As per a report by P&S Intelligence, the real-world evidence solutions market generated revenue of USD 1,560 million in 2022, and it will witness a compound annual growth rate of 12.40%, to reach USD 3,974 million by 2030.
The growth of the industry is due to the increasing number of clinical trials, rising research and development activities for medical devices and drugs, and shifting focus from volume-based to value-based healthcare.
Furthermore, RWE and RWD are used to advance protocol designs, with the aim of decreasing the number of expensive protocol revisions. These solutions can also be used in creating synthetic control arms, which will fasten trial execution and decrease the overall cost.
Additionally, the rapid advancement in volume, generation speed, and variety of data and the necessity for quick insights are increasing the demand for the right technologies for RWE program implementation. Hence, numerous life science companies are implementing cloud technologies due to the speed, scalability, flexibility, and safety they offer.
In 2022, the services category dominated the real-world evidence solutions market with a more than 56% share, and it will remain dominant throughout this decade. This is credited to the growing need for decrease in the delays in drug development and the availability of more healthcare information that needs to be analyzed.
The data sets category is expected to grow at a significant rate in the near future. This is mainly because of the growing attention to gain more insights into epidemiology and the increasing amount of information generated in the healthcare sector.
The pharmaceutical and medical device companies category will grow at the highest CAGR, of 12.9%, in the years to come. This can be attributed to the need for the elimination of the costly drug recalls and drug performance evaluation in real-world settings and the increasing importance of real-world evidence (RWE) analyses in drug support.
Additionally, the pharmaceutical sector is increasingly using real-world evidence to meet the governing compliance necessities, along with the payer requirements related to health economics and outcomes research (HEOR).
The APAC industry will grow at the highest CAGR, of approximately 14%, in the near future. The growth is mainly credited to the increasing incidence of chronic diseases, rising demand for advanced healthcare services, existence of various contract research organizations, growing number of clinical trials, strong support of governments for the adoption of RWE studies, and increasing elderly population.
It is because of the increasing research and development expenditure, rising demand for clinical and preclinical services during the drug development process, and increasing incidence of chronic diseases that the real-world evidence solution demand will considerably grow in the coming years.
