RWE Solutions Market is Segmented Based on Component, Therapeutic Area, End User, and Region

Posted June 9, 2022 by NeilR112

This undercuts the potential value of the information produced, thus reducing the incentive to generate it. In addition, this leads to the disinclination of major stakeholders in the adoption of RWE.
The global RWE solutions market is projected to reach USD 2.3 billion by 2026 from USD 1.2 billion in 2021, at a CAGR of 14.4% during the forecast period. The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market.

The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market.

[215 Pages Report] Real-world Evidence Solution Market are used to monitor the post-market safety and adverse events of drugs. The monitoring of this data assists in making regulatory decisions. The healthcare community is using RWE and RWD to support coverage decisions and to develop guidelines and decision support tools for use in clinical practice.

A smaller percentage of the readers identified telemedicine (28%) and artificial intelligence (20%) as the most important emerging trends. Even though emerging technologies, such as telemedicine, have existed for decades, most of healthcare systems rely heavily on in-person interactions between patients and clinicians.

RWE can provide valuable insights to better understand, monitor, and prepare for the challenges caused by outbreaks such as the COVID-19 pandemic. The utilization of RWE in infectious disease control is not a new concept. During the Ebola outbreak in 2014, forecasters successfully used Global Epidemic and Mobility (GLEaM) simulations that combined real-world data on populations and their mobility with rigorous stochastic models of disease transmission to predict the global spread of the disease.

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Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and level of risk to contract COVID-19. Following success in China, an increasing number of countries have started to look for ways to implement similar measures. In countries with strict data privacy laws, the implications of contact-tracing apps on individual privacy are considered a major associated concern.

The healthcare ecosystem is continuously changing. Globally, there is increased scrutiny on “value,” as financing healthcare stakeholders seek new alternatives to deal with the unsustainable cost burden and relatively poor return on investment. In order to prove value, companies need a strong evidence lifecycle management capability.

Based on component, the market is segmented into data sets and services. In 2020, the services segment accounted for a larger share of 58.8% of the global RWE solutions market. This segment is also estimated to grow at the highest CAGR of 16.0% during the forecast period.

Based on the therapeutic area, the RWE solutions market is broadly categorized into oncology, neurology, immunology, cardiovascular disease, and other therapeutic areas. The oncology segment accounted for the largest share of 24.8% of the RWE solutions market in 2020.

Based on end user, the RWE solutions is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (CROs, academic institutions, patient advocacy groups, and health technology assessment agencies).
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Issued By MnM
Country United States
Categories Health , Medical , News
Tags health , rwe , solutions
Last Updated June 9, 2022