Real World Evidence Solutions Market: By Component (Claims Data, Clinical Data Setting, Pharmacy data, and Others), Indication (Cardiovascular Diseases, Oncology, Neurology, Urology, and Others), and Geography

Real World Evidence Solutions Market size was valued at USD 2.2 billion in 2022 and it is expected to grow to USD 8.6 billion growing at an 8.5% CAGR from 2023 to 2029. Real-world evidence is clinically gathered data through various studies and analyses which helps pharmaceuticals, medical device companies, and healthcare providers to implement new products or services in the market. Real-world data include randomized trials, simple trials, and observational studies. The growing amount of big data in healthcare, the shift from volume to value-based care, and the rising focus on personalized healthcare are expected to positively impact the RWE solutions market. Pharmaceutical healthcare providers are ready to invest in the development of novel drugs and services, to the demand for drug discovery and development they are shifting to outsourcing data and services, to get data for early and late-stage phases. With the prevalence of increase in research & development expenditure, pharmaceuticals need preclinical and post-clinical services which drive the market for real-world evidence solutions. Although, key players started using real-world evidence solutions for randomized solutions clinical data results increase the opportunity real word evidence solutions. The lack of consensus and real-world evidence standard lacks in quality to be part of the body of evidence to determine the comparative effectiveness of different treatment options.  

Real World Evidence Solutions Market key Developments:

• In August 2022, Trinity Lifesciences announced a partnership with Bain & Company. The partnership is to intend to pair extensive experience in the life sciences with the evidence-based solutions of Trinity Life Sciences.