Real World Evidence Solutions Market Size, Share, Growth Analysis, By Component(Services, and Data Sets), By Application(Drug Development & Approvals, Medical Device Development & Approvals, Post-Market Surveillance, Market Access & Reimbursement/Coverage Decision-Making), By Deployment Mode(On-Premise Deployment Model, and Cloud-Based Deployment Model), By Revenue Model(Pay Per Use (Value-Based Pricing), and Subscription), By End User(Pharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), By Region - Industry Forecast 2024-2031

Real World Evidence Solutions Market Driver

Adoption of AI  

• AI will enable pharmaceutical and biotech companies to increase meaningful real-world evidence output, substantially reduce the time required to derive valuable insights, and leverage all available data sources. AI-driven analytics and automation help access vital insights contained in historical clinical trial data, as well as real-world data and real-world evidence, thereby expanding the end-to-end clinical trial capabilities.  

Growing Use of Big Data in Healthcare Industry 

• Advancements in data management and integration have facilitated the speed & quality of drug discovery and clinical trials as well as data use in pharma and biotech companies. Big Data improves real-world data by enhancing anomaly detection, standardization, and quality checking during pre-processing. The RWE platforms will benefit from the use of Big Data and advanced data processing and analysis techniques.  

Restraints 

Limited Skilled Professionals  

• The main factor which inhibits positive dynamics in the market of real-world evidence solutions is the absence of professionals capable of working with new digital solutions. The gap between the available and required professional workforce in the industry that is engaged in clinical research is impeding the acquisition and utilization of complex, advanced, and hard digital solutions in the sphere of clinical trials.  

Lack of Standardization 

• One of the considerable threats to market growth is the lack of standardization regarding regulatory, legal, and ethical requirements. Specifically, with reference to analytics concerning real-world data and real-world evidence, the lack of standardization can result in the analysis of the inferior quality, lack of transparency in terms of techniques used, inability to incorporate data provided by different sources and poor reliability of results.