The global RWE Solutions market is projected to reach USD 2.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 15.2% during the forecast period. The growth of this market is primarily driven by the increased R&D spending for the development of new pharmaceutical products and medical devices and support from regulatory bodies for the use of RWE solutions. Additionally, rising geriatric population, subsequent increase in the prevalence of chronic diseases, shift from volume- to value-based care, delays in drug development and the subsequent increase in development costs are some of the other major factors that are driving the growth of this market.
However, reluctance of the medical practitioners and researchers to rely on real-world studies, Lack of universally accepted methodology standards and data processing infrastructure and shortage of skilled professionals are the major factors that are expected to restrain the growth of this market during the forecast period.
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The global RWE solutions market is fragmented and marked by several small and large companies. Some of the major players in this market include IQVIA Holdings Inc. (US), IBM Corporation (US), OPTUM Inc. (US), Icon Plc (Ireland), Syneos Health Inc. (US), and Parexel International Corporation (US). Players in the global RWE solutions market have employed various strategies to expand their global footprints and increase their market shares. The key strategies adopted by the major players in the RWE solutions market include agreements, acquisitions, expansions, and product approvals. The leading market players in the market are based in developed countries in North America and Europe. Players operating in the market are competing using advanced technologies, such as AI, NLP, and machine learning to offer innovative solutions. Furthermore, vendors are also focusing on creating and using new data sources to improve clinical outcomes.
IQVIA which is one of the leading player in the RWE solutions market, is a global provider of RWE solutions with wide geographical coverage. The leading position of IQVIA in the market can be attributed to various factors, such as its robust technology and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings through significant R&D expenditure and product innovation. IQVIA focuses on product launches and agreements & partnerships to sustain its market position. The company has a wide geographical presence in over 100 countries across North America, Europe, Asia, Latin America, and Africa.
IBM Corporation provides a cloud platform and cognitive solutions for enterprise imaging solutions, interoperability, and clinical systems to healthcare providers. The company has a dominating presence in the RWE solutions market owing to its significant experience in healthcare IT products and access to a significant number of data sources. The company offers its healthcare IT solutions to more than 6,000 clinics and labs, 1,500 hospitals, 250 medical device manufacturers, and various leading pharmaceutical companies globally. The company has a strong presence across the Americas, Europe, and Asia, among other regions.
Real World Evidence Solutions Market by Component (Services, Disparate Data Sets, (Claims, Clinical, Pharmacy, Patient), Application (Oncology, Cardiovascular, Neurology, Immunology), End User (Pharma, Medtech, Payers, Providers) - Global Forecast to 2027
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