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Real World Evidence Market Segments: By Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data and Others); By End User (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies and Others); By Therapeutic Area (Oncology, Immunology, Neurology, Cardiovascular Disease and Others) and Region - Global Analysis of Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Real World Evidence Market to surpass USD 4.74 billion by 2030 from USD 1.11 billion in 2020 at a CAGR of 15.95% in the coming years, i.e., 2020-30.
Real-world data is derived from various sources associated with the outcomes of the heterogeneous population of patients in real-world settings. It is the clinical confirmation regarding the consumption and potential risks or benefits of a medical product. Real-world data sets are extensively used for various applications such as market access & reimbursement/ coverage decisions, drug development & approvals, medical device development & approvals, and clinical decision-making for real-world evidence which aids in the growth of the overall market. Real-world evidence (RWE) provides clear insight into possible treatment options that function in a wide population in comparison with a few patient pools in clinical trials. RWE insights are important in improving the efficiency of the cost of clinical trials and innovation, drug development, and life cycle management.
Global Real World Evidence Market to surpass USD 4.74 billion by 2030 from USD 1.11 billion in 2020 at a CAGR of 15.95% in the coming years, i.e., 2020-30. RWE market is growing due to the rising geriatric population, a shift in value to the volume-based, mounting prevalence of chronic diseases, delays in drug development, and the subsequent increase in development costs which can be improved with the usage of real-world data sets that work as clinical evidence and recognized as efficient solutions by various pharmaceutical companies
Oncology segment to grow with the highest CAGR during 2020-30
Global Real World Evidence Market is segmented by therapeutic area into Oncology, Immunology, Neurology, Cardiovascular Disease, and Others. The oncology segment held the largest market share of XX.X% in the year 2019 owing to the rising prevalence of cancer across the globe and the conduct of a significant number of clinical oncology trials.
Pharmaceutical & medical device companies’ segment to grow with the highest CAGR during 2020-30
Global Real World Evidence Market is divided by end-user into Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Companies, and Others. The Pharmaceutical & Medical Device Companies segment held the largest market share of XX.X% in the year 2019 and will continue to dominate the market in the coming years. This is due to the rising importance of RWE studies for the approval and development of drugs, the requirement to prevent costly drug recalls, to assess the performance of drugs in real-world settings, and mounting emphasis on post-market surveillance and drug safety.
Delayed drug development and high development costs
The development of a new pharmaceutical drug is of high risk with fewer chances for a successful outcome, time-consuming, and extremely costly. Healthcare and research organizations confront challenges posed by high costs and lengthy timelines to deliver medicines due to the hike in the emergence of rare diseases and the growing inclination towards personalized healthcare. Many companies seek possible ways to cut down the cost of clinical trials and evade barriers to escalating the drug development process.
Digitalization
The mounting use of mobile devices, computers, wearables, and other biosensors to accumulate and store a large volume of health-related data has been rapidly proliferating. Clinical trials in the health care setting can be conducted and properly planned with the help of the gathered data. Besides, with the development of new analytical capabilities, the data is analyzed and the results are applied to the medical product development and approval. Real-world evidence can be derived by the analysis of the real-world data gathered from various sources which are anticipated to drive the global market in the future years.
Stringent government regulations
Strict government regulations and policies impede the growth of the global market since the manufacturers are required to obtain permits, licenses, product registrations, and other regulatory approvals to fulfill the security and operating standards of various government bodies. Also, the lack of a universally accepted standard for data collection and reluctance to depend upon real-world studies is expected to limit the growth of the global market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Real World Evidence Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Real World Evidence Market in North America held the largest market share of XX.X% in the year 2019. North America will continue to dominate the global Real World Evidence Market due to the presence of a well-established pharmaceutical industry, favorable regulatory environment, and persistent expenditure in research & development activities which is projected to boost the market in this region.
Global Real World Evidence Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Real-World Evidence Market Segments:
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