Real World Evidence Solutions Market is expected to surpass US$ 110 billion by 2032

Future Market Insights recently published a report stating that the Real World Evidence Solutions Market size was valued at US$ 42.8 billion in 2022 and is predicted to achieve a CAGR of 10%, reaching US$ 110 billion by the end of 2032. This forecasted growth rate is higher than the historical CAGR of 8.6%. In the next ten years, the market is expected to offer an absolute dollar opportunity of US$ 67.2 billion.

During the 2022 to 2032 period, the Services segment is expected to garner an absolute dollar opportunity of US$ 41 Billion and account for the majority share of the global market, with a compound annual growth rate of 10.4%. The growth of the pharmaceutical and biotechnology industries is propelling the expansion of the market by increasing their use of real-world services. Clinical data collected during ongoing patient treatment or as part of a formal clinical trial program is a typical source of information in most medical studies.

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The shift from volume-based to value-based care, favorable government policies, increased research and development spending, and a growing focus on end-to-end RWE services are driving the global market. By 2032, the Real World Evidence Solutions Market is projected to achieve a valuation of US$ 110 billion. The market is expected to expand further due to an increased emphasis on personalized healthcare, a rise in the frequency of chronic diseases, a growing geriatric population, and regulatory support for the implementation of RWE solutions.

Key Takeaways from the Market Study:

• The Market is expected to grow at a CAGR of 10% which is significantly higher than its historical CAGR of 8.6%.
• By the end of 2032, the global market for Real World Evidence Solutions will reach the valuation of US$ 110 Billion.
• Within the period between 2022 and 2032, the market is expected to offer an absolute dollar opportunity of US$ 67.2 Billion.
• The services segment leads the growth among components with a CAGR of 10.4%.
• The US market for Real World Evidence Solutions constitutes a majority stake of 29.9% in the global market. It is expected to grow at a CAGR of 11.2% during the forecasted period of 2022 to 2032.
• Drug Development and Approvals segment tops among the applications. Revenue through this segment is expected to grow at a CAGR of 10% during the forecast period.

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Due to the pandemic induced business disruptions, companies were unable to undertake on-site surveillance or deliver services that required one to one interactions. This prompted the market players to implement several cost-cutting measures and business continuity tactics to allow remote access and monitoring of patients, comments a Future Market Insights analyst.

Market Segments Covered in Real World Evidence Solutions Market Study:

By Component:

• Services
• Data Sets
  • Clinical Settings Data
  • Claims Data
  • Pharmacy data
  • Patient-powered Data

By Application:

• Reimbursement/Coverage & Regulatory Decision Making
• Drug Development & Approvals
• Medical Device Development & Approvals
• Post Market Safety & Adverse Events Monitoring

By End-user:

• Healthcare payers
• Pharmaceutical & Medical Device Companies
• Healthcare Providers
• Other End-users

Competitive Landscape:

The Real World Evidence Solutions Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Furthermore, to retain their dominance in global market they are expanding by means of strategic mergers and acquisitions and creating the market presence in the untapped market across the globe. They are anticipated to take advantage of the increased awareness, improved infrastructure and increased regulatory approvals for the RWE solutions.

The key competitors in the Real World Evidence Solutions Market are –

• Cegedim Health Data
• IBM
• Icon Plc.
• IQVIA
• Medpace
• Oracle
• Parexel International Corp.
• PerkinElmer, Inc.
• PPD, Inc.
• Syneos Health

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About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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