(IT-NEWSWIRE.COM, July 31, 2020 ) Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings.
According to MarketsandMarkets - [157 Pages Report] The global real world evidence market is valued at 612.0 million in 2017 and projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%.
The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs). The base year considered for the study is 2017 and the forecast period includes 2018 to 2023.
What drives the Market?
Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
Shift From Volume- to Value-Based Care
Delays in Drug Development and the Subsequent Increase in Development Costs
However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection some of the factors limiting the growth of this market during the forecast period.
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Hospitals and clinics
Pharmaceutical and medical device companies
Academic medical centers
Government research organizations
Contract research organizations
Research and consulting firms
On the basis of component, the data sets segment accounted for the largest share of the global market in 2017. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
North America dominated the market in 2017.
North America accounted for the largest share of the real world evidence market in 2017, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real world evidence market.
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The prominent players in the global real world evidence market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), and Optum (US) held the major share of the real world evidence market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market include International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
Mr. Aashish Mehra