Global Real-World Evidence Solutions Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.47 Billion |
| Market Size (2029) | USD 2.31 Billion |
| CAGR (2024 - 2029) | 9.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Real-World Evidence Solutions Market Analysis
The Global Real-World Evidence Solutions Market size is estimated at USD 1.47 billion in 2024, and is expected to reach USD 2.31 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
The growing initiatives by the government, coupled with research and development investments, are expected to increase the adoption of real-world evidence services and software for developing pharmaceuticals and medical devices more efficiently by reducing cost and time, which will drive the market during the forecast period.
For instance, in September 2023, Anvisa (Agência Nacional de Vigilância Sanitária), the Brazilian health regulatory agency, reported the publication of new guidance to support companies using RWE to support drug safety and effectiveness. The guide details the best practices for collecting and analyzing real-world data (RWD) that Anvisa can consider appropriate.
In December 2023, the US Food and Drug Administration (FDA) issued a draft guidance to provide clarity on how the FDA assesses real-world data (RWD) to ascertain the quality of producing real-world evidence (RWE). This evidence can be utilized in FDA regulatory decision-making for medical devices. Hence, such government regulatory bodies' initiatives are expected to increase the adoption of real-world evidence solutions, which ultimately drive the market during the forecast period.
Also, the increasing technological advancements, such as the incorporation of artificial intelligence and machine learning algorithms in real-world evidence solutions, are expected to increase the accessibility and affordability of RWD solutions and drive the market during the forecast period.
For instance, in April 2024, Parexel, a clinical research organization (CRO), and Palantir Technologies Inc. entered a multi-year strategic partnership to leverage AI to improve clinical trial execution and advance the offerings in real-world evidence, advanced analytics, and health outcomes. Hence, such collaborations are expected to increase the launch of new technologically advanced real-world evidence solutions, which ultimately drive the market during the forecast period.
In conclusion, the growing government initiatives and increasing technological advancements in real-world evidence solutions are expected to drive the market during the forecast period. However, a lack of skilled professionals is expected to restrain the market during the forecast period.
Global Real-World Evidence Solutions Market Trends
The Oncology Segment is Expected Hold Significant Market Share During the Forecast Period
Real-world data (RWD), the data relating to cancer patient's health status and routinely collected in the delivery of healthcare, can provide critical evidence about care and outcomes across cancer treatment. The number of cancer clinical research studies is significant, with increasing initiatives from regulatory bodies to promote the adoption of real-world evidence solutions and growing strategic activities by key players.
The significant clinical trials in the oncology field increase the demand for real-world evidence solutions for designing and conducting confirmatory trials, which will drive the market during the forecast period. For instance, according to Clinicaltrials.gov, updated data from August 2024, around 108.1 thousand oncology clinical trials are performed worldwide. Hence, a significant number of oncology clinical trials are expected to increase the demand for real-world evidence solutions, which will ultimately drive the market segment during the forecast period.
Also, increasing strategic activities, such as collaborations and acquisitions, are expected to drive the market segment during the forecast period. For instance, in December 2023, ConcertaAI, an oncology real-world data (RWD) and quality of care technology services provider, reported the acquisition of the CancerLinQ, previously under the wing of the American Society of Clinical Oncology (ASCO). This partnership aims to build on CancerLinQ’s original 2013 mission of leveraging RWD, analytics, advanced AI, and other technologies to elevate cancer care and expedite clinical research.
Similarly, in December 2023, BC Platforms, a healthcare data management and analytics company, reported the acquisition of Medexprim, a European real-world data company. This acquisition aims to improve the real-world clinical and imaging Datasets to accelerate precision medicine, focusing on oncology, neurology, cardiology, and rare diseases. Hence, such strategic activities by key players are expected to increase the launch of novel real-world evidence solutions in the market, which ultimately drive the studied market over the forecast period.
Hence, the increasing clinical trials in oncology and rising strategic activities, such as acquisitions by key players, are expected to drive the market during the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
The geographical analysis of the real-world evidence solutions market shows that North America holds a significant market share in the global market. This is due to the increasing adoption of digital solutions in hospitals, advanced healthcare infrastructure, growing government initiatives, and increasing strategic activities by the key players.
The growing government initiatives to improve the adoption of real-world evidence solutions are expected to drive the market in the region. For instance, in June 2023, the US Food and Drug Administration launched the Oncology Center of Excellence Real World Evidence Program (OCE RWE) to engage in evidence development modernization through scientific collaboration and policy development to advance the appropriate fit-for-purpose application of RWD to generate RWE for regulatory purposes. The OCE RWE program focuses on evolving scientific knowledge and rigorous methodological use of RWD to advance the development of oncology products in pre- and post-approval settings.
Hence, such initiatives by government regulatory bodies are expected to increase the adoption of real-world evidence and drive the market during the forecast period.
Also, the increasing strategic activities in the region are expected to drive the market during the forecast period. For instance, in April 2023, Cerner Enviza, an Oracle company, and John Snow Labs collaborated with the US Food and Drug Administration to develop advanced AI applications for enhancing drug safety and conducting studies based on RWE.
Similarly, in May 2024, Exactis Innovation, the National Centre of Excellence in Personalized Medicine in Canada, and Peripharm, a Canadian company specializing in pharmacoeconomics and outcomes research, reported the collaboration to establish a comprehensive resource hub for real-world evidence (RWE) studies. Hence, such a strategic partnership is expected to drive demand for real-world evidence solutions, which ultimately drive the market during the forecast period.
Hence, the growing government regulatory bodies' initiatives for increasing the adoption of RWE solutions and rising strategic activities such as collaboration by key players in North America are expected to drive the market during the forecast period.
Global Real-World Evidence Solutions Industry Overview
The real-world evidence solutions market is fragmented due to the entry of new players and an increasing number of new startups in the field. The major players in the market are adopting various strategic activities such as mergers and acquisitions, collaborations, partnerships, and collaborations to strengthen their geographical presence and expand their global customer base. Some of the key players in the market are IQVIA Inc., IBM, Lindus Health Limited, ICON PLC, and Oracle.
Global Real-World Evidence Solutions Market Leaders
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IQVIA Inc
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IBM
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Lindus Health Limited
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ICON plc
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Oracle
*Disclaimer: Major Players sorted in no particular order
Global Real-World Evidence Solutions Market News
- July 2024: HealthVerity, a real-world data (RWD) technologies provider, and Castor, a provider of decentralized and hybrid clinical trial solutions, entered a strategic partnership to streamline the synchronization of clinical trial and real-world data throughout the clinical research stages.
- May 2024: Omega Healthcare released the details of poster sessions co-presented with partners Memorial Sloan Kettering Cancer Center (MSK) and Dana-Farber Cancer Institute (DFCI) at the AACR Annual Meeting 2024. The sessions described how MSK and DFCI partnered with Omega Healthcare to deliver high-quality, real-world data (RWD) for 6,000+ cancer patients as part of the AACR Project GENIE Biopharma Collaborative (BPC).
Global Real-World Evidence Solutions Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Government Initiatives Boosting Adoption of Real World Evidence Solutions Coupled With Surge in R&D Investments
4.2.2 Growing Adoption of Technological Innovations in Real World Evidence Solutions
4.3 Market Restraints
4.3.1 Lack of Presence of Standardized Regulations Coupled Shortage of Skilled Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Component
5.1.1 Services
5.1.2 Data Sets
5.1.2.1 Clinical Settings Data
5.1.2.2 Claims Data
5.1.2.3 Pharmacy Data
5.1.2.4 Patient Powered Data
5.1.2.5 Other Components (Disease Registries, Electronic Health Records, and Other Components)
5.2 By Therapeutic Area
5.2.1 Oncology
5.2.2 Cardiology
5.2.3 Diabetes
5.2.4 Neurology
5.2.5 Psychiatry
5.2.6 Other Therapeutic Areas (Orthopedics, Respiratory, and Other Therapeutic Areas)
5.3 By Application
5.3.1 Drug Development and Approvals
5.3.2 Medical Device Development and Approvals
5.3.3 Pharmacovigilance Studies
5.3.4 Regulatory Decision-making and Reimbursement/Coverage
5.4 By End User
5.4.1 Pharmaceutical and Medical Device Companies
5.4.2 Clinica Research Organization
5.4.3 Healthcare Providers
5.4.4 Other End Users
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East and Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East and Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IQVIA Inc.
6.1.2 IBM
6.1.3 Lindus Health Limited
6.1.4 ICON PLC
6.1.5 Oracle
6.1.6 Syneos Health
6.1.7 Verto Healthcare
6.1.8 Medspace
6.1.9 Thermo Fisher Scientific Inc. (CorEvitas)
6.1.10 TriNetX LLC
6.1.11 Optum Inc.
6.1.12 PerkinElmer Inc.
6.1.13 Flatiron Health
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Global Real-World Evidence Solutions Industry Segmentation
As per the scope of the report, real-world evidence (RWE) is the clinical evidence about the usage and potential benefits or risks of a medical product derived from analysis of real-world data (RWD).
The real-world evidence solutions market is segmented into components, therapeutic areas, applications, end users, and geography. By component, the market is segmented into services and data sets (clinical setting data, claims data, pharmacy data, patient-powered data, and other components (disease registries and electronic health records). By therapeutic area, the market is segmented into oncology, cardiology, diabetes, neurology, psychiatry, and other therapeutic areas (orthopedics and respiratory). By application, the market is segmented into drug development and approvals, medical device development and approvals, pharmacovigilance studies, and regulatory decision-making and reimbursement/coverage. By end user, the market is segmented into pharmaceutical and medical device companies, clinical research organizations, and healthcare providers. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for the above segments.
| By Component | |||||||
| Services | |||||||
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| By Therapeutic Area | |
| Oncology | |
| Cardiology | |
| Diabetes | |
| Neurology | |
| Psychiatry | |
| Other Therapeutic Areas (Orthopedics, Respiratory, and Other Therapeutic Areas) |
| By Application | |
| Drug Development and Approvals | |
| Medical Device Development and Approvals | |
| Pharmacovigilance Studies | |
| Regulatory Decision-making and Reimbursement/Coverage |
| By End User | |
| Pharmaceutical and Medical Device Companies | |
| Clinica Research Organization | |
| Healthcare Providers | |
| Other End Users |
| Geography | ||||||||
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Global Real-World Evidence Solutions Market Research FAQs
How big is the Global Real-World Evidence Solutions Market?
The Global Real-World Evidence Solutions Market size is expected to reach USD 1.47 billion in 2024 and grow at a CAGR of 9.40% to reach USD 2.31 billion by 2029.
What is the current Global Real-World Evidence Solutions Market size?
In 2024, the Global Real-World Evidence Solutions Market size is expected to reach USD 1.47 billion.
Who are the key players in Global Real-World Evidence Solutions Market?
IQVIA Inc, IBM, Lindus Health Limited, ICON plc and Oracle are the major companies operating in the Global Real-World Evidence Solutions Market.
Which is the fastest growing region in Global Real-World Evidence Solutions Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Real-World Evidence Solutions Market?
In 2024, the North America accounts for the largest market share in Global Real-World Evidence Solutions Market.
What years does this Global Real-World Evidence Solutions Market cover, and what was the market size in 2023?
In 2023, the Global Real-World Evidence Solutions Market size was estimated at USD 1.33 billion. The report covers the Global Real-World Evidence Solutions Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Real-World Evidence Solutions Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Real-World Evidence Solutions Industry Report
The Real-world Evidence Solutions Market report provides a comprehensive industry overview, offering insights into market size, market share, and market growth. The report is segmented by component, therapeutic area, end user, and geography, providing a detailed industry analysis. The market segmentation includes claims data, clinical settings data, patient-powered data, pharmacy data, and other components. Therapeutic areas covered include oncology, immunology, neurology, cardiovascular disease, and other therapeutic areas. End users include healthcare payers, healthcare providers, pharmaceutical and medical device companies, and other end users.
The industry report offers a market forecast outlook, providing valuable industry information and industry statistics. The report includes market data and market predictions, highlighting market trends and market leaders. The industry research covers the global market, with a focus on North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The market review and market outlook provide insights into market value and market segmentation.
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This industry analysis is essential for understanding the market size, market share, and market value, offering a detailed market overview and market predictions. The report provides a comprehensive review of the industry, including industry trends and market data. The industry statistics and market forecast offer valuable insights into the market outlook, helping stakeholders make informed decisions. The report PDF is an essential tool for research companies and industry stakeholders, providing a detailed analysis of the global Real-world Evidence Solutions Market.
