Global Real World Evidence Market Analysis and Forecast Report 2030
Real-world data is derived from various sources associated with the outcomes of the heterogeneous population of patients in real-world settings. It is the clinical confirmation regarding the consumption and potential risks or benefits of a medical product. Real-world data sets are extensively used for various applications such as market access & reimbursement/ coverage decisions, drug development & approvals, medical device development & approvals and clinical decision-making for real-world evidence which aids in the growth of the overall market.Market Highlights
Global Real World Evidence Market is expected to project a notable CAGR of 15.95% in 2030.
Global Real World Evidence Market to surpass USD 4.74 billion by 2030 from USD 1.11 billion in 2020 at a CAGR of 15.95% in the coming years, i.e., 2020-30. RWE market is growing due to rising geriatric population, a shift in value to the volume-based, mounting prevalence of chronic diseases, delays in drug development, and the subsequent increase in development costs which can be improved with the usage of real-world data sets that work as clinical evidence and recognized as efficient solutions by various pharmaceutical companiesGlobal Real World Evidence Market: Segments
Oncology segment to grow with the highest CAGR during 2020-30
Global Real World Evidence Market is segmented by therapeutic area into Oncology, Immunology, Neurology, Cardiovascular Disease, and Others. The oncology segment held the largest market share of XX.X% in the year 2019 owing to the rising prevalence of cancer across the globe and the conduct of a significant number of clinical oncology trials.Market Dynamics
Delayed drug development and high development costs
Development of a new pharmaceutical drug is of high risk with fewer chances for a successful outcome, time-consuming, and extremely costly. Healthcare and research organizations confront challenges posed by high costs and lengthy timelines to deliver medicines due to the hike in the emergence of rare diseases and growing inclination towards personalized healthcare. Many companies seek possible ways to cut down the cost of clinical trials and evade barriers to escalate the drug development process.Restraint
Stringent government regulations
Strict government regulations and policies impede the growth of the global market since the manufacturers are required to obtain permits, licenses, product registrations, and other regulatory approvals to fulfill the security and operating standards of various government bodies. Also, the lack of a universally accepted standard for data collection and reluctance to depend upon real-world studies is expected to limit the growth of the global market.
Global Real World Evidence Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Pharmaceutical Product Development
Clinigen Group plc
PAREXEL International Corporation
Other Prominent Players
Global Real World Evidence Market: Regions
Global Real World Evidence Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Real World Evidence Market in North America held the largest market share of XX.X% in the year 2019. North America will continue to dominate the global Real World Evidence Market due to the presence of a well-established pharmaceutical industry, favorable regulatory environment, persistent expenditure in research & development activities which is projected to boost the market in this region.
Related Reports: Global Dental Sutures Market Analysis & Forecast 2016-2027