Real-world Data (RWD) refers to data collected from real-world setting outside traditional clinical trial setting. RWD provides valuable insights on drug efficacy, safety and outcomes in diverse patient population under routine clinical practice. With advancement in data sources and analytics, RWD is playing a crucial role in drug development by identifying patient sub-groups, improving trial designs and post marketing surveillance.
The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of RWD by pharmaceutical companies in clinical trials is expected to drive the market growth over the forecast period. RWD provides opportunities to pharmaceutical companies to design more effective clinical trials with targeted patient population and identify predictors of treatment response early. This helps in reducing trial failure rates and cost of drug development. With advancement in data analytics, RWD is effectively analyzed to derive real-world evidence which supports regulatory decision making for drugs. Regulatory bodies are increasingly accepting RWD and real-world evidence for post marketing commitments, thus propelling the demand of RWD in pharmaceutical industry.
Segment Analysis
The global real-world data (RWD) market is dominated by the clinical segment. Clinical segment constitutes over 35% of the total market share as RWD is extensively used by pharmaceutical companies and CROs to conduct post marketing surveillance studies, safety analysis, outcomes research and epidemiological studies. This segment is expected to continue its dominance over the forecast period owing to increasing focus on real world evidence by regulatory agencies to make informed decisions.
Key Takeaways
The Global Real-World Data (RWD) Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis: Europe currently accounts for the largest share of the global RWD market. This is attributed to stringent regulations regarding real world evidence and data privacy in the region. However, Asia Pacific is expected to expand at the highest CAGR during the forecast period supported by increasing investments by pharmaceutical companies in real world studies to access rare disease populations in China and Japan.
Key players: Key players operating in the real-world data (RWD) market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. Saris dominates the market with over 15% share owing to its diversified product portfolio and global distribution network. Thule Group focuses on inorganic growth through acquisitions to strengthen its hold in the lucrative cargo carriers segment
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