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(I-SoftwareNews.Com, May 23, 2020 ) [157 Pages Report] Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings.
The global real world evidence market is valued at 612.0 million in 2017 and projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%.
The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs).
Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real world evidence market.
The rising focus on end-to-end RWE services and growth opportunities in emerging markets are expected to provide further growth opportunities for players operating in the real world evidence market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection some of the factors limiting the growth of this market during the forecast period.
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Real World Evidence Market, By Component
+ Data Sets
1} Clinical Setting Data
2} Claims Data
3} Pharmacy Data
4} Patient Powered Data
Real World Evidence Market, By Therapeutic Area
+ Cardiovascular Disease
+ Others Therapeutic Areas
Real World Evidence Market, By End User
+ Pharmaceutical and Medical Device Companies
+ Healthcare Payers
+ Healthcare Providers
+ Other End Users
Real world evidence Market, By Region
+ North America
6} Rest Of Europe
+ Asia Pacific (APAC)
3} Rest of APAC
+ Rest of the World
The prominent players in the global real world evidence solutions market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
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IQVIA is one of the world’s leading providers of real-world evidence services with a wide geographical coverage. The company’s strong foothold in the market is primarily attributed to various factors such as its robust technical and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings.
IQVIA has registered significant growth serving providers, payers and the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on mergers and acquisitions as a key growth strategy. Over the past three years, the company has made three major mergers and acquisitions.
Mr. Aashish Mehra