[157 Pages Report] 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. 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.

Objectives of the Study

To define, describe, and forecast the global real-world evidence market on the basis of component, therapeutic area, end user, and region

To provide detailed information regarding the major factors influencing the growth of the real world evidence solutions market (drivers, restraints, opportunities, and industry-specific challenges)

To strategically analyze micromarkets with respect to the individual growth trends, future prospects, and contributions to the overall market

To analyze the opportunities in the real world evidence solutions market for stakeholders and provide details of the competitive landscape for market leaders

To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with major countries in these regions

To strategically profile the key players and comprehensively analyze their market shares and core competencies in the real-world evidence market

To track and analyze competitive developments such as partnerships, agreements, & collaborations; alliances; mergers & acquisitions; and new service launches in the global real world evidence solutions market

Research Methodology

Top-down and bottom-up approaches were used to validate the size of Real World Evidence Solutions industry and estimate the size of other dependent submarkets. Various secondary sources such as directories, industry journals, databases such as D&B Hoovers, Bloomberg Business, and Factiva, and annual reports of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess dynamics of this market. The breakdown of profiles of primaries is shown in the figure below:

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The prominent players in the global real world evidence market are IQVIA (US), International Business Machines Corporation (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).

Target Audience:

Hospitals and clinics

Insurers

Pharmaceutical and medical device companies

Academic medical centers

Government research organizations

Contract research organizations

Research and consulting firms

Regulatory agencies

Scope of the Report:

The research report categorizes the market into the following segments and subsegments:

Real World Evidence Market, By Component

Introduction

Data Sets Clinical Setting Data Claims Data Pharmacy Data Patient Powered Data

Services

Real World Evidence Market, By Therapeutic Area

Oncology

Cardiovascular Disease

Neurology

Immunology

Others Therapeutic Areas

Real World Evidence Market, By End User

Pharmaceutical and Medical Device Companies

Healthcare Payers

Healthcare Providers

Other End Users

Real world evidence Market, By Region

North America US Canada

Europe Germany UK France Italy Spain Rest Of Europe

Asia Pacific (APAC) China Japan Rest of APAC

Rest of the World

Available Customization

With the given market data, MarketsandMarkets offers customizations as per the company�s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (Up to 5)

Geographic Analysis

Further breakdown of the European market into Sweden, Denmark and Netherland

Further breakdown of the Asia Pacific market into South Korea and Australia

The global real world evidence solutions market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period. 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 report analyzes the global real world evidence solutions market by component, therapeutic area, end user, and region. 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.

Based on therapeutic area, the real-world evidence market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.

Based on end user, the real-world evidence market is segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & medical device companies segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the increasing importance of RWE studies in drug approvals, the need to prevent costly drug recalls, and the increasing need to assess drug performance in real-world settings.

The real-world evidence market is broadly segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America accounted for the largest share of the market, 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 rising focus on end-to-end RWE services and growth opportunities in emerging markets are expected to provide further growth opportunities for players operating in the real world evidence market. 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.

The prominent players in the global real world evidence solutions market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), 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).

IQVIA is one of the world�s leading providers of real-world evidence services with a wide geographical coverage. The company�s strong foothold in the market is primarily attributed to various factors such as its robust technical and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings. IQVIA has registered significant growth serving providers, payers and the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on mergers and acquisitions as a key growth strategy. Over the past three years, the company has made three major mergers and acquisitions.

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