Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings.
Market Size
The global Real World Evidence Solutions Market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period.
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.
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“By component, the data sets segment accounted for the largest share of the real world evidence market in 2017.”
On the basis of component, the data sets segment accounted for the largest share of the global real world evidence market. 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.
“By therapeutic area, the oncology segment held the largest market share of the real world evidence market in 2017.”
Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence 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.
Recent Developments
• In July 2017, ICON (Ireland) acquired Mapi Group (France), a patient-centered health outcomes research and commercialization company.
• In October 2016, Quintiles Transnational Holdings (US) merged with IMS Health (US) to form IQVIA.
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