The increasing demand for Real World Evidence solutions to gain precise and transparent information about the safety and efficacy of new products. In addition, the requirement for these solutions to detect different reactions, product subpopulation effects, and product value when utilized by complex and comorbid patients is growing. This, along with the burgeoning healthcare industry, is fostering the market growth. In addition, the increasing usage of improved analytics and technological solutions in RWE for clinical advancement, accelerating development, commercialization, and advancing healthcare outcomes positively propel the market.
Support from the regulatory bodies for utilizing real-world evidence (RWE) solutions and an augment in research & development spending are predicted to foster market growth. In addition, the move from volume to value-based care is projected to foster market growth. According to SPER market research, ‘Global Real World Evidence Solutions Market by Component (Dataset (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Neurology), End User (Pharma & Medtech, Payers, Providers) - Global Forecast to 2027’ state that the global RWE solutions market is anticipated to rise at a CAGR of 13.5% from 2021 to reach 2.48 billion by 2027.
The growth is primarily accredited to the increasing geriatric population, great prevalence of chronic diseases, emphasis on value-based healthcare, growing research & development investments, regulatory support, and slow-paced drug advancement.
Most biopharmaceutical, pharmaceutical, and medical device companies continue to contribute extremely to the development of novel drugs and devices. The pharmaceutical industry, in precise, is research and development intensive. The growing research and development expenditure of biopharmaceutical and pharmaceutical companies is encouraging them to opt for fully integrated or operational outsourcing services, from the early advancement stage to the late-stage advancement phase, to fulfill the requirements for both drug discovery and advancement. Among all industry segments, the pharmaceutical industry spends the greatest percentage of its revenue on research and development. This growth in research and development expenditure, propelled by the requirement for different clinical and preclinical services throughout the drug development procedure, is predicted to foster the growth of the real-world evidence market.
In addition, the increment in the adoption of technologically improved real-world evidence solutions, and the augment in the number of pipeline drugs are the foremost aspects, that further foster the growth of the market. Furthermore, increments in research and development activity rates, government initiatives, augmented funding, and advanced healthcare infrastructure for research projects around the world further foster the growth of the market.
North America registered for a majority of the real-world evidence solutions market share during the recent past years and is predicted to remain registered throughout the review period due to an augment in demand for real-world evidence-based solutions or services, the move toward value-based care instead of volume and the strategies that implement for their product advancement. In addition, aspects, such as the growing number of clinical trials, growing government initiatives for the implementation of real-world evidence studies, growing incidence of chronic syndromes, growing requirement for better healthcare services, and the increasing geriatric population, are assisting the growth of the real world evidence solutions market.
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Real World Evidence Solutions Market Demand
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