Real world evidence (RWE) refers to clinical data derived from electronic health records (EHRs), claims and billing data, product and disease registries, and other secondary data sources. It has become progressively vital for biopharmaceutical decision making as RWE offers a more comprehensive view of patient outcomes in real-world clinical practice compared to conventional randomized controlled trials. RWE solutions help life sciences companies to evaluate treatment patterns, understand patient characteristics and outcomes, assess effectiveness and safety of therapies, estimate product adoption and utilization patterns, and support regulatory requirements as an alternative to randomized clinical trials.
The pharmaceutical and life sciences real world evidence market is estimated to be valued at US$ 2.0 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the pharmaceutical and life sciences real world evidence market are Clinerion, Clinigen Group, Cognizant Analytics, Evidera, HealthCore and Among Others. These players are focusing on partnerships, collaborations, mergers & acquisitions and new product launches to expand their global footprints and service offerings. For instance, in June 2021, Clinigen Group acquired a leader in real-world data analytics Chiltern to strengthen and expand its integrated product portfolio across the entire drug development lifecycle.
The pharmaceutical and life sciences real world evidence market provides numerous opportunities for players including optimizing clinical development and post-marketing safety surveillance, supporting companion diagnostic development, addressing market access inquiries, expanding into orphan and rare disease studies, and accelerating trials using real-world outcomes. In addition, real world data from diverse sources offers opportunities for players to conduct global and regional comparative effectiveness research and explore health economics and outcomes research questions.
Key players are also leveraging cross-regional collaborations and partnerships with healthcare providers, payers and private sector organizations to expand their geographical presence. For example, in 2020 Evidera partnered with Roche Diagnostics to develop real-world evidence programs for Roche's diagnostic solutions across Asia, Europe and North America. Similarly, Clinigen Group established a strategic collaboration with the UK National Health Service (NHS) to collaborate on generating real-world evidence from the NHS.
Market Drivers
A major driver for the pharmaceutical and life sciences real world evidence market growth is the increasing adoption of RWE solutions by biopharmaceutical companies and regulatory agencies to supplement traditional clinical trials. RWE enables drug developers to study a broader patient population in a real-world clinical setting which contributes significantly to clinical development, regulatory approval applications and post-approval evidence generation process. Furthermore, regulatory agencies worldwide are increasingly accepting RWE for drug approval processes which is further fueling adoption.
Market Restraints
However, the market growth potential can be restrained by factors such as data privacy and security risks associated with real world data sources, complexities related to real world data quality and variability, lack of standards for real world data generation and analysis. Logistical and technical challenges associated with integration and analysis of disparate real world databases can also hamper market expansion. In addition, reluctance among providers and payers to share data due to competitive and commercialization risks act as a growth barrier.
Segment Analysis
The Pharmaceutical and Life Sciences Real World Evidence Market is segmented based on component, therapeutic area, end-user, and region. Component segment is further segmented into solutions and services. Solutions segment dominates the market and expected to remain dominant over the forecast period. RWE solutions such as data integrator, RWE reporter and RWE analyzer solutions help generate real world evidence which helps stakeholders to gain insights on product effectiveness, safety and marketing strategies. Based on therapeutic area, oncology segment dominates the market as many cancer drugs requires real world evidence for regulatory approval. Among end-users, pharmaceutical and biotechnology companies segment holds largest share of the market as they widely use RWE solutions to support product approvals and reimbursement.
Global Analysis
North America region holds the highest market share and expected to remain dominant over the forecast period. High healthcare spending, presence of well-established healthcare IT infrastructure and favorable government support for adoption of real world data solutions drives the North America market. Asia Pacific region is expected to witness highest growth rate during the forecast period. Increasing generics market, rising elderly population and growing clinical research activities in emerging countries such as India and China contributing to market growth in Asia Pacific region. Growing focus of pharmaceutical companies and payers on value-based healthcare, advancing technologies such as artificial intelligence and machine learning are some key factors expected to boost demand for pharmaceutical and life sciences real world evidence solutions globally during forecast period.
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What Are The Key Data Covered In This Pharmaceutical and Life Sciences Real World Evidence Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Pharmaceutical and Life Sciences Real World Evidence's growth between 2024 and 2031.
:- Accurate calculation of the size of the Pharmaceutical and Life Sciences Real World Evidence and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Pharmaceutical and Life Sciences Real World Evidence Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Pharmaceutical and Life Sciences Real World Evidence vendors
FAQ’s
Q.1 What are the main factors influencing the Pharmaceutical and Life Sciences Real World Evidence?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Pharmaceutical and Life Sciences Real World Evidence companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Pharmaceutical and Life Sciences Real World Evidence’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
