Real World Evidence Solutions Market is Estimated to be USD 9.7 Billion by 2034; Rising R&D Expenditure Boosts the Market Growth

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Published Date: December 2024

Real world evidence solutions market is poised for robust growth as stakeholders increasingly recognize the importance of real-world data in enhancing healthcare delivery and improving patient outcomes. Further, the combination of regulatory support, technological advancements, and a focus on patient-centered care fuels to drive target market growth.

Segmentation Analysis:

By Component	Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Others
By Application	Drug Development and Drug Approvals
By End- Use	Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Companies, and Others

Report Highlights:

The real world evidence solutions market size accounted for USD 3 billion in 2024.
Target Market estimated to be USD 9.7 billion by 2034 and to register a CAGR of 13.8%.
Based on component, the real world evidence solutions market is dominated by the claims data segment.
According to application, the drug development segment holds a large share in the real world evidence solutions market.
By end-user, the pharmaceutical and medical device companies segment dominates the real world evidence solutions market.
By region, the real world evidence solutions market is expected to expand rapidly in the North American region.

Market Dynamics:

Growing Factor	Challenge Factor	Market Trend
Increasing Technological Advancements	Data Privacy Concerns	Increased Use of Data Analytics

Key Highlights:

In June 2023, Verana Health, a digital health company elevating quality in real-world data (RWD) announced the launch of Site Explorer, a solution for identifying potential clinical trial sites. The new subscription-based tool offers clinical trial sponsors and contract research organizations (CROs) a secure way to quickly identify practices with clinical expertise and potential patient populations matched to unique study protocols.

Report Analysis:

FDA-Funded RWE Research Project for the Utility of RWE:

RWE Developments	Institution
Enhancing Evidence Generation by Linking Randomized Clinical Trails (RCTs) to Real-World Data (RWD)	Brigham and Women’s Hospital, Harvard Medical School, U.S.
Applying novel statistical approaches to develop a decision framework for hybrid randomized controlled trial designs which combine internal control arms with patients’ data from real-world data source	University of North Carolina, Genetech, Inc., U.S.
Advancing Standards and Methodologies to Generate Real-World Evidence from Real-World Data Through a Neonatal Pilot	Critical Path Institute (C-Path), Tufts Medical Center, International Neonatal Consortium, U.S.
Transforming real-world evidence with unstructured and structured data to advance tailored therapy (TRUST)	Verantos, U.S.

Browse ∼70 market data tables and ∼55 figures through ∼230 slides and in-depth TOC on “Real World Evidence Solutions Market, By Component (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data, and Others), Application (Drug Development, and Drug Approvals), End-User (Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Companies, and Others), and Region - Trends, Analysis, and Forecast till 2034”

For more insights into the Real World Evidence Solutions market and its future trends, visit the link: https://www.prophecymarketinsights.com/market_insight/real-world-evidence-solutions-market-5310

Competitive Landscape of Real World Evidence Solutions Market:

The prominent players operating in the Real World Evidence Solutions market includes IQVIA Inc., IBM, PPD, Inc., Parexel International (MA) Corporation, PerkinElmer Inc., ICON plc, Oracle, Syneos Health, Cegedim Health Data, Medpace, and Clinigen Group.