for about 21% of the population of the country. The risk of contracting diseases rises proportionately with age. For example, approximately 80% of the elderly population in the U.S. suffers from one chronic illness, according to Centers for Disease Control and Prevention. And by 2030, 60% of people aged 65 years or older are expected to be living with more than one chronic condition, according to American Medical Association. In the age group of 60 years and beyond, pneumonia is one of the deadly infectious diseases affecting the elderly population.

Restrains

Stringent Government Regulation to Hamper Market Growth

Real-world evidence business is highly regulated across the globe. The companies need to follow at both the federal and state level, regulatory frameworks, and guidelines. If any companies fail to comply with regulatory requirements, or if allegations are made that fail to comply, results of operations and financial condition could be adversely affected. To lawfully operate businesses, real-world evidence. Manufactures are required to obtain and hold permits, product registrations, licenses, and other regulatory approvals from, and to comply with operating and security standards of, numerous governmental bodies. For example, as a wholesale distributor of controlled substances, the companies must hold valid DEA registrations and state-level licenses, meet various security and operating standards and comply with the CSA. Failure to maintain or renew necessary permits, product registrations, licenses or approvals, or to comply with required standards, could have an adverse effect on results of operations and financial condition. These are the key factors hindering the market growth of global real-world evidence market.

Impact of COVID-19

The onset of novel coronavirus has affected the global economy besides affecting business operations. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nationwide lockdowns which had a major impact on industrial supply chains, trade, and related services. Industry players are currently considering digital solutions to serve the community and explore newfangled opportunities to do business.

Considering the spread of the virus to most countries as of the end of April 2020, the global growth forecast assumes that all countries experience disruptions to economic activity due to some combination of the above-mentioned factors. The disruptions are assumed to be concentrated mostly in the second quarter of 2020 for almost all countries except China (where it is in the first quarter), with a gradual recovery thereafter as it takes some time for production to ramp up after the shock. Countries experiencing severe epidemics are assumed to lose about 8% of working days in 2020 over the duration of containment efforts and subsequent gradual loosening of restrictions. Other countries are also assumed to experience disruptions to economic activity related to containment measures and social distancing, which, on average, are assumed to entail a loss of about 5 percent of working days in 2020 over the period of the shutdown and gradual reopening.

Global Real-World Evidence Market: by Therapeutic Area 

Based on the therapeutic area, the real-world evidence market is broadly categorized into oncology, immunology, neurology, cardiovascular disease, and other therapeutic areas the oncology segment has been accounted for the largest share of the real-world evidence market. 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 the World Health Organization (WHO), Cancer is the second leading cause of death globally, and is responsible for about 10 million deaths per year. Globally, about 1 in 6 deaths is due to cancer. There is also an increasing personalized medicine and a more precise requirement for oncology, which is expected to further fuel the market growth.

Global Real-World Evidence Solution Market: By End User

Based on end-user, the pharmaceutical & medical device companies segment accounted for the largest share of the real-world evidence market. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

                                                                                                  Source: BlueWeave Consulting

Real-World Evidence Solution Market: By Region

Geographically, the real-world evidence market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America North, wherein America accounted for the largest share of the real-world evidence market in 2020, followed by Europe and the Asia Pacific. The presence of a favorable regulatory environment, a high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, along with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real-world evidence market. The U.S. is expected to dominate the North American market, owing to a high demand in clinical research activities, which is one of the important factors augmenting the demand for real-world evidence solutions market in the North America region.

Competitive Landscape

New entrants have a much lower chance of succeeding as it is difficult to match the high capital requirements of the market’s leading players. Key players for real world evidence solutions market include Anthem, Inc., Clinigen Group plc, Cognizant Technology Solutions Corporation, International Business Machines (IBM) Corporation, ICON Public Limited, Quintiles IMS Holdings, Inc., UnitedHealth Group, Oracle Corporation, PAREXEL International Corporation, PerkinElmer, Inc., and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.

Recent Development

• On 29 March 2021, Clinigen the global pharmaceutical Products and Services Company, announced it had joined the Decentralized Trials and Research Alliance (DTRA). The DTRA consists of an alliance of life sciences and healthcare companies that seeks to accelerate the broad adoption of patient-focused, decentralized clinical trials and research.

• In July 2020, IQVIA Holdings, Inc. (U.S.) collaborated with JDRF to use non-identified patient-level, real-world data, and analytics to address unmet needs in the diabetes community

Scope of the Report

By Therapeutic Area

• Cardiovascular
• Oncology
• Immunology
• Others

By Component

• Data Set
  1.  Clinical Setting Data
  2.  Claims Data
  3.  Pharmacy
  4.  Patient Powered Data
• Services

By End-User

• OEM
• Aftermarket

By Component

• Medical Devices
• Payers
• Pharmaceuticals
• Providers

By Region

• Asia-Pacific
• North America
• Europe
• Middle East & Africa
• Latin America

1.       Research Framework

1.1.    Research Objective

1.2.    Market Overview

1.3.    Market Segmentation

2.       Research Methodology

2.1.    Qualitative Research

2.1.1. Primary & Secondary Research

2.2.    Quantitative Research

2.3.    Market Breakdown & Data Triangulation

2.3.1. Secondary Research

2.3.2. Primary Research

2.4.    Breakdown of Primary Research Respondents, By Region

2.5.    Assumption & Limitation

3.       Executive Summary

4.       Global Real-World Evidence Solution Market Insights

4.1.    DROC Analysis

4.1.1. Growth Drivers

4.1.2. Restraints

4.1.3. Opportunities

4.1.4. Challenges

4.2.    Recent Development

4.3.    Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Intensity of Rivalry

4.4.    Industry Value Chain Analysis

5.       Global Real-World Evidence Solution Market Overview

5.1.    Market Size & Forecast by Value, 2016-2027

5.1.1. By Value (USD Million)

5.2.    Market Share & Forecaste

5.2.1. By Therapeutic Area

5.2.1.1.              Cardiovascular

5.2.1.2.              Oncology

5.2.1.3.              Immunology

5.2.1.4.              Others

5.2.2.  By Component

5.2.2.1.              Data Set

5.2.2.1.1.                    Clinical Setting Data

5.2.2.1.2.                    Claims Data

5.2.2.1.3.                    Pharmacy

5.2.2.1.4.                    Patient Powered Data

5.2.2.2.              Services

5.2.3. By End-User

5.2.3.1.              Medical Devices

5.2.3.2.              Payers

5.2.3.3.              Pharmaceuticals

5.2.3.4.              Providers

5.2.4. By Region

5.2.4.1.           North America

5.2.4.2.           Europe

5.2.4.3.           Asia Pacific

5.2.4.4.           Latin America

5.2.4.5.           Middle East & Africa

6.       North America Real-World Evidence Solution Market  

6.1.    Market Size & Forecast by Value, 2016-2027

6.1.1. By Value (USD Million)

6.2.    Market Share & Forecast

6.2.1. By Therapeutic Area

6.2.2. By Component

6.2.3. By End-User

6.2.4. By Country

6.2.4.1.           United States

6.2.4.2.           Canada

6.2.4.3.           Rest of North America

7.       Europe Real-World Evidence Solution Market

7.1.    Market Size & Forecast by Value, 2016-2027

7.1.1. By Value (USD Million)

7.2.    Market Share & Forecast

7.2.1. By Therapeutic Area

7.2.2. By Component

7.2.3. By End-User

7.2.4. By Country

7.2.4.1.              Germany

7.2.4.2.              France

7.2.4.3.              United Kingdom

7.2.4.4.              Italy

7.2.4.5.              Rest of Europe

8.       Asia Pacific Real-World Evidence Solution Market

8.1.    Market Size & Forecast by Value, 2016-2027

8.1.1. By Value (USD Million)

8.2.    Market Share & Forecast

8.2.1. By Therapeutic Area

8.2.2. By Component

8.2.3. By End-User

8.2.4. By Country

8.2.4.1.           China

8.2.4.2.           India

8.2.4.3.           Japan

8.2.4.4.           Rest of Asia Pacific

9.       Latin America Real-World Evidence Solution Market

9.1.    Market Size & Forecast by Value, 2016-2027

9.1.1. By Value (USD Million)

9.2.    Market Share & Forecast

9.2.1. By Therapeutic Area

9.2.2. By Component

9.2.3. By End-User

9.2.4. By Component

9.2.5. By Country

9.2.5.1.           Brazil

9.2.5.2.           Mexico

9.2.5.3.           Argentina

9.2.5.4.           Rest of Latin America

10.   Middle East & Africa Real-World Evidence Solution Market

10.1.  Market Size & Forecast by Value, 2016-2027

10.1.1.                     By Value (USD Million)

10.2.          Market Share & Forecast

10.2.1.                     By Therapeutic Area

10.2.2.                     By Component

10.2.3.                     By End-User

10.2.4.                     By Component

10.2.5.                     By Country

10.2.5.1.             Saudi Arabia

10.2.5.2.             UAE

10.2.5.3.             South Africa

10.2.5.4.             Rest of Middle East & Africa

11.   Competitive Landscape

11.1.          List of Key Players and Their Offerings

11.2.          Market/Ranking Share Analysis

11.3.          Competitive Benchmarking, By Operating Parameters

12.   Impact of COVID on Global Real-World Evidence Solution Market

12.1.  Impact On Overall Real-World Evidence Solution Industry

12.2.  Impact On End-Users

13.   Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, SWOT Analysis and Strategic Outlook) *

13.1.          Anthem, Inc.

13.2.          Clinigen Group plc

13.3.          Cognizant Technology Solutions Corporation

13.4.          International Business Machines (IBM) Corporation

13.5.          ICON Public Limited

13.6.          Quintiles IMS Holdings, Inc.

13.7.          UnitedHealth Group

13.8.          Oracle Corporation

13.9.          PAREXEL International Corporation

13.10.      PerkinElmer, Inc.

13.11.      Other Prominent Players

List of Figures

List of Tables

Table: Global Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: Global Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: Global Real-World Evidence Solution Market Size, By End-User, By Value, 2016-2027

Table: Global Real-World Evidence Solution Market Size, By Region, By Value, 2016-2027

Table: North America Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: North America Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: North America Real-World Evidence Solution Market Size, By End-User, By Value, 2016-2027

Table: North America Real-World Evidence Solution Market Size, By Country, By Value, 2016-2027

Table: Europe Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: Europe Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: Europe Real-World Evidence Solution Market Size, By End-User, By Value, 2016-2027

Table: Europe Real-World Evidence Solution Market Size, By Country, By Value, 2016-2027

Table: Asia-Pacific Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: Asia-Pacific Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: Asia-Pacific Real-World Evidence Solution Market Share, By End-User, By Value, 2016-2027

Table: Asia-Pacific Real-World Evidence Solution Market Size, By Country, By Value, 2016-2027

Table: Latin America Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: Latin America Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: Latin America Real-World Evidence Solution Market Share, By End-User, By Value, 2016-2027

Table: Latin America Real-World Evidence Solution Market Size, By Country, By Value, 2016-2027

Table: Middle East & Africa Real-World Evidence Solution Market Size, By Therapeutic Area, By Value, 2016-2027

Table: Middle East & Africa Real-World Evidence Solution Market Size, By Component, By Value, 2016-2027

Table: Middle East & Africa Real-World Evidence Solution Market Share, By End-User, By Value, 2016-2027

Table: Middle East & Africa Real-World Evidence Solution Market Size, By Country, By Value, 2016-2027

Table:  Anthem, Inc. Financial Analysis

Table:   Clinigen Group plc Financial Analysis

Table:   Cognizant Technology Solutions Corporation. Financial Analysis

Table:   International Business Machines (IBM) Corporation Financial Analysis

Table:   ICON Public Limited. Financial Analysis

Table:   UnitedHealth GroupFinancial Analysis

Table:   Oracle Corporation, Inc Financial Analysis

Table:   Quintiles IMS Holdings, Inc.Financial Analysis

Table:   PAREXEL International Corporation Financial Analysis

Table:   PerkinElmer, Inc. Financial Analysis