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

Global Real-World Evidence Solutions Market size was valued at USD 1.54 billion in 2022 and is poised to grow from USD 1.80 billion in 2023 to USD 6.26 billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031).

The industry is characterized by high innovation levels. The increasing usage of the AI & ML and growing interest in digital health solutions and IT solutions drive the industry. To expand the current market position, the major corporations in the market are increasing their investments in research and development to finance the creation of strategically new products and the acquisition of timely technological advances. Moreover, governmental funding, technological advances, regulatory approvals, changing product portfolios and mergers and acquisitions have been just as vital. It is expected that the major players will leverage the momentum of new product launches during the forecast period, as well as further expand their operations to support their existing lead on the global market for Real World Evidence Solutions.  'IQVIA Holdings Inc. (US) ', 'Merative (US) ', 'Optum, Inc. (US) ', 'ICON PLC (Ireland) ', 'Syneos Health, Inc. (US) ', 'Parexel International Corporation (US) ', 'Thermo Fisher Scientific Inc. (US) ', 'Fortrea Inc. (US) ', 'Oracle Corporation (US) ', 'Elevance Health, Inc. (US) ', 'SAS Institute Inc. (US) ', 'Aetion, Inc. (US) ', 'TriNetX LLC (US) ', 'Trinity (US) ', 'PerkinElmer Inc. (US) ', 'Cognizant Technology Solutions Corporation (US) ', 'Cegedim Health Data (France) ', 'Verantos (US) ', 'Medpace Holdings, Inc. (US) ', 'HealthVerity, Inc. (US) ', 'Datavant (US) ', 'Syapse, Inc. (US) ', 'Tempus (US) ', 'Flatiron Health (US) ', 'Quantzig (UK)'

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.  

Increasing Demand for End-to-End Services: An end-to-end approach to utilizing a life sciences company’s data, evidence, and knowledge assets allows making insight-driven decisions from the R&D phase up to commercialization. To seize the opportunities that come with RWD and RWE, various stakeholders provide end-to-end and late-phase services for their clients, including study planning, development of study protocols, study management and reporting, as well as a range of other services.  

North America dominated the market in 2023. The rising demand for real world evidence solutions in North America is primarily supported by significant support from regulatory bodies for using RWE solutions. Further, the shift from volume to value-based care and an increase in R&D spending are anticipated to support market growth. The real-world evidence solutions market in the U.S. is majorly driven by the increasing number of payers using RWD, favorable regulatory environment, increasing number of players providing RWE services, and increasing number of biopharmaceutical companies that are adopting RWE solutions for the approval of their drugs.