New World Evidence Data Market, By Component (Dataset (Claims, Clinical, Pharmacy, and Patient) and Services), By Therapeutic Area (Oncology, Cardiovascular, and Immunology), By End-User (Pharmaceuticals, Medical Devices, Payers, and Providers), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

New World Evidence Data Market was valued at USD 1.9 Billion in 2024 and is projected to grow at a CAGR of 6.1% to reach USD 7.2 Billion by 2034

The New World Evidence Data Market focuses on providing data regarding the patient’s health status and healthcare by collecting evidence from various sources, including real-world and clinical evidence regarding the usage, risks, and benefits of a medical product derived through the analysis of real-world data (RWD).

The rising prevalence of the geriatric population, as well as chronic diseases across the population, is the major factor boosting the growth of the target market. The growing burden of patients suffering from various chronic diseases increases the requirement and demand for smart data storage, thereby leading to the growth of the New World Evidence Data Market.

For instance, in 2016, according to the Health IT Buzz, it was reported that nearly 96% of hospitals and 78% of doctors in the United States had been using certified electronic health record systems.

Numerous Collaborations and Innovations in this Domain to fuel the target market growth

Growing innovations and collaborations made by numerous organizations in this domain, is one of the key factors boosting the growth of the New World Evidence Data Market. For instance, in May 2021, five companies - Aetion, IQVIA, Flatiron Health, Tempus, and Syapse teamed up together to leverage data from EHRs, claims, and other sources outside of clinical trials. To support broader efforts surrounding RWE, the coalition also decided to work with pharmaceutical firms, medical device producers, patient organizations, and other significant stakeholders.

New Product Developments and Launches to boost the market growth

New product developments and launches in this domain is another key factor boosting the growth of the New World Evidence Data Market. For instance, in 2021, according to the International Organization for Pharmacoeconomics and Outcomes Research (a US-based professional organization for health economics and outcomes research), the Real-World Evidence Transparency Initiative created the Real-World Evidence Registry. The Real-World Evidence Transparency Initiative aids in resolving possible issues with RWE studies by introducing the RWE registry and fostering a culture of transparency for the analysis and reporting of RWE (Real-World Evidence) in healthcare and research.

Restrains:

Numerous risks associated with data quality are one of the major factors restraining the growth of the New World Evidence Data Market. As data complexity increases, other data-quality issues also appear, which may restrict RWE's usage. For instance, it might be difficult to identify biases in the data and other underlying quality problems, which may restrict the conclusions drawn from such data. Additionally, the introduction of sophisticated analytics brings forth unique problems.

New World Evidence Data Market is segmented based on Component, Therapeutic Area, End-User, and Region.

Component Insight

On the basis of Component, New World Evidence Data Market is segmented into Dataset (Claims, Clinical, Pharmacy, and Patient) And Services. The Services component segment is expected to dominate the growth of the target market, due to the rising demand to convert reduce drug development delays, as well as the availability of a huge amount of healthcare data.

Therapeutic Area Insights

On the basis of Therapeutic Area, New World Evidence Data Market is segmented into Oncology, Cardiovascular, and Immunology.

End-Users Insights

On the basis of End-Users, New World Evidence Data Market is segmented into Pharmaceuticals, Medical Devices, Payers, and Providers. The Pharmaceutical end-user segment is expected to dominate the growth of the target market due to the increasing importance of RWE studies during drug approvals.

Regional Insights:

On the basis of Region, the New World Evidence Data Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is expected to dominate the growth of the target market over the forecast period, owing to factors such as rising population, rising prevalence of chronic disorders, rapid growth in urbanization and healthcare industry, increasing government initiatives and improved research and development programs.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the New World Evidence Data Market report based on Component, Therapeutic Area, End-User, and Region:

New World Evidence Market, By Component:

• Datasets (Claims, Clinical, Pharmacy, Patients)
• Services

New World Evidence Market, By Therapeutic Area:

• Oncology
• Immunology
• Cardiovascular

New World Evidence Market, By End-Users:

• Pharmaceuticals
• Medical Devices
• Payers
• Providers

New World Evidence Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating the New World Evidence Data Market includes, Oracle Corporation, IQVIA Holdings, Inc., International Business Machines Corporation, Syneos Health, Inc., ICON Public Limited Company, Pharmaceutical Product Development LLC, Optum, Inc., Cognizant Technology Solutions Corp., SAS Institute, Inc., and Flatiron Health, Inc.

• In October 2021, the Professional Society for Health Economics and Outcomes Research (ISPOR), in association with the International Society of Pharmacoepidemiology, the Duke-Margolis Centre for Health Policy, and the National Pharmaceutical Council, launched the Real-World Evidence Transparency Initiative. Real-world data (RWD) and real-world evidence (RWE) are being used more widely across the product life cycle, according to Deloitte's benchmarking research on RWE. For instance, biopharma firms increased the inclusion of RWE in regulatory filings beyond completing post-marketing obligations. RWD/E (Real World Data Evidence) was crucial in helping biopharma firms develop during the COVID-19 pandemic and quickly bring innovative vaccines and treatments for this highly infectious illness to market.
• In September 2019, IQVIA™ launched two of its capabilities in order to support clinical teams with greater ease. The features offered were tested, co-designed, and are now used by the top five pharmaceutical companies.

• Oracle Corporation *
• IQVIA Holdings, Inc.
• International Business Machines Corporation
• Syneos Health, Inc.
• ICON Public Limited Company
• Pharmaceutical Product Development LLC
• Optum, Inc.
• Cognizant Technology Solutions Corp.
• SAS Institute, Inc.
• Flatiron Health, Inc.