According to Meticulous Research®, the global RWE oncology solutions market is expected to reach USD 1.65 million by 2029 at a CAGR of 14.2% during the forecast period 2022–2029. The growth of this market is driven by the shift to value-based care, the rising focus on personalized healthcare, the growing burden of cancer, rapidly growing big data in the healthcare sector, and delays in drug development & the consequent increase in development costs.
The value-based care model has emerged as an alternative and potential replacement for the volume-based or fee-for-service reimbursement model. Value-based care delivers high-quality, efficient cancer care and helps lower healthcare costs during treatment. Utilizing real-world data (RWD) in a value-based care model where pay-for-value is prioritized helps prove whether the medicine delivers the same patient outcomes as demonstrated in randomized controlled trials.
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The CMS introduced an array of value-based care models, such as the Medicare Shared Savings Program, patient-centered medical homes, and the Pioneer Accountable Care Organization (ACO) model. Private payers have, in turn, adopted similar models of accountable, value-based care. The FDA recognizes that real-world evidence has the potential to make the U.S. healthcare system more competitive and efficient as validated outcome measures based on real-world data are incorporated into value-based payment contracts. Value-based payment arrangements generally rely on the mix of objectives, measurable patient outcomes associated with product use, and cost data. Historically, payers have had very little information beyond cost & utilization data from their claims systems and the results of clinical trials, many of which do not measure meaningful long-term outcomes and resource use to inform decision-making on payments for novel drugs and biologics.
Apart from the U.S., Europe, and other developed countries developing countries are also exploring the global paradigm shift towards value-based healthcare models. Several discussions, events, and conferences are being held on value-based care worldwide to check its feasibility, promote its advantages, formulate policies, and discuss the opportunities and challenges. Some of the major summits held in recent years include the 10th annual summit of the Association for Value-Based Cancer Care (AVBCC) held in 2020, the Association of Community Cancer Centers (ACCC) 46Th Annual Meeting & Cancer Center Business Summit (Washington Hilton, DC, March 2020), Annual Value-Based Care Summit 2020 (Boston, October 2020), Annual Value-Based Care Summit 2018 (Boston, October 2018), 3M’s Value-based Care Conference (Chicago, September 2016), and Value-Based Healthcare in Europe (London, March 2016).
Value-based care is a challenging transformational journey that is rapidly gaining traction across the globe. The value-based mindset helps R&D design trials that include the measurement of cost-effectiveness. The trials also help evaluate the burden of cancer during the preliminary stages of drug development and develop value propositions based on real-world outcomes, such as quality of life, productivity, absenteeism, and frequency of clinical events. The utilization of real-world data and its evidence is a key element in the transition to value-based care.
Thus, the shift to value-based cancer care models is expected to drive the RWE oncology solutions market during the forecast period.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/rwe-oncology-market-5276
Mr. Khushal Bombe
Meticulous Market Research Inc.
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