Real World Evidence Solutions Market: Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure

The research study involves Top-down and bottom-up approaches were used to validate the size of Real World Evidence Solutions industry and estimate the size of other dependent submarkets. Various secondary sources such as directories, industry journals, databases such as D&B Hoovers, Bloomberg Business, and Factiva, and annual reports of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess dynamics of this market.

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Major Market Growth Drivers:

The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs). The base year considered for the study is 2017 and the forecast period includes 2018 to 2023.

Revenue Growth Analysis:

[157 Pages Report] The global real-world evidence market is projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%

Browse and in-depth TOC on “Real World Evidence Solutions Market”

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By therapeutic area, the oncology segment held the largest market share of the real world evidence market in 2017.

Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

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By end user, the pharmaceutical & medical device companies segment held the largest market share of the real world evidence market in 2017.

Based on end user, the pharmaceutical & medical device companies segment accounted for the largest share of the real world evidence market. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

North America dominated the market in 2017.

North America accounted for the largest share of the real world evidence market in 2017, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real world evidence market.

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Key Market Players:

The key players operating in the global real world evidence market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), and Optum (US) held the major share of the real world evidence market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market include International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).

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