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(CityRegions.Com, September 04, 2020 ) The global real world evidence market is valued at 612.0 million in 2017 and projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%.
The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs). The base year considered for the study is 2017 and the forecast period includes 2018 to 2023.
Objectives of the Study
To define, describe, and forecast the global real-world evidence market on the basis of component, therapeutic area, end user, and region
To provide detailed information regarding the major factors influencing the growth of the real world evidence solutions market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze micromarkets with respect to the individual growth trends, future prospects, and contributions to the overall market
To analyze the opportunities in the real world evidence solutions market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with major countries in these regions
To strategically profile the key players and comprehensively analyze their market shares and core competencies in the real-world evidence market
To track and analyze competitive developments such as partnerships, agreements, & collaborations; alliances; mergers & acquisitions; and new service launches in the global real world evidence solutions market
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On the basis of component, the data sets segment accounted for the largest share of the global market in 2017. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
Based on therapeutic area, the real-world evidence market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
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The prominent players in the global real world evidence solutions market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
Mr. Aashish Mehra