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Global Real World Evidence Solutions Market Size, Share, Growth, Price, Forecast: By Component: Consulting Services, Data Sets; By Application: Drug Development and Approvals, Medical Device Development and Approvals, Others; By End User: Healthcare Providers, Healthcare Payers, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Real World Evidence Solutions Market Outlook
The global real world evidence solutions market size reached approximately USD 1.78 billion in 2022. The market is projected to grow at a CAGR of 12.60% between 2023 and 2028, reaching a value of around USD 3.63 billion by 2028.
Key Trends in the Market
Real world evidence (RWE) solutions refer to methods, approaches, and technologies used to gather and analyse data from real world sources outside of traditional clinical trials. These solutions aim to generate insights and evidence regarding the safety, effectiveness, and value of medical products and interventions in real world settings.
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- The real world evidence solutions market demand is being aided by the surging use of such solutions in clinical applications. Real world evidence complements traditional clinical trial data as it reflects the use and impact of healthcare interventions in diverse patient populations, real world clinical practices, and everyday settings.
- Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have shown an increased willingness to incorporate real world evidence into regulatory decision-making. They have issued guidance and frameworks to encourage the use of RWE in drug approvals, label expansions, and post-marketing surveillance.
- One of the major trends driving the real world evidence solutions market is the availability of advanced analytics techniques, including machine learning, artificial intelligence, and natural language processing, among others. The adoption of these technologies and techniques has enhanced the ability to extract meaningful insights from complex real world datasets. These analytical tools also help identify patterns, trends, and correlations in the data, enabling more accurate and actionable real world evidence.
Market Analysis
Based on components, the market is segmented into consultation services and data sets. On the basis of application, the market can be divided into drug development and approvals, medical device development and approvals, reimbursement/coverage and regulatory decision-making, and post-market safety and adverse events monitoring.
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The market, based on end-user, can be divided into healthcare providers, healthcare payers, and pharmaceutical and medical device companies, among others. The major regional markets for real world evidence solutions market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global real world evidence solutions market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- Iqvia Holdings Inc.
- Thermo Fisher Scientific Inc.
- Parexel International Corporation
- PerkinElmer Inc
- ICON plc
- Syneos Health
- Medpace Holdings, Inc
- Flatiron Health, Inc.
- SAS Institute Inc.
- Cardinal Health, Inc.
- Others
Market Share by Application
The utilisation of RWE solutions in drug development and approvals is expected to significantly increase in the projected period. These solutions offer pharmaceutical companies and healthcare providers and payers efficient operational management capabilities, thereby expediting the drug development and approval process.
Market Share by End User
Healthcare companies are expected to account for the majority of the real world evidence solutions market share. This is primarily attributed to the increasing significance of real world evidence (RWE) studies in the drug approval process, evaluation of drug performance in real world settings, and mitigation of the risk of drug recalls.
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Real world evidence plays a crucial role in several important processes. It aids in identifying the specific patient cohorts that can derive the most benefit from a particular intervention or treatment. By analysing real world data, healthcare companies can understand how interventions perform in diverse patient populations, helping them tailor therapies to maximise efficacy.
Competitive Landscape
Iqvia Holdings Inc. is a multinational company that provides information, technology, and services to the healthcare industry. Formerly known as Quintiles IMS Holdings, the company changed its name to Iqvia in November 2017. The services offered by the company include clinical research services, real world data analytics, commercial solutions, and technology platforms.
Thermo Fisher Scientific Inc. is one of the largest companies in the scientific research and laboratory equipment sector. It is an American corporation that offers a wide range of scientific research services, laboratory equipment, reagents, consumables, software, and related services. It was established in 2006 as a result of the merger between Thermo Electron Corporation and Fisher Scientific International Inc. The company's headquarters are presently located in Massachusetts, the United States.
Parexel International Corporation is a leading global clinical research organisation (CRO) that provides a wide range of services to the biopharmaceutical and medical device sector. The company was founded in 1982 and is headquartered in North Carolina, the United States. Parexel offers services throughout the drug development lifecycle, from early-phase clinical trials to post-approval studies.
Other market players include PerkinElmer Inc, ICON plc, Syneos Health, Medpace Holdings, Inc, Flatiron Health, Inc., SAS Institute Inc., and Cardinal Health, Inc among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Real World Evidence Solutions Market Analysis
8.1 Key Industry Highlights
8.2 Global Real World Evidence Solutions Historical Market (2018-2022)
8.3 Global Real World Evidence Solutions Market Forecast (2023-2028)
8.4 Global Real World Evidence Solutions Market by Component
8.4.1 Consulting Services
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Data Sets
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.2.3 Breakup by Type
8.4.2.3.1 Disparate Datasets
8.4.2.3.2 Integrated Datasets
8.5 Global Real World Evidence Solutions Market by Application
8.5.1 Drug Development and Approvals
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Medical Device Development and Approvals
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Reimbursement/Coverage and Regulatory Decision Making
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Post Market Safety and Adverse Events Monitoring
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.6 Global Real World Evidence Solutions Market by End User
8.6.1 Healthcare Providers
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Healthcare Payers
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Pharmaceutical and Medical Device Companies
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Real World Evidence Solutions Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Real World Evidence Solutions Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Real World Evidence Solutions Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Real World Evidence Solutions Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Real World Evidence Solutions Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Real World Evidence Solutions Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Iqvia Holdings Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Thermo Fisher Scientific Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Parexel International Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 PerkinElmer Inc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ICON plc
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Syneos Health
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Medpace Holdings, Inc
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Flatiron Health, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 SAS Institute Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Cardinal Health, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Real World Evidence Solutions Market: Key Industry Highlights, 2018 and 2028
2. Global Real World Evidence Solutions Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Real World Evidence Solutions Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Real World Evidence Solutions Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Real World Evidence Solutions Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Real World Evidence Solutions Historical Market: Breakup by End User (USD Billion), 2018-2022
7. Global Real World Evidence Solutions Market Forecast: Breakup by End User (USD Billion), 2023-2028
8. Global Real World Evidence Solutions Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Real World Evidence Solutions Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Real World Evidence Solutions Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Real World Evidence Solutions Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Real World Evidence Solutions Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Real World Evidence Solutions Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Real World Evidence Solutions Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Real World Evidence Solutions Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Real World Evidence Solutions Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Real World Evidence Solutions Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Real World Evidence Solutions Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Real World Evidence Solutions Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Real World Evidence Solutions Market Structure
Key Questions Answered in the Report
In 2022, the market reached a value of around USD 1.78 billion.
The market is projected to grow at a CAGR of 12.60% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach around USD 3.63 billion by 2028.
The market is being driven by the increasing demand for real world evidence solutions from the healthcare sector and the rising implementation of RSE solutions to gain insights from big data sets.
The major trends propelling the market growth include the implementation of real world evidence in regulatory decision-making and the utilisation of advanced technologies such as artificial intelligence and machine learning.
The major regional market includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major end users of real world evidence are healthcare providers, healthcare payers, and pharmaceutical and medical device companies, among others.
The key players in the real world evidence solutions market include Iqvia Holdings Inc., Thermo Fisher Scientific Inc., Parexel International Corporation, PerkinElmer Inc, ICON plc, Syneos Health, Medpace Holdings, Inc, Flatiron Health, Inc., SAS Institute Inc., and Cardinal Health, Inc., among others.
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