The pharmaceutical and life sciences real world evidence market is currently witnessing significant growth owing to the rising demand for personalized healthcare across the globe. Real world evidence products help to gather information on patient outcomes, treatment patterns, and healthcare economics associated with the actual use of medicines in real world settings. These help clinical trials by providing access to large amounts of relevant patient data to support regulatory and reimbursement decisions.
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, Evidera, HealthCore and others. Key players are focused on developing advanced analytics solutions and forming strategic alliances with healthcare organizations to gain access to robust real world datasets.
The demand for real world evidence solutions is rising significantly owing to growing pressure on pharmaceutical companies to demonstrate value and safety of drugs in real-world use. Real world evidence helps pharmaceutical and medical device manufacturers to address research questions that cannot be answered through traditional clinical trials alone.
Technological advancements such as use of artificial intelligence, machine learning and big data analytics are supporting generation of real world evidence. Companies are investing heavily in development of advanced analytics platforms for integration and analysis of disparate real-world data sources such as electronic health records, medical claims and product/disease registries. This is helping generate robust evidence for regulatory and reimbursement decision making.
Market Trends
Growing focus on value-based drug development: Pharmaceutical companies are increasingly relying on real world evidence to demonstrate value, clinical utility and outcomes of drugs in real world settings to health technology assessment bodies and payers. This trend is expected to further rise going forward.
Increasing partnerships between pharma giants and real world data analytics companies: Leading pharma companies are partnering with real world data analytics as a service providers to gain access to their analytical capabilities and real world datasets. This is a major market trend.
Market Opportunities
Growing demand for RWE generation for medical devices: Use of real world evidence is increasing for market access, surveillance and clinical development of medical devices and diagnostics. This presents significant growth opportunities.
Emergence of precision/personalized medicine: Precision medicine relies heavily on robust real world data for developing targeted therapies and demonstrating their value for patient subgroups. This dependence on real world evidence is expected to increase significantly in coming years.
Impact Of COVID-19 On Pharmaceutical And Life Sciences Real World Evidence Market
The COVID-19 pandemic has significantly impacted the growth of the pharmaceutical and life sciences real world evidence market. During the initial months of the pandemic, the market experienced a decline as most clinical trials were put on hold. However, the pandemic has also highlighted the need for real world data to expedite research and foster innovation in drug development. Pharmaceutical companies are increasingly using real world evidence data to profile disease symptoms, understand patterns of care, and assess treatment effectiveness during the pandemic.
With most clinical trials facing delays, real world data is proving invaluable to gain insights into how approved drugs are performing in real-world settings against COVID-19. Real world evidence is also being utilized to identify novel approaches for combatting SARS-CoV-2 and its emerging variants. This is expected to drive increased investment in real world data technologies. Moreover, the pandemic has accelerated the digital transformation of the healthcare industry. This will facilitate seamless integration of real world data sources going forward. Overall, while facing initial disruptions, the COVID-19 pandemic has underscored the importance of real world evidence in drug development and revolutionized its applications over the long term.
In terms of geography, North America currently holds the largest share in the pharmaceutical and life sciences real world evidence market in terms of value. This is attributed to the region’s highly developed healthcare infrastructure and increasing focus on value-based care models. Asia Pacific is projected as the fastest growing regional market stimulated by rising chronic disease burden, growing medical expenditures and increasing government prioritization of digital health in developing countries such as India and China.
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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
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