Action required: Please refresh your browser
We have recently implemented some changes that require a hard refresh of your browser: Please hold down the CTRL-key and press the F5 key.
After a successful hard refresh, this message should not appear anymore.
More details about this topic are available here »
Real World Evidence (RWE) Solutions Research Report 2024: Global Market to Reach $4.5 Billion by 2029, Driven by Upsurging Shift from Volume to Value-based Care | ||
By: PR Newswire Association LLC. - 20 Mar 2024 | Back to overview list |
|
DUBLIN, March 20, 2024 /PRNewswire/ -- The "Global Real World Evidence Solutions Market by Component (Services, Disparate Data Sets (Clinical), Application (Drug and Medical Device Development and Approvals), Mode of Deployment, Revenue Model, End-users, & Region, Business Model - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The global Real-World Evidence Solutions market is projected to reach USD 4.5 Billion by 2029 from USD 2 billion in 2024, at a CAGR of 16.5% from 2024 to 2029 This report studies the Real-World Evidence Solution market based on components, application, end user, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The growth of the market is fuelled by an upsurging shift from volume to value-based care and rise in geriatric population. Real-world evidence (RWE) holds the potential of cutting down both costs and time in the drug development process. This has resulted in a growing adoption of RWE within numerous pharmaceutical and medical device companies, leading to drive the market growth throughout the forecast period. But scarcity of skilled personnel, and absence of universally acknowledged standards or principles governing the design, execution, analysis, and reporting of Real-World Evidence (RWE) poses a significant challenge within this market. The RWE solution market in APAC is projected to register the highest CAGR rate during the forecast period. The growth of this region is due to rise in government initiatives towards the adoption of RWE by the pharmaceutical and medical device companies. Moreover, the clinical trials in this region are very cost-effective thus increasing the number of clinical trials being conducted in this region. For instance, according to the NOVOTECH report published in May 2022, on the Evolution of Clinical Trials in the Asia-Pacific Region in comparison to the US and the EU5, a total of over 70,000 new clinical trials were recorded across the APAC region, the US, and the EU5 during the analysis period from 2017 to 2021. Notably, the APAC region emerged as the primary contributor, accounting for over 50% of the trials, followed by the US with 29%, and the EU5 with 17%. Real-World Evidence Solution, services segment to witness the highest growth during the forecast period Based on component, the Real-World Evidence Solution market is segmented into Real-World Evidence Solution services and Real-World Evidence Solution data sets. In 2023, service segment is projected to grow at the highest CAGR during the forecast period. The service segment encompasses advanced analytic services and consulting services. These services play a crucial role in extracting meaningful patterns of information, enabling clinicians to make informed treatment decisions. Additionally, they help end users in conducting multifunctional workshops for the development of Real-World Evidence (RWE) and operational plans. Furthermore, experts in Real-World Evidence (RWE) actively communicate and collaborate with subject matter experts from pharmaceutical and medical devices companies. This collaboration aims to provide services that contribute to the formulation of intelligent strategies, ultimately driving growth the services segment throughout the forecast period. Drug and Development and approval segment to register the highest growth in the Real-World Evidence Solution market during the forecast period Based on application, the Real-World Evidence Solution market is segmented into drug development and approvals, medical device development and approvals, post market surveillance, market access and reimbursement/coverage decision making, Clinical & regulatory decision making. The drug development and approval segment dominate the market by application. The drug development and approvals market are further bifurcated into oncology, neurology, cardiovascular diseases, immunology, and other therapeutic areas. The oncology segment holds the largest position in drug development and approval segment. This is attributed to the increasing number of clinical trials conducted on cancer drugs, and upsurging number of cancer patients across the globe drives the segmental growth. As per World Health Organization (WHO), the implementation of evidence-based prevention strategies and the avoidance of risk factors have the potential to prevent approximately 30 to 50% of cancers. Pharmaceutical and medical device companies' segment to register the highest growth in the Real-World Evidence Solution market during the forecast period Based on end user, the RWE solution market is segmented into pharmaceutical and medical devices companies, healthcare payers, healthcare providers, and other end-users which includes CROs, academic institutions, patient advocacy groups, and HTA agencies. In 2023 the pharmaceutical and medical device companies hold the largest share among the end users. This is due to many companies are adapting the RWE solutions to decrease the cost and time for the drug development process, as RWE data helps new drugs and new medical devices to successfully pass through the clinical trials phases. Premium Insights
Use Cases/Case Studies
Market Dynamics Drivers
Restraints
Opportunities
Challenges
Industry Trends
Technology Analysis
Real-World Evidence Solutions Business Model
Company Profiles Key Players
Other Players
For more information about this report visit https://www.researchandmarkets.com/r/9boii4 About ResearchAndMarkets.com Media Contact: Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets |
||
|
||
Copyright 2024 PR Newswire Association LLC. | Back to overview list |