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Real World Evidence Solutions Market Trends

Report ID: GMI9187
Published Date: Apr 2024
Report Format: PDF

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Real World Evidence Solutions Market Trends

The incorporation of advanced analytics technologies, such as artificial intelligence (AI) and machine learning, is increasingly prevalent in real world evidence solutions. Researchers and healthcare providers are leveraging AI in detecting patterns and trends in real-world data, which is enabling them with informed clinical decision-making, optimize drug development, and enhance patient outcomes.
For instance, AI is being employed to analyze electronic health record to identify patients at risk for specific conditions or predict treatment responses based on patient characteristics. As a result, the incorporation of AI into real world evidence solutions is reshaping the market landscape, empowering enhanced insights and predictive capacities from real-world data, thereby propelling market expansion.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Market size for real world evidence solutions had surpassed USD 1.9 billion during 2023 and could witness 15.7% CAGR between 2024 and 2032 owing to the expanding adoption of RWE in clinical research, increasing demand for evidence-based decision-making in healthcare, coupled with the need for cost-effective and efficient drug development processes.

The drug development and approval segment will record USD 2.1 billion by 2032, primarily due to the crucial role RWE plays in enhancing the efficiency and effectiveness of clinical trials, providing valuable insights into drug performance in real-world settings.

North America real world evidence solutions industry will secure USD 2.6 billion by 2032, driven by the rising utilization of real-world evidence (RWE) solutions in clinical research, the presence of digital healthcare infrastructure facilitating the generation of ample real-time data, alongside increasing support from government and regulatory agencies like the US FDA for standardizing RWE solutions.

Some of the leading real world evidence solutions industry players include Aetion, Inc., Cognizant Technology Solutions Corporation, Elevance Health, Inc., ICON plc., IQVIA Holdings Inc., Optum, Inc., Oracle Corporation, Parexel International Corporation, PerkinElmer Inc., SAS Institute Inc., among others.