Real World Evidence Solutions Market Growth & Trends

The global real world evidence solutions market size is anticipated to reach USD 66.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 7.6% from 2021 to 2028. The key factors driving the real world evidence solutions (RWE) market growth include the favorable government regulations and shift from volume to value-based care. Furthermore, the increasing prevalence of chronic disorders is anticipated to positively influence market growth.

During the pandemic, companies in the market diverted their focus towards providing solutions for curbing the spread of COVID-19. For instance, IBM collaborated with Salesforce for building digital health passes, which incorporated data, such as vaccine status, temperature checks, and COVID-19 test results for helping organizations to reopen safely. It also partnered with ServiceNow on Watson AIOps for supporting it to continue its leadership in transformative Artificial Intelligence (AI) by helping clients automate IT operations and reduce risks.

According to PerkinElmer, RWE solutions offer around USD 300 to 500 billion in top-down opportunity for the U.S. healthcare industry alone. Also, many life science companies are witnessing ad hoc value from selected RWE case studies and demonstrating around USD 100 million of bottom-up impact. Therefore, if a company captures USD 1 billion in RWE value, it ultimately creates more than USD tens of billions in terms of healthcare improvements. This is anticipated to boost the market growth.

Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in August 2021, Syneos Health partnered with Aetion for offering RWE solutions for advanced drug development and commercialization. This partnership brought together Syneos Health’s proprietary data collection research solutions and Aetion’s Evidence platform, AEP, for generating evidence through patient data curation and real-world data.

Real World Evidence Solutions Market Report Highlights

  • Favorable government initiatives and shift from volume to value-based care is expected to boost the market growth
  • The services segment led the market in 2020 owing to the increased demand
  • The drug development & approvals segment dominated the market in 2020 owing to the high adoption of RWE solutions in pharmaceutical companies for this application
  • The healthcare payers segment is anticipated to grow at the fastest CAGR owing to the rising awareness regarding drug and medical device safety
  • North America led the global market in 2020 owing to the presence of major players in the region
  • Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028
  • This growth can be credited to the presence of Contract Research Organizations (CROs) in the region