Real-world Data (RWD) Market to Reach US$ 1.59 Billion by 2023

Purvaja Jadhao

posted on 11 months ago — updated on 2 seconds ago

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The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.59 billion in 2023 and is expected to exhibit a CAGR of 14.4% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Real-world Data (RWD) Market to Reach US$ 1.59 Billion by 2023

Market Overview:
The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.59 billion in 2023 and is expected to exhibit a CAGR of 14.4% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Real-world data refers to the data collected from real-world scenarios, such as electronic health records, claims and billing data, patient registries, and other healthcare databases. The market for RWD is driven by the increasing adoption of electronic health records, advancement in data analytics technology, and the need for evidence-based decision making in healthcare.

The use of RWD allows healthcare providers to monitor patient outcomes, assess the safety and effectiveness of drugs, and identify patterns and trends in disease management. It aids in reducing healthcare costs, improving patient care, and accelerating the research and development of new therapies and treatments.

Market Key Trends:
One key trend in the RWD market is the growing adoption of artificial intelligence and machine learning technology. These technologies enable healthcare organizations to analyze and interpret large volumes of real-world data, extract meaningful insights, and make data-driven decisions in real-time. AI and machine learning algorithms can identify patterns and correlations in data that are not easily detectable by human analysis, thus enhancing the accuracy and efficiency of healthcare processes.

Furthermore, AI-powered predictive analytics can help healthcare providers in identifying high-risk patients, predicting disease progression, and developing personalized treatment plans. The integration of AI and machine learning into RWD platforms is expected to drive the market growth by maximizing the potential of real-world data for improved patient outcomes and healthcare decision-making.
Segment Analysis:

The Real-World Data (RWD) Market Demand can be segmented based on data source, therapeutic area, end-user, and region.

In terms of data source, the market can be segmented into electronic health records (EHRs), claims data, patient-generated data, and others. Among these, EHRs dominate the market as they provide valuable clinical information that can be used for research and analysis. EHRs are widely adopted by healthcare providers and offer comprehensive patient data, making them the preferred choice for real-world data analysis.

Based on therapeutic area, the market can be categorized into oncology, cardiovascular diseases, neurology, immunology, and others. Oncology is the dominating segment in this market. The increasing prevalence of cancer and the need for continuous monitoring of patients' health conditions are driving the demand for real-world data in oncology. Additionally, advancements in treatment technologies and the focus on personalized medicine further contribute to the growth of this segment.

Regarding end-users, the market can be segmented into healthcare providers, pharmaceutical companies, research organizations, and others. Pharmaceutical companies are the major end-users of real-world data, as they rely on this information to assess drug safety and effectiveness in real-world settings. The use of real-world data by pharmaceutical companies has become crucial in clinical research and in gaining regulatory approvals.

Key Takeaways:

The global real-world data (RWD) market is expected to witness high growth, exhibiting a CAGR of 14.4% over the forecast period. This growth can be attributed to various factors, including the increasing adoption of electronic health records (EHRs) and the rising demand for data-driven insights in healthcare. The availability of vast amounts of real-world data and advancements in analytics and data integration technologies are also driving market growth.

From a regional perspective, North America is the fastest-growing and dominating region in the RWD market. This can be attributed to the presence of well-established healthcare infrastructure, technological advancements, and a favorable regulatory environment for real-world data analysis. In addition, the increasing focus on value-based care and the need to improve patient outcomes are contributing to the growth of the RWD market in this region.

Key players operating in the real-world data 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., and SAS Institute Inc. These key players are focusing on strategic collaborations, acquisitions, and partnerships to enhance their market presence and expand their service offerings in the RWD market.