Global Real World Evidence Analytics Market

Real World Evidence Analytics Market Size, Share, Growth Analysis, By End user(Pharmaceutical, Biotechnology, Medical Device Companies, Healthcare Payers), By Application(Market Access & Reimbursement, Drug Development & Approval, Post Market Surveillance, Medical Device Development), By Therapeutic Area(Oncology, Cardiovascular, Neurology, Immunology), By Region - Industry Forecast 2024-2031


Report ID: SQSG35G2031 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 95 | Figures: 76

Real World Evidence Analytics Market Dynamics

Real World Evidence Analytics Market Driver

  • Rising Geriatric Population to Drive Market Growth

Rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of the market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market.

Real World Evidence Analytics Market Restraint

  • Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure

A significant obstacle in this industry is the lack of generally acknowledged standards or principles for the design, conduct, analysis, and reporting of RWE. RWE is frequently not regarded as being of high enough quality to be included in the body of evidence used to compare the effectiveness of various treatment choices as a result of this lack of unanimity. This diminishes the information's potential worth and lowers the incentive to produce it. Additionally, this discourages important stakeholders from implementing RWE.

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Global Real World Evidence Analytics Market size was valued at USD 2.26 billion in 2019 and is poised to grow from USD 2.45 billion in 2023 to USD 4.97 billion by 2031, growing at a CAGR of 8.2% in the forecast period (2024-2031).

Global Real World Evidence Analytics Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IQVIA Inc.', 'Optum, Inc.', 'IBM Corporation', 'Parexel International Corporation', 'Cognizant Technology Solutions Corporation', 'Oracle Corporation', 'Clinigen Group PLC', 'SAS Institute Inc.', 'PPD, Inc.', 'Syneos Health, Inc.', 'Anthem, Inc.', 'Change Healthcare Inc.', 'Pharmaceutical Product Development, LLC (PPD)', 'Evidera, Inc.', 'ICON plc', 'Flatiron Health, Inc.', 'HealthVerity, Inc.', 'PAREXEL International Corporation', 'Phesi Inc.', 'Aetion, Inc.'

Rising Geriatric Population to Drive Market Growth

Introduction of AI to Surge Market Growth

North America dominated the market in 2021. Some of the key factors anticipated to propel the growth of this market include the rising prevalence of chronic diseases in the elderly population, a move toward value-based care, an increase in personalised healthcare, the availability of electronic datasets, a well-established healthcare industry, and the growth of big data in the healthcare sector.

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Global Real World Evidence Analytics Market

Report ID: SQSG35G2031

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