The market for evidence based clinical practice (RWE) solutions is projected to reach $ 3.13 billion by 2027, up from $ 1.08 billion in 2020, with a CAGR of 16.5% over the projected period.

The drivers of the RWE market are: an aging population, the burden of chronic disease, a shift to patient-centered healthcare, a growing focus on the use of personalized medicine, a delay in drug development, which leads to an increase in drug development costs, and an accelerated use of RWE for regulatory decision making. In addition, emerging markets, the growing focus on end-to-end RWE services, and the increasing role of wearable medical devices, social media and artificial intelligence in RWE represent opportunities for rapid growth for players in the RWE market.

By understanding where and how quickly an outbreak could spread, the same tracking models can be adapted to deal with any upcoming COVID-19 outbreaks. In a pandemic, a systematic approach to collecting information is needed to support clinical and public health decision-making. Real-life clinical data (RWD) obtained directly from patients or electronic medical records (EMR) can provide information for COVID-19 research, which cannot be done with randomized clinical trials (RCTs).

The FDA is using real-life clinical practice data to better understand the risk factors for COVID-19, tailor public health interventions to specific communities, and mitigate the spread of the virus. The organization is participating in the COVID-19 Diagnostics Evidence Accelerator, a collaborative multi-stakeholder project that promotes diagnostics. These efforts are coordinated by the Reagan-Ullah Foundation for the FDA in collaboration with Friends of Cancer Research. Thus, the pandemic will lead to more active implementation of RWE solutions in the coming years.

Market for evidence collected from real clinical practice

Drug development delays and subsequent increases in development costs are expected to drive market growth.

With the growing focus on personalized medicine and the increasing number of rare diseases, medical and research organizations face the challenges of high costs and long lead times for drug delivery to patients, as developing a new pharmaceutical product is time-consuming and extremely expensive with high risk and small chances of a successful result.

In addition, pharmaceutical companies conduct clinical trials to obtain regulatory approval, which is considered an important part of the drug development process. However, rising costs and lengthy clinical trials are holding pharmaceutical companies away from drug development, limiting patient access to new therapies. Due to the high cost of drug development and clinical trials, many companies are looking for possible ways to reduce the cost of clinical trials and avoid drug development barriers in order to accelerate the drug development process. Adopting evidence based on real data helps to simplify access and solve some of the problems, and also gives a better understanding of the use of drugs in the real world.

Key results of the RWE market research:

• In 2020, the data collection segment dominated the RWE market.
• Factors such as the growing focus on additional information on epidemiology; compliance, compliance and costs in a realistic environment; an increase in the volume of medical data generated in hospitals and healthcare facilities; the dependence of results-based research on real data; and the growing demand for information from payers, regulators and suppliers regarding drug safety is driving the growth of the data collection segment.
• The market access and cost recovery segment is expected to grow at its fastest CAGR during the forecast period.
• Depending on the application, the market access and cost recovery segment is expected to grow due to increased therapy costs and increased focus on evidence of clinical value for reimbursement decisions.
• In 2020, pharmaceuticals, biotech companies, and medical device manufacturers accounted for the largest share of this market.
• Factors such as the growing need to prevent costly drug recalls, the increasing role of RWE research in drug development and approval, and the need to evaluate drug efficacy in real-world settings are supporting the growth of this market segment.

North America: Fastest Growing Market

Regionally, North America is estimated to have the largest market share for RWE solutions in 2020 and is expected to grow the fastest during the forecast period. The factors driving the growth of the North American market can be attributed to the availability of real data, the growing focus on estimating the cost of treatment, rising R&D costs by biopharmaceutical companies, the emphasis on early drug / device development and approval, and the presence of major RWE players in the region.

Key players

The key players in the RWE market are Anthem Inc. (USA), Clinigen Group plc (UK), Cognizant Technology Solutions Corporation (USA), IBM Corporation (USA), ICON plc (Ireland), IQVIA (USA), Optum (subsidiary of United Health Group Inc.) (USA), Oracle Corporation (USA), PAREXEL International Corporation (USA), PerkinElmer Inc. (USA), PPD Inc. (USA), SAS Institute Inc. (USA) and Syneos Health Inc. (USA).

Source: https://www.meticulousresearch.com/product/Real-World-Evidence-Solutions-Market-4954