Allied Market Research published a report, titled, “Real World Evidence Solutions Market by Components (Data Sets, Consulting Services), by Application (Market Access and Reimbursement Coverage Decisions, Drug Development and Approvals, Post Market Surveillance, Medical Device Development and Approvals, Others), by End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global real world evidence solutions industry was estimated at $1.4 billion in 2021, and is anticipated to hit $5.0 billion by 2031, registering a CAGR of 13.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscape.
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Covid-19 scenario-
The outbreak of the pandemic led to strategic use of real-world evidence to support evidence generation for regulatory approval of clinical trials. In this regard, RWE solutions were proven to be very helpful, as they allowed healthcare providers to safely analyze patient health-related data from remote locations with the help of advanced tools & software. The real world evidence solutions also aided in conducting online surveys with the help of mobile applications. These factors impacted the global market positively.
Furthermore, rapid spread of the disease resulted in advanced medical devices and tools. This, in turn, heightened the adoption of RWE solutions for data analysis and smooth conduct of drug development process in the coming years as well.
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Real World Evidence Solutions Market Segments and Sub-segments:
By components, the data sets segment contributed to more than three-fifths of the global real world evidence solutions market share in 2021, and is expected to lead the trail by 2031. The same segment is also expected to register the fastest CAGR of 14.3% from 2022 to 2031. This is attributed to rise in the prevalence of chronic and autoimmune disorders and increase in adoption of artificial intelligence-based RWE solutions by pharma companies.
Based on application, the market access and reimbursement coverage decisions segment generated nearly one-third of the global viral clearance market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also grow at the fastest CAGE of 14.5% by 2031. The other segments analyzed in the report include drug development and approvals, post market surveillance, and medical device development and approvals.
By end-user, the pharmaceutical and medical device companies segment held more than two-fifths of the global real world evidence solutions market revenue in 2021, and is expected to lead the trail by 2031. The same segment is also expected to cite the fastest CAGR of 14.7% during the forecast period. Increase in the incidence of chronic diseases and surge in R&D activities propel the growth of the segment growth.
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Based on region, North America held the major share in 2021, generating around two-fifths of the global real world evidence solutions market. Rise in demand for real-world evidence-based solutions, the shift toward value-based care services, and several strategies adopted by the market players for product development drive the market growth. The Asia-Pacific region, simultaneously, would garner the fastest CAGR of 14.8% by 2031. Surge in the geriatric population and increase in the prevalence of cancer & other chronic diseases across the region fuel the market growth.
Key Findings Of The Study
By component, the datasets segment was the highest contributor to the market in 2021.
By application, the market access and reimbursement/coverage decisions segment was the highest contributor in 2021.
By end user, the pharmaceutical and medical device companies dominated the market in 2021 and is expected to continue this trend during the forecast period.
By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
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