Real World Evidence Solutions Market Size

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.