As per a report by P&S Intelligence, the global real-world evidence solutions market generated a value of USD 1,560 million in 2022, and it will grow at a 12.40% CAGR, to touch USD 3,974 million, by 2030.
This growth can be ascribed to the growing count of clinical trials, the leaning emphasis on value-based healthcare from volume-based, and the rising research and development activities associated with the growth of medications and medicinal devices.
The healthcare network is evolving and there is augmented study on healthcare prices, as healthcare giants are witnessing the need for innovative solutions to cater to the excessive cost load and relatively low return on expenditure.
Also, a chance has been generated for an end-to-end tactic to leverage the knowledge, data, and data assets of life sciences establishments, which is supporting in dismantling outdated silos and allowing insight-driven guiding from the phase of products’ R&D to their commercialization.
This is executing a robust governance strategy, with the support of technologies, such as cloud analytics and self-service, and gaining the ability to combine information sets and understand the appropriate resources for vital analytics.
In 2022, the service category held the larger real-world evidence solutions market share, of more than 56%, and the category is also projected to be in the top spot throughout the forecast period. This can be credited to the dropping medication growth delays, which is now more vital than ever, and the obtainability of an advanced quantity of healthcare data.
Furthermore, businesses regularly adapt the essential services as per the client's requirements, which saves both money and time compared to gaining the information sets and studying them to create helpful data.
In the coming few years, the data set category is all set to showcase major growth. This development can be credited to the growing quantity of data produced in the healthcare industry and the growing focus on insights into epidemiology.
Moreover, clinical information is a vital source of the majority of well-being and medical research that is either gathered from the present patient care or formal clinical trial events.
In the coming few years, the APAC industry is projected to advance at the highest CAGR, of approximately 14%. This development can be credited to the mounting government help for the acceptance of RWE studies, the rising count of clinical trials, the snowballing occurrence of chronic illnesses, the existence of numerous contract research establishments, the growing need for progressive healthcare facilities, and the rising elderly populace in the region.
Hence, the growing count of clinical trials, the growing emphasis on value-based healthcare from volume-based, and the rising research and development activities associated with the growth of medications and medicinal devices are the major factors propelling the industry.
