Global Real World Evidence (RWE) Solutions Market Based on Component: (Services, Data Sets, Clinical Setting Data) Based on Therapeutic Area: (Oncology, Cardiovascular, Other Therapeutic Area) Based on End-Users: (Healthcare Providers, Healthcare Payers, Other End Users) by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Real World Evidence (RWE) Solutions Market Overview:

The global real-world evidence/RWE solutions market is projected to reach a valuation of USD 5,671.07 Mn by 2032 at a CAGR of 13.5%, from USD 1,598.48 Mn in 2022.

Every day, new devices and devices with new features are launched. The plethora of Real World Evidence (RWE) that has been collected to help us make informed decisions on these devices has become essential.

Real-world evidence or RWE is the use of data collected from large groups of patients in real-world settings to support medical decision-making. The “real world” refers to all areas outside a traditional clinical trial setting which includes different patient populations, treatments, and dosing schedules. RWE is increasingly being used as an effective tool to generate evidence for healthcare stakeholders to support treatment decisions.

With the growing number of patients and limited medical personnel, the cost of healthcare is continually on the rise. In order to stay competitive in this market, healthcare providers must find new ways to keep costs down and work towards more efficient ways of reaching their goals. Real-world evidence solutions help hospitals receive insights on how to improve processes in order to decrease personnel hours spent on routine tasks, which in turn decreases overall costs.

Global Real World Evidence/RWE Solutions Market Revenue (USD Mn), 2021–2031:

Traditional pharmacovigilance tools (such as the Periodic Benefit-Risk Evaluation Report, Periodic Safety Update Report, and Vaccine Adverse Event Reporting System) as well as newer digital tools, such as the FDA Sentinel Initiative, a post-market active safety surveillance system, are used by regulators to monitor the safety of marketed products. RWE is presently being utilized in pre-approved efficacy decisions, and it has the potential to be used more widely in oncology, to treat uncommon diseases, and for pediatric ailments where randomized controlled clinical trials are impractical or unethical to execute.

Legislators are also understanding the importance of RWE. The United States’ 21st Century Cures Act, passed in December 2016, established public-private partnerships to collect data and increase illness understanding. It also promotes patient-centered medication research and has updated the design and review of clinical studies. Regulators are also expressing a wish to make RWE a significantly bigger part of their operations. This is reflected in the FDA’s efforts to build a single system to monitor the safety of medical products by combining data from electronic medical records, claims data, and registries.

Similarly, the National Institutes of Health (NIH) established a common fund to develop infrastructure, operational knowledge, and capacity for “pragmatic research,” which integrates electronic health records and other real-world data into large-scale distributed research networks to allow researchers to more easily identify a network of interest and speed-up studies.

A fundamental difficulty in this sector is the lack of globally acknowledged rules or principles for the design, conduct, analysis, and reporting of RWE. Because of this lack of agreement, RWE is frequently not considered of adequate quality to be included in the body of data used to compare the efficacy of various treatment choices. This reduces the incentive to generate information by lowering the potential value of the information produced. Furthermore, important players are hesitant to adopt RWE as a result of this.

The healthcare ecosystem is always evolving. Globally, “value” is being scrutinized more closely as healthcare finance players look for innovative ways to deal with the burden of unsustainable costs and low ROI or return on investment. Companies require robust evidence lifecycle management capability to prove value. This has opened the door for an end-to-end strategy to leverage a life sciences organization’s data, evidence, and knowledge assets, breaking down traditional silos and enabling insight-driven decision-making from R&D to product commercialization. Establishing an effective governance plan, using technologies like cloud and self-service analytics, and offering the capacity to combine data sets and comprehend relevant resources for the required analytics are all part of this (and tactical issues around data access and quality).

Frontage Labs, ICON Plc, and ACM Global Laboratories are currently offering end-to-end RWE and late-phase services including research planning, protocol preparation, clinical study management, and reporting. The increased need for complete evidence services throughout the product lifecycle is likely to give RWE vendors the opportunity to boost their investments through the entire drug development cycle.

This research report on the global real-world evidence/RWE solutions market includes major company profiles such as:

• Frontage Labs
• ICON plc
• ACM Global Laboratories
• Cerba Research
• Sonic Clinical Trials
• Celerion
• CIRION BioPharma Research Inc.
• Clinical Reference Laboratory Inc.
• Labcorp Drug Development
• Eurofins Scientific
• Others

The Global Real World Evidence/RWE Solutions Market Segmentation is Based on Component, Therapeutic Area, End-User, and Region

Based on Component

• Services
• Data Sets
• Clinical Setting Data
• Claims Data
• Pharmacy Data
• Patient Powered Data

Based on Therapeutic Area

• Oncology
• Cardiovascular
• Neurology
• Immunology
• Other Therapeutic Area

Based on End-Users

• Pharmaceutical and Medical Devices Companies
• Healthcare Providers
• Healthcare Payers
• Other End Users

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

For the Real World Evidence Solutions Market research study, the following years have been considered to estimate the market size: