Real-World Data Market Growing Demand Driven By Adoption Of RWD In Drug Development

Dhanesha Patil

Real-World Data Market Growing Demand Driven By Adoption Of RWD In Drug Development

Real-world data (RWD) refers to the data collected from real-world settings outside of typical clinical research contexts and includes Electronic Health Records (EHRs), Claims and Billing Activity data, Product and Disease Registries, Health-related Wearable Devices and Mobile Health Apps. RWD provides a holistic view of patient outcomes and helps understand the patient journey. It enables the assessment of treatment effectiveness and safety outside the parameters of randomized clinical trials. The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of RWD in drug development is one of the major trends driving the growth of real-world data market. Pharmaceutical companies are increasingly relying on RWD to complement traditional clinical trials data and gain insights into treatment effectiveness and safety in real-world clinical settings. Moreover, RWD helps generate evidence for new indications, patient sub-groups and comparative effectiveness research. It also aids in evaluating long-term safety and outcomes over the entire patient journey. The usage of RWD is expected to accelerate in the coming years as regulators continue encouraging the exploration of RWD sources to facilitate clinical research and enhance evidence generation.

Segment Analysis

The Global Real-World Data (RWD) Market Analysis is dominated by the clinical trials and healthcare sub segment. This sub segment accounts for over 40% of the total market share as real world data is widely used by pharmaceutical and biotech companies during clinical trials to verify drug effectiveness and safety. RWD helps in supplementing traditional clinical trials by providing insights into diverse patient populations that may not be adequately represented in traditional clinical trials.

Key Takeaways

The global real-world data (RWD) market is expected to witness high growth over the forecast period of 2024 to 2030 owing to growing adoption of RWD in clinical research and drug development.

Regional analysis: North America currently dominates the global RWD market and is expected to continue its dominance over the forecast period. This can be attributed to significant investments in digital health technologies by the US government as well as increasing adoption of EHR systems in healthcare facilities. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by risingmedical tourism in countries like India and China.

The 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. These players are focusing on new product launches and strategic partnerships to strengthen their market position. For instance, in 2023 Saris launched a new bike rack with enhanced features to provide secure bike transportation.

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Dhanesha Patil

Growing Demand Fuelled By Need For Drug Discovery And Development

samruddhicmi12 2023-12-20

It helps researchers and scientists gain valuable insights into effectiveness and safety of therapies in real-world clinical settings compared to controlled clinical trials. The global Real-world Data (RWD) Market is estimated to be valued at US$ 1. The growing investments by players in AI and machine learning will continue to accelerate insights generation from real-world data. Segment Analysis The global real-world data (RWD) market is dominated by clinical research organizations (CROs) segment. Regional analysis North America dominated the global RWD market in 2022 and is expected to continue its dominance over the forecast period.

Navigating The Real-World Data Landscape: Trends And Insights In The Real-World Data (RWD) Market

Ashish Thapa 2023-08-10

As stakeholders strive to make more informed decisions, it's crucial to grasp the trends and insights driving the RWD market. At the heart of the Real-World Data (RWD) Market lies the quest for meaningful insights from data that reflects real patient experiences in real-world settings. In recent years, an evident surge in data sources and partnerships has further transformed the RWD market. At the forefront of this revolution, organizations that embrace these technologies are poised to gain a competitive advantage in the Real-World Data (RWD) Market. In conclusion, navigating the Real-World Data landscape requires a keen understanding of the prevailing trends and insights shaping the RWD market.

Global Real-world Data (RWD) Market Trends, Application, And Regional Forecast To 2029

Kartik Pilla 2022-12-15

Following a detailed secondary and primary research and an in-depth analysis of the market scenario, the report provides the key drivers, restraints, challenges, and opportunities in the real-world data (RWD) market. However, the lack of standardized methodologies for developing real-world data solutions is a major challenge for market growth. Based on application, the drug development & approvals segment is slated to register the highest CAGR during the forecast period. Some of the key companies operating in the global RWD market are Elevance Health, Inc. Scope of the Report:Global Real-world Data Market, by Source•EMR/EHR/Clinical Data•Claims & Billing Data•Pharmacy Data•Product/Disease Registries Data•Genomics Data•Other DatasetsNote: Other sources include data gathered from other sources, such as mobile devices, wearable devices, and social media, which can provide information on health status.

The Global Real-World Data (RWD) Market Growth Accelerated By Adoption In Clinical Trials

Leena Shedmake 2024-01-18

The global Real-world Data (RWD) Market is estimated to be valued at US$ 1. Segment AnalysisThe global real-world data (RWD) market is dominated by the clinical segment. Key TakeawaysThe 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. Key players: Key players operating in the real-world data (RWD) market are Saris, Thule Group, Car Mate Mfg.

Real World Evidence Market Size, Share Analysis, Key Companies, and Forecast To 2030

Namrata Waghmare 2024-01-31

The Global Real World Evidence Market by 2030 Research Report is a professional and in-depth study of the current state of Real World Evidence Market. The Real World Evidence analysis is provided for the international markets including development trends, competitive landscape analysis, and key region's development status. It provides a five-year forecast assessed on the basis of how the Real World Evidence Market is predicted to grow. What are the key market trends impacting the growth of the Global Real World Evidence Market? Reasons for Buying this Report:This report provides pin-point analysis for changing competitive dynamicsIt provides a forward looking perspective on different factors driving or restraining market growthIt provides a six-year forecast assessed on the basis of how the market is predicted to growIt helps in understanding the key product segments and their futureIt provides pin point analysis of changing competition dynamics and keeps you ahead of competitorsIt helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segmentsTABLE OF CONTENT:Table of Contents: Real World Evidence Market• Part 1: Overview of Real World Evidence Market• Part 2: Real World Evidence Carts: Global Market Status and Forecast by Regions• Part 3: Global Market Status and Forecast by Types • Part 4: Global Market Status and Forecast by Downstream Industry• Part 5: Market Driving Factor Analysis• Part 6: Market Competition Status by Major Manufacturers• Part 7: Major Manufacturers Introduction and Market Data• Part 8: Upstream and Downstream Market Analysis• Part 9: Cost and Gross Margin Analysis• Part 10: Marketing Status Analysis • Part 11: Market Report Conclusion• Part 12: Real World Evidence: Research Methodology and Reference View More Reports:Aluminum Wire MarketOptical Coating Equipment MarketLiDAR Sensor MarketPredictive Maintenance MarketAbout Us:Data Library Research is a market research company that helps to find its passion for helping brands grow, discover, and transform.

Real World Evidence Solutions Market Revenue, Trends, Growing CAGR of 13.5% Growth Strategy, Future Outlook 2021-2027: SPER Market Research

Nehasper 2023-01-20

The increasing demand for Real World Evidence solutions to gain precise and transparent information about the safety and efficacy of new products. This, along with the burgeoning healthcare industry, is fostering the market growth. In addition, the move from volume to value-based care is projected to foster market growth. According to SPER market research, ‘Global Real World Evidence Solutions Market by Component (Dataset (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Neurology), End User (Pharma & Medtech, Payers, Providers) - Global Forecast to 2027’ state that the global RWE solutions market is anticipated to rise at a CAGR of 13. This growth in research and development expenditure, propelled by the requirement for different clinical and preclinical services throughout the drug development procedure, is predicted to foster the growth of the real-world evidence market.

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