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In recent years, the healthcare industry has witnessed a number of efforts by stakeholders to utilize real world evidence-based insights in official decision making processes; several regulatory authorities / payers have also started acknowledging the potential of real world data and have begun considering insights generated from such data sources for various purposes.
-Head of Market Strategy, a UK-based small-sized real world data provider
The real world evidence solutions market is estimated to be worth $1.3 billion in 2021 and is expected to grow at CAGR of 15% during the forecast period. Drug discovery and development is a complex and time intensive process that requires a significant amount of resources and capital investments (~USD 2.6 billion). In fact, on an average, the journey from establishment of initial proof-of-concept to product launch, takes around 10-12 years. Moreover, regulatory approval is dependent on the results of randomized clinical trials (RCTs), which are estimated to account for a staggering 40% of the pharmaceutical industry’s budget in the US. It is also well known that clinical research is fraught with various other challenges, including inefficiencies in medical data management and processing, unforeseen delays, risk of failure / study termination and several patient recruitment and retention-related concerns. Further, since such trials are conducted under controlled conditions and involve a fairly homogenous patient population, there are chances that, post commercial launch, approved products fail to perform as expected. In this context, the application of insights from real world data, accrued from past trials, has been demonstrated to have the potential to save up to USD 1 billion per year. In fact, real world evidence can actually complement results from controlled RCTs, thereby, validating the therapeutic potential of a new chemical / biological entity.
In December 2016, after the 21st Century Cures Act was passed, the United States Food and Drug Administration (USFDA) began considering the application of real world evidence pharma in healthcare decision-making. Ever since, pharmaceutical companies and health economists have developed advanced tools and analytical algorithms to mine pharmaceutical big data, in order to better understand the clinical value of product candidates targeting some of the rarest medical conditions. Presently, big pharmaceutical companies are estimated to spend nearly USD 20 million on an annual basis, on generating real world evidence to support their respective clinical development programs. Over time, insights from real world data have not only influenced product approval-related decisions, but also helped convince insurance provider / payers into offering reimbursement for new drugs / therapies. The growing adoption of artificial intelligence and machine learning in big data analysis, is anticipated to better inform future drug discovery initiatives, thereby, reducing the risk of product failure. The adoption of real world evidence pharma in healthcare decision making is projected to grow substantially as the healthcare industry shifts towards the personalized medicine.
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Examples of key real world evidence companies engaged in real world evidence solutions market (which have also been profiled in this market report; the complete list of real world evidence companies is available in the full report) include Clinerion, Clinigen Group, Cognizant Analytics, Evidera, HealthCore, IBM, ICON, IQVIA, Medpace, NorthWest EHealth, Optum Insight, Oracle, PAREXEL, Perkin Elmer, SAS, Syneos Health and TriNetX. This market report includes an easily searchable excel database of all the real world evidence companies providing real world data, analytics, consulting and real world evidence services, worldwide.
Several recent developments have taken place in the field of real world evidence solutions market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Real World Evidence Solutions Market (2nd Edition), 2021-2030: Distribution by Type of Applications (Early Stage Research, Clinical Development, Regulatory Approval, Pricing / Reimbursement, Post-Approval Studies), Type of Real World Data Sources (Medical Claims, Clinical Trials, Clinical Setting, Patient Powered and Other Data Sources), Therapeutic Area (Autoimmune Disorders, Cardiovascular Disorders, Infectious Diseases, Metabolic Disorders, Neurological / Psychiatric Disorders, Oncological Disorders, Respiratory Disorders and Other Disorders), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa, and Rest of the World)” market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the real world evidence solutions market. The market research report presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in real world evidence solutions market.
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Amongst other elements, the market research report features:
The key objective of real world evidence market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for real world evidence market during the forecast period. We have developed informed estimates of the financial evolution of the market, over the forecast period 2021-2030. The market report also provides details on the likely distribution of the current and forecasted opportunity across [A] target application areas (early stage research, clinical development, regulatory approval, pricing / reimbursement, and post-approval studies), [B] type of real world data sources used (medical claims, clinical trials, clinical setting, patient-powered and other data sources), [C] therapeutic areas (autoimmune disorders, cardiovascular disorders, infectious diseases, metabolic disorders, neurological / psychiatric disorders, oncological disorders, respiratory disorders and other disorders), and [D] geographical regions (North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa, and Rest of the World). In order to account for future uncertainties and to add robustness to our forecast model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
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The opinions presented in this market research report were also influenced by discussions held with multiple stakeholders in real world evidence solutions market. The market report features detailed transcripts of interviews held with the following individuals (in alphabetical order):
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified. We have also isssued a press release for our report and is titled, Real World Evidence (RWE) Solutions Likely to Grow at a CAGR of 14.1% and Significantly Drive Healthcare Decision-Making, predicts Roots Analysis