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

Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 Global Real-World Evidence Solution Market- Industry Trends & Forecast Report 2027 Summary Global Real-World Evidence Solution Market, By Therapeutic Area (Cardiovascular, Oncology, Immunology, others); By Component (Dataset and Services); By End User (Medical Devices, Payers, Pharmaceuticals, Providers); By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, 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, aging population and prevalence of chronic diseases and delays in drug development, and the subsequent increase in development costs. Besides, 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, among others, that helps in the growth of the overall market. View report Press release Sample report Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 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. 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 Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 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 Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 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. 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. Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 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 Attribute Details Years Considered Historical data – 2016-2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, , China, India, Argentina, UAE, South Africa, Saudi Arabia Product/Service Segmentation By therapeutic area, component, end-user, and region Key Players Key Players for Market Includes: - Real World Evidence Solutions Market 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, Other Prominent Players By Therapeutic Area Ø Cardiovascular Ø Oncology Ø Immunology Ø Others Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 By Component Ø Data Set Ø Clinical Setting Data Ø Claims Data Ø Pharmacy Ø Patient Powered Data Ø Services By End-User Ø OEM Ø Aftermarket By Component Ø Medical Devices Ø Payers Ø Pharmaceuticals Ø Providers By Region Ø The Asia-Pacific Ø North America Ø Europe Ø The Middle East & Africa Ø Latin America Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027 Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027