The rising number of chronic diseases and the increasing geriatric population are driving the real world evidence solutions market. Furthermore, there is a shift from volume-based care to value-based care, which adds value in the real world evidence solutions market. The increasing support from different regulatory bodies for the application of real world evidence solutions, rising expenditure in research and development activities, and increasing development costs are also bolstering growth in the real world evidence solutions market.
However, there is still a wide number of the populace who are reluctant to depend on studies conducted in the real-world. Further, there are inadequate universally accepted methodological standards that may be used for the data collection process. So, it is putting restrictions on the growth in the real world evidence solutions market.
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Real World Evidence Solutions Market: Key Trends
The real world evidence solutions are used for the monitoring of safety marketed products with traditional pharmacovigilance tools. They also find applications in novel digital aids, for example, the FDA Sentinel Initiative, which is a post-market active surveillance system for safety. The real world evidence solutions also have pre-approved use for efficacy decisions. Further, different pediatric conditions, rare diseases, and oncology are some potential verticals where real world evidence solutions serve. These services are used in the conditions in which clinical trials are unethical and impossible to conduct, and such massive revolutionized applications bolster the real world evidence solutions market.
Different legislators such as U.S. and others are acknowledging the worth of real world evidence solutions. Further, these regulators are making initiatives to make real world evidence solutions central in their activities. Furthermore, rising concentration for the application of personalized healthcare, delay in the process for drug development, increasing developmental costs, and application of RWE to make regulatory decisions, are some crucial factors propelling growth in the real world evidence solutions market. In addition, the use of AI in RWE services, social media, increasing contribution of wearable devices, growing attraction on end-to-end RWE services, and emerging markets are representing high-growth opportunities in the real world evidence solutions market players.
Real World Evidence Solutions Market: Competitive Dynamics and Key Developments
There are innumerable key developments that have taken place in the real world evidence solutions market. Such as Verantoa (US) have made a partnership with Lundbeck (US) in May 2021. This collaboration will enable these two companies to study the use of RWE for support in migraine therapy.
Further, Five RWD and analytics organizations have entered into an industry collaboration that is dedicated to the advancement in RWE application, and it will further support regulatory decisions. Aetion, Tempus, Syapse, IQVIA, and Flatiron Health are the founding members of this alliance.
Some of the prominent players in the real world evidence solutions market include:
- SAS Institute Inc.
- ICON plc.
- Oracle Corporation
- IBM Corporation
- Flatiron Health, Inc.
- Anthem, Inc.
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Real World Evidence Solutions Market: Regional Assessment
North America, Latin America, Europe, the Middle East & Africa, and the Asia Pacific are the five prominent regions in the real world evidence solutions market at the global level. Among these regions, North America has accounted for the highest portion of the market share. The growing adoption of RWE services for the drug approval process in the pharmaceutical industries is boosting the real world evidence solutions market in the region. Further, the increasing count of RWE service providers, rising number of RWD payers, and favorable regulatory environment are other driving factors for the growth in the real world evidence solutions market in North America. The rise in government initiatives in the Asia Pacific is also expected to boost the real world evidence solutions market there.
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