Noida, India, April 06, 2021 (GLOBE NEWSWIRE) -- According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, the global real-world evidence (RWE) solution market has reached USD 1.487.1 million by 2020 and is expected to reach USD 4,415.3 million by 2027, with a healthy CAGR of 17.1% during 2021-27 (forecast period). The growth is due to the shift from volume to value-based care, aging population and prevalence of chronic diseases and delays in drug development, and the subsequent increase in development costs. Besides, the real-world data sets are widely adopted by end-users for RWE for various applications such as drug development & approvals, market access & reimbursement/coverage decisions, clinical decision-making, and medical device development & approvals, among others, that helps in the growth of the overall market.
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Regardless of challenges, if RWE research is performed correctly can generate significant value throughout the product life cycle. To be successful, a company must first develop a strategy based on a deep understanding of which treatment areas and products to be prioritized and must define specific RWE applications that would complement routine clinical research. With a strategy, an organization can adopt a method that suits its purpose. The market is witnessing major developments wherein pharmaceutical companies and health authorities are accelerating and strengthening their ongoing efforts to define and implement RWE standards.
Increasing Number of Cancer Patients
The increasing incidence of cancer, combined with untapped opportunities in developing economies, especially in the Asia-Pacific region, as well as the developing healthcare infrastructure in these regions, are among the main trends driving the market growth. According to The World Health Organization (WHO), there was a total of 19.3 million cancer cases in 2020. By 2040, the cases are likely to reach 30.2 million. Lung, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervical, and thyroid cancer are the most common among women. Surging demand for effective diagnostic procedures for cancer is also predictable to work in favor of the market.
Rising Investment to Create Market Opportunities in Upcoming Years
A rise in investment creates new opportunities in the market. For instance, Syapse, a San Francisco, CA-based provider of precision oncology solutions announced USD 30 million in new equity funding to accelerate the creation and use of real-world evidence in oncology led by Revelation Alpine, LLC, with participation from existing investors including Amgen Ventures, Ascension Ventures, Intermountain Ventures, Merck Global Health Innovation Fund, Roche Finance Ltd, Safeguard Scientifics and Social Capital.
Revelation Alpine’s Managing Partner Zack Scott, MD will join the Syapse Board of Directors. Syapse collaborates with life sciences companies to provide insights from real-world data through its portfolio of products to support research and product development, clinical trials patient matching, real-world evidence regulatory filings, and monitoring of commercially approved products. Syapse health systems with insights support large-scale precision medicine programs through integrating the clinical, molecular, and outcomes data they need to make the most informed treatment decisions.
Therapeutic Segment Contributing Major Share in the Real-World Evidence Solution Market
Based on the therapeutic area, the real-world evidence market is broadly categorized into oncology, immunology, neurology, cardiovascular disease, and other therapeutic areas the oncology segment has been accounted for the largest share of the real-world evidence market. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide. According to the WHO, Cancer is the second leading cause of death across the globe, with an estimated 9.6 million deaths in 2018. There is also an increasing personalized medicine and a more precise requirement for oncology, which is expected to further fuel the market growth.
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Impact of COVID-19 on Real-World Evidence Solution Market
The global real-world evidence solution market has shown a sudden increase in market demand due to COVID-19. The pandemic has severely affected several industry players with regard to business and functional parameters but the pharmaceutical sector has grown up. Healthcare practitioners all over the world are working diligently to improve diagnosis, response time, and the efficient use of human resources, as well as to ensure the safety of medical staff. RWE is poised to become the most powerful new technology in the battle against the COVID-19 epidemic as the virus continues to wreak havoc on global markets. Since it offers useful insights into how to best understand, track, and plan for the pandemic's challenges the same monitoring models may be modified to combat any future COVID-19 or other disease outbreaks by determining where and how rapidly the epidemic is likely to spread.
The industry has witnessed the effect of COVID-19, wherein the medical system is astounded and has raised countless questions about how to best diagnose patients, treat infections, save lives, and control the pandemic. In the short term, researchers have started randomized trials to discover pharmacological interventions that can prevent or reduce the severity of the disease. But it would take some time to get healthy results. In the first few months of the flu pandemic, time is a luxury, and doctors may not be able to afford it at the forefront of the coronavirus fight. On a lookout to obtain medical insights and hope to be able to solve other questions that cannot be answered in a specialized research environment, researchers, pharmaceutical companies and government agencies immediately turned to health information obtained through insurance claims, electronic medical records, patient registers, and other methods, like real-world data source.
Global Real-World Evidence Solution Market: Regional Insights
North America accounted for the largest share of the real-world evidence market in 2020, followed by Europe and the Asia Pacific. The presence of a favorable regulatory environment, a high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the large share of North America in the global real-world evidence market. The U.S. is expected to dominate the North American market, owing to a high demand in clinical research activities, which is one of the important factors augmenting the demand for real-world evidence solutions market in the North America region.
Competitive Landscape
New entrants have a much lower chance of succeeding as it is difficult to match the high capital requirements of the market’s leading players. Key players for real-world evidence solutions market are Anthem, Inc., Clinigen Group plc, Cognizant Technology Solutions Corporation, International Business Machines (IBM) Corporation, ICON Public Limited, Quintiles IMS Holdings, Inc., UnitedHealth Group, Oracle Corporation, PAREXEL International Corporation, PerkinElmer, Inc., and other Prominent Players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.
Scope of the report:
By Therapeutic Area
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- Cardiovascular
- Oncology
- Immunology
- Others
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By Component
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- Data Set
- Clinical Setting Data
- Claims Data
- Pharmacy
- Patient-Powered Data
- Services
- Data Set
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By End-User
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- OEM
- Aftermarket
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By Component
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- Medical Devices
- Payers
- Pharmaceuticals
- Providers
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By Region
- The Asia-Pacific
- North America
- Europe
- The Middle East & Africa
- Latin America
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