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).

Real World Evidence (RWE) solutions have been majorly adopted for backing post-approval safety surveillance studies. Not to mention, global regulators of late have been incorporating RWE solutions in the early development of drugs and other phases of the drug lifecycle to test their efficiency. A huge number of countries make use of RWE solutions for pharmacovigilance activity and also for evaluating the efficiency of the drug after it has been marketed. Favorable government initiatives are projected to enhance the growth of the market. Not to mention, the industry coalition whose aim is to drive innovation as well as the expansion of the RWE application has been promoting market growth. 

Advances in the field of real-world evidence have been increasingly driven by technological developments characterized by the use of Artificial Intelligence and Machine Learning algorithms, combined with Internet of Things. The latter enable real-time data collection & analysis, with the former facilitating the analysis of RWE data. By analyzing massive datasets obtained from RWE in a relatively short period, both AI and ML can support practitioners in novel insights. With the use of the new technologies, the researchers and healthcare professionals can detect patterns & trends within the gathered RWD, contributing to a more refined decision-making process in the clinical setting and the improved outcomes of both drug development and patient care. 

US Real World Evidence Solutions Market is poised to grow at a sustainable CAGR for the next forecast year.