Real-world evidence (RWE) refers to data derived from various sources, such as electronic health records, medical claims and billing databases, patient-generated data, and social media, among others. This data is used to provide insights into the safety, effectiveness, and value of medical interventions in real-world clinical settings. Their applications have reached various segments of healthcare such as clinical trials, post-marketing surveillance, health economics & Outcome research, and real-time decision-making. Further, RWE solutions have the potential to transform healthcare by providing insights into the safety, efficacy, and value of medical interventions in real-world settings.
The need for more comprehensive and accurate data about the safety and effectiveness of medical interventions with real-world data. Conventional clinical trials have limitations in terms of sample size, patient diversity, and generalizability, and may not reflect the real-world experience of patients. There arise ways to overcome these challenges that are provided by RWE solutions providing insights into how treatments work in the real world, beyond the controlled environment of clinical trials. This data can inform clinical decision-making, help pharmaceutical companies optimize drug development, and inform regulatory decisions.
During the COVID-19 pandemic, the requirement for RWE solutions has elevated, as healthcare providers and policymakers seek to understand how the virus affects patients and how best to treat it. RWE has been used extensively in COVID-19 research, from identifying risk factors for severe disease to evaluating the effectiveness of different treatments. Overall, the increasing demand for RWE solution services is being driven by a growing recognition of the importance of real-world data in healthcare to make pragmatic decisions. As healthcare becomes more and more data-driven, the demand for RWE solutions is expected to continue to grow in the upcoming years.
Global Real-World Evidence (RWE) Solutions Market has reached a value of $1.5 billion in 2022. This market is expected to grow from $1.7 billion in 2023 to $4.85 billion in 2030 with a CAGR of 15.8% in the forecast of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are components such as Services, Disparate Data Sets including Claims, Clinical, Pharmacy, Patient, applications involving Oncology, Cardiovascular, Neurology, and Immunology, and end-users such as Pharma, MedTech, Payers, and Providers. The globally leading market players in the market of real-world evidence solutions are IQVIA Holdings Inc., IBM Corporation, OPTUM Inc, Icon Plc, Syneos Health Inc., and Parexel International Corporation.
The service part of this market has significant growth among all other segments. Since there is an enormous requirement in converting data into realistic evidence that supports the delays in the drug development process and the demand to handle or maintain the enormous volume of healthcare data. Real-world evidence service providers usually collaborate with subject matter experts of respective areas such as pharmaceutical & medical devices to calibrate or evaluate the data and provide practical solutions. Further, derive the statistical insight by utilizing the analytical ability. Thus, it enhances the value of the real-world evidence solutions market as expected in the coming years.
The North American region is experiencing significant growth in the healthcare market, driven by factors such as a favorable regulatory environment, a high number of real-world evidence (RWE) service providers, and a well-established pharmaceutical industry. The COVID-19 pandemic has highlighted the importance of real-world data in understanding and responding to diseases, and collaborations such as the one between the FDA and Aetion are expected to drive further growth in this area.
Additionally, the rising number of cancer cases in the United States is creating opportunities for market players, who are focusing on R&D activities to bring new therapies to the market. Real-world data is also being used to improve patient outcomes, from drug development to value-based care. Alberta, Canada, has one of the largest and most comprehensive healthcare data depositories, making it a potential global leader in real-world evidence generation. The formation of the Alberta RWE Consortium is expected to further drive the growth of the real-world evidence solutions market.
Real-world evidence can be used to demonstrate the value of treatments and interventions in real-world settings. Companies should focus on generating evidence that is relevant to payers, regulators, and healthcare providers, and can be used to support market access and reimbursement decisions. The generation of real-world data sets increasing drastically in the healthcare system which improves the need of segregating efficient & high-quality data among them to provide real-world evidence. Hence, it is recommended the company must invest in building a robust data infrastructure that can collect, process, and analyze data from multiple sources. This will help to ensure that the evidence generated is reliable and can be used to inform clinical decisions. Incorporating new technologies, evolving new strategies, and effective collaboration with healthcare providers, payers, patients, and regulators to analyze these data and derive strategical decisions made the real-world evidence solutions market grow at its peak as predicted in the forecast period.