New York, NY, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Real World Evidence Solutions Market by Component (Data Sets and Services), by Therapeutic Area (Oncology, Cardiovascular Disease, Neurology, Immunology, and Others), and by End-Users (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2026”. According to the report, global real world evidence solutions market was valued at approximately USD 610.00 million in 2017 and is expected to generate revenue of around USD 1,954.00 million by end of 2026, growing at a CAGR of around 13.8% between 2018 and 2026.
Evidence derived from the aggregation and analysis of real world data elements. This data is used for decision-making and is not collected through traditional randomized controlled clinical trials (RCTs). Real world data is for validation of research efficiency, adaptive pathways, and value-based healthcare method.
Browse through 72 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Real World Evidence Solutions Market Size, Share, Trends Analysis and Forecast, 2017 - 2026”.
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The scenario of data collection is changing day by day. The demographic development and profile together with rising treatment potential lead to a lot of challenges to augment the productivity of healthcare. To face these problems, many technology management strategies concerning the organization, process, function, and applications have been projected and implemented. To get the productivity dive, technology will play a key role, as is the case in the manufacturing industry, and the evolution of electronic health records are revolutionizing the prospective availability and use of real world data sources to improve healthcare sector. On the other hand, the traditional RCT (randomized controlled trial) evidence may get reduced due to less patient population thus making it tough to design studies, coupled with rising cost of per-patient and set up costs of conducting randomized controlled trials. The pragmatic clinical trials (PCTs), which coalesce randomization with real world status has been growing with the significant use of regular data sources to record patient outcomes and events, size and feasibility, transforming the costs of such trials. This shifting environment is offering new prospects for the use of real world evidence in healthcare industries. Moreover, the notable advantages associated with EHR system and financial incentives by governments of various countries are amongst the main boosting factor for the growth of real world evidence solutions market, all over the world. In the U.S. around 90% of physicians use electronic health records for data collection.
Based on the component, the market is segmented into data sets and services. Owing to advantages such as low deployment costs, ease of availability, automatic data back-up, and rising dependence on patient outcome based studies the dataset segment dominates by component for real world evidence solutions market. The dataset segment is further sub-segmented into clinical setting data, claims data, pharmacy data, and patient-powered data. Among which clinical setting data segment contribute for the largest segment and anticipates maintaining its dominance throughout the forecast period.
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By therapeutic area, the global real world evidence solutions market is classified into oncology, cardiovascular disease, neurology, immunology, and others. Among which, the oncology segment accounted for the largest market share, owing to the rising prevalence of cancer coupled with increasing more personalized and more precise requirement for oncology.
By end-user, the market is segmented as pharmaceutical and medical device companies, healthcare payers, healthcare providers, and others. Among which pharmaceutical and medical device companies segment contribute for the largest market share of global real world evidence solutions market. Increasing adoption of the real use of precision medicines and rising patient engagement for precise drug development will boost the market for pharmaceutical and medical device companies during the forecast period. Furthermore, the high adoption rate of healthcare automation system solutions due to the high purchasing power of large pharmaceutical and medical device companies is increasing the requirement for the real world evidence solutions in the end-user segment. Healthcare payers market is another leading segment of real world evidence solutions market and is expected to have a significant growth in the near future.
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North America dominates the real world evidence solutions market due to a favorable government framework, increasing prevalence of chronic diseases, adoption of precision medicines, and a high number of RWE service providers. The U.S. is expected to dominate the North America market, owing to a high demand in clinical research activities, which is one of the important factors augmenting the demand of real world evidence solutions market in the North America region.
Europe is the second largest regional market and is expected to show significant growth in the years to come due to increasing adoption of electronic health records by the medical professionals, which is one of the major sources of real world data collection. Europe has a maximum focus on the issue of healthcare quality and efficiency. High geriatric population coupled with the increased prevalence of chronic diseases such as cancer makes use of a larger proportion of health care resources is increasing the demand for the real world evidence solutions. The U.K dominates the European RWE market owing to extensive clinical trials and a large number of Phase III and IV drugs in the pipeline. Real world data, together with analytics tools, serve an opportunity for pulling out information for the most effective results across large population which will further propel the growth real world evidence solutions market in the region.
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The Asia Pacific market is projected to have the highest CAGR during the forecast period. Market growth is particularly expected in China, India, and other emerging countries where the market penetration of the healthcare IT sector is anticipated to be the highest. China is the world’s second largest pharmaceutical market. And in the last few years, China has seen a rapid growth of new drugs in the pipeline. Moreover, the management of a large patient pool in the region will fuel the market growth over the forecast period.
The Latin America and the Middle East and Africa holds the least growth in comparison to another region, due to lack of growth and adoption of healthcare IT in this region. Thus, all the aforementioned parameters are expected to propel the market growth globally.
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Some of the key players in real world evidence solutions market include IQVIA, International Business Machines Corporation, ICON, PAREXEL, Pharmaceutical Product Development, Optum, Cognizant, Oracle, SAS, Syneos Health, Clinigen Group, Palantir Technologies, and Flatiron Health, among others. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their component portfolio.
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This report segments the global real world evidence solutions market as follows:
Global Real World Evidence Solutions Market: Component Segment Analysis
- Data Sets
- Clinical Setting Data
- Claims Data
- Pharmacy Data
- Patient Powered Data
- Services
Global Real World Evidence Solutions Market: Therapeutic Area Segment Analysis
- Oncology
- Cardiovascular Disease
- Neurology
- Immunology
- Others Therapeutic Areas
Global Real World Evidence Solutions Market: End-user Segment Analysis
- Pharmaceutical and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Others
Global Real World Evidence Solutions Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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