Real-world data (RWD) refers to data collected from various sources outside of conventional clinical trials. RWD provides researchers and healthcare providers with deeper insights into patient outcomes and treatment effectiveness in real-world clinical settings. RWD is increasingly being used by pharmaceutical companies to supplement randomized controlled trials and gain a more comprehensive understanding of product performance in everyday practice. The use of RWD can help improve clinical decision making and facilitate the development of more personalized treatments.
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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to improve clinical decision making represents a major driver of growth in the RWD market. Insights derived from RWD are helping physicians make more informed treatment choices based on effectiveness in real patients. RWD is supplementing traditional clinical trials by providing real-world evidence on broader and more diverse patient populations. This is improving outcomes by enhancing understanding of how various factors like age, genetics, comorbidities and concomitant medications impact treatment response. The use of RWD stands to advance value-based healthcare models by optimizing resource utilization and clinical benefits across larger patient groups in real-world settings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the RWD market is moderate due to high capital requirements for research and development activities.
Bargaining power of buyers: The bargaining power of buyers is high as various end-user industries can switch between available data providers easily.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many data suppliers operating in this market.
Threat of new substitutes: There is a medium threat from new substitutes in this market as companies are coming up with innovative technology solutions leveraging artificial intelligence.
Competitive rivalry: The competitive rivalry is high among existing players.
SWOT Analysis
Strength: Large and growing pool of real-world data from various sources, Demand from pharmaceutical companies for research is increasing.
Weakness: Compliance and regulatory issues, Data quality and integration challenges.
Opportunity: Personalized healthcare, Expansion in developing markets.
Threats: Data privacy and security concerns, Competition from emerging low-cost data providers.
Key Takeaways
The Global Real-World Data (RWD) Market is expected to witness high growth. Market Size for 2023 is US$ 1.59 Bn. The market is projected to grow at a CAGR of 14% during the forecast period of 2023-2030. North America currently dominates the RWD market owing to presence of key players, advanced healthcare infrastructure and high adoption of RWD solutions. Asia Pacific is expected to be the fastest growing region during the forecast period due to increasing government initiatives, growing private hospital sector and rising penetration of health insurance.
Key players operating in the RWD market are IQVIA Holdings Inc., Optum, Inc. (a subsidiary of UnitedHealth Group), Cerner Corporation, Flatiron Health, Inc. (a subsidiary of Roche), IBM Corporation, Tempus Labs Inc., Syneos Health Inc., Evidera, Inc., Palantir Technologies Inc., SAS Institute Inc. These players are focusing on partnerships and collaborations to expand their offerings and gain more traction in the global market.
For more insights, read- https://www.marketwebjournal.com/flourished-by-increased-adoption-of-precision-medicine
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