Real World Evidence Solutions Market – Component (Services, Data sets), Application (Drug Development and Approvals, Post-Market Surveillance) Revenue Model (Subscription, Pay per use), Deployment Model, End User & Forecast 2024 ­ 2032

Real World Evidence Solutions Market Size

Real World Evidence Solutions Market was valued at USD 1.9 billion in 2023 and is growing at a CAGR of 15.7% between 2024 and 2032. Growing focus towards expediating drug developments and reducing overall cost, growing demand for real-time monitoring of safety and efficacy of medical devices and drugs, and surging adoption of RWE solutions for informed decision-making during reimbursement and claim settlements. Furthermore, increasing adoption of data analytics services in clinical decision making is also supporting the revenue growth in the real-world evidence solutions market.
 

RWE solutions present a cost-efficient substitute for conventional clinical trials by enabling the examination of real-world data derived from electronic health record, claims data, and wearable devices. According to the March 2023 article published by Northeastern University, the typical expenses for clinical trials varied widely, ranging from USD 4-20 million. Moreover, each patient enrolled in clinical trials for newly approved FDA drugs represented an average cost of approximately USD 41,117. As a result, the use of RWE solutions as a more economical option is increasing among pharmaceutical and medical device companies, driving the revenue growth in market.

Real World Evidence Solutions Market Trends

• The incorporation of advanced analytics technologies, such as artificial intelligence (AI) and machine learning, is increasingly prevalent in real world evidence solutions. Researchers and healthcare providers are leveraging AI in detecting patterns and trends in real-world data, which is enabling them with informed clinical decision-making, optimize drug development, and enhance patient outcomes.
   
• For instance, AI is being employed to analyze electronic health record to identify patients at risk for specific conditions or predict treatment responses based on patient characteristics. As a result, the incorporation of AI into real world evidence solutions is reshaping the market landscape, empowering enhanced insights and predictive capacities from real-world data, thereby propelling market expansion.
   

Real World Evidence Solutions Market Analysis

Based on components, the global market is classified into services and data sets. The data sets segment is further segmented into desperate data sets and integrated data sets. Disparate data sets include patient powered data sets, clinical settings data sets, claims data sets, product/disease registries data sets, and pharmacy data sets. The services segment dominated the global real world evidence solutions industry by securing a share of 58.4% in 2023. The dominance is propelled by availability of subscription-based advanced analytical tools for analysing data outputs, increasing adoption of RWE services among pharmaceutical and medical device companies, and increasing adoption of value-based healthcare models.
 

Based on the revenue model, the global market is classified into pay-per-use (value-based pricing) and subscription. Subscription segment dominated the market in 2023, securing a share of about 68.7%
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• Subscription models often involve flexible payment options and lower upfront cost in comparison to traditional licensing/purchasing models. As a result, small to medium-sized enterprises with limited budgets often prefer subscription-based payment options, which has resulted in a higher revenue in subscription models segment.
   
• Additionally, subscription -based real world evidence solutions offers scalability to meet customer needs and modify the subscription levels over the time as per the requirements of the end users. Owing to these benefits, the dominating share of end users prefer subscription over pay-per-use (value-based pricing) option.
   

Based on the deployment model, the real world evidence solutions market is segmented into cloud-based and on-premise. Cloud-based segment dominated the market valuing at about USD 1.7 billion in 2023.
 

• Cloud-based real world evidence solutions offer scalability, adaptability, cost-effectiveness, swift deployment, advanced analytics capabilities, robust security, and regulatory compliance, that make them highly appealing to organizations seeking to leverage real-world data for healthcare decision-making, research, and innovation, in comparison to on-premise deployment model.
   
• Furthermore, cloud-based rea world evidence solutions offers enhanced flexibility to the end user. Data and analytical services over cloud-based real world evidence solutions can be accessed through remote locations, which makes them more convenient to use in comparison to on-premise deployments.
   

Based on application, the real-world evidence solutions market is classified into drug development and approvals, medical device development and approvals, post-market surveillance, market access & reimbursement/coverage decision-making, clinical & regulatory decision-making. The drug development and approval segment is further segmented into oncology, cardiovascular disease, neurology, immunology, and other therapeutic areas. Drug development and approvals segment dominated the market in 2023 and is expected to reach USD 2.1 billion by 2032. Increase in clinical trials for novel drug developments, growing approvals, and ample availability of clinical trial data sets is driving the growth in the segment.
 

Based on the end user, the real world evidence solutions industry is classified into pharmaceutical and medical device companies, healthcare payers, healthcare providers, other end users. The pharmaceutical and medical device companies segment dominated the market with a share of about 61.9% in 2023.
 

• The dominating share can be attributed to increasing R&D investments for new drugs and medical device developments, growing adoption of data analytics in clinical trials, and increasing use of RWE solutions for post-market surveillance.
   

North America region is projected to maintain its dominance in the global market and is anticipated to reach USD 2.6 billion by 2032.
 

• North America is expected to continue its dominance in the real world evidence solutions industry owing to increasing adoption of real world evidence solutions in clinical research, presence of digital healthcare infrastructure supporting generation of abundant real-time data, and growing support for standardizing RWE solutions from government and regulatory agencies such as US FDA. 
   

US dominated the North America region with a share of about 88.5% in 2023.
 

• High growth in clinical research and drug development activities owing to rapid advancements in oncology, immunotherapy, genomics, precision medicine, and digital health technologies are promoting the use of real world evidence solutions in the U.S.
   
• Furthermore, presence of advanced digital health infrastructure in the country, and government support to promote the use of real world evidence solutions is also supporting the growth of the market.

Germany in Europe dominates the real world evidence solutions market owing to the presence of advanced infrastructure in the country, that comprises of electronic health records, health registries, and claims databases, that offers extensive real-world data sources for research and analysis. Moreover, Germany hosts prominent research institutions, academic medical centers, and life sciences companies, that conducts cutting edge research for which they rely heavily on real world evidence solutions. According to the Federal Institutes of Drugs and Medical Devices, about 2,000 research clinical studies are conducted and added to registry every year in Germany.
 

China is expected to offer lucrative growth opportunities during 2024-2032.
 

• Growing demand for efficient real world evidence solutions in healthcare decision-making, regulatory assessments, and market access is driving the market growth in China.
   
• Furthermore, growing use of real world claims data and clinical data, and support from government agencies for promoting real world evidence solutions is also fueling the market growth in China. For instance, National Medical Products Administration (NMPA) in China is taking steps to promote the use of real-world data (RWD) in drug approvals, post-market surveillance, and pharmacovigilance through initiatives like Real-World Data Research Plan.
   

Real World Evidence Solutions Market Share

The real world evidence solutions industry is highly competitive and fragmented with the presence of large number of established players offering advanced and innovative solutions. Established market players are adopting product launches, and collaborations as their key growth strategies to gain competitive edge over their rivals.
 

Real World Evidence Solutions Market Companies

Prominent players operating in the market is as mentioned below:

• Aetion, Inc.
• Cognizant Technology Solutions Corporation
• Elevance Health, Inc.
• Fortrea Inc.
• ICON plc.
• IQVIA Holdings Inc.
• Merative
• Optum, Inc.
• Oracle Corporation
• Parexel International Corporation
• PerkinElmer Inc.
• SAS Institute Inc.
• Syneos Health, Inc.
• Thermo Fisher Scientific Inc.
• TriNetX LLC
   

Real World Evidence Solutions Industry News

• In November 2023, TriNetX announced that Osaka Police Hospital-based in Japan signed a partnership agreement to boost participation in clinical trials and foster research opportunities, leveraging real-world data platform from TriNetX.
   
• In July 2023, Thermo Fisher Scientific Inc. announced to acquire CorEvitas, a U.S.-based firm to leverage its regulatory-grade real-world evidence solution for approved medical treatments and therapies, particularly focusing on immune diseases.
   

The real world evidence solutions market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

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Market, By Component

• Services
• Data sets
  • Disparate data sets
    • Clinical settings data sets
    • Claims data sets
    • Pharmacy data sets
    • Patient powered data sets
    • Registry-based data sets
  • Integrated data sets

Market, By Application

• Drug development and approvals
  • Oncology
  • Cardiovascular disease
  • Neurology
  • Immunology
  • Other therapeutic areas
• Medical device development and approvals
• Post-market surveillance
• Market access & reimbursement/coverage decision-making
• Clinical & regulatory decision-making       

Market, By Revenue Model

• Pay-per-use (value-based pricing)
• Subscription

Market, By Deployment Model

• On-premise
• Cloud-based

Market, By End User

• Pharmaceutical and medical device companies
• Healthcare payers
• Healthcare providers
• Other end users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • UAE
  • Saudi Arabia
  • Rest of Middle East and Africa