Meticulous Research®– leading U.S. market research company published a research report titled “U.S. Real-World Evidence (RWE) Solutions Market by Component [Datasets (Clinical, Claims, Pharmacy, Integrated), Services], Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers)- Forecast to 2029.”
According to this latest publication from Meticulous Research®, the U.S. real-world evidence (RWE) solutions market is expected to grow at a CAGR of 13.1% from 2022 to 2029 to reach $2.22 billion by 2029. Rapidly growing big data in healthcare, shift from volume to value-based care, and rising focus towards personalized healthcare have been considered to positively impact the U.S. RWE solutions market. However, one of the biggest challenges in the market is the lack of standard principles for the design, conduct, analysis, and reporting of RWE. This lack of consensus may affect the quality of the clinical trial studies to determine the comparative effectiveness of different treatment options.
The U.S.RWE solutions market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts it for 2029–by Component (Datasets and Consulting Services), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post Market Surveillance, Medical Device Development & Approvals, and Clinical and Regulatory Decision-making), and End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users).
Based on component, the datasets segment is expected to account for the largest share of the U.S.RWE solutions market in 2022. The large share of this segment is primarily attributed to the increasing need for additional insights on epidemiology, compliance, adherence, and costs in a realistic environment; the growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information regarding drug safety among payers, regulatory bodies, and providers.
Based on application, the market access & reimbursement/coverage decisions segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large share of this segment is primarily attributed to the increasing demand for real-world data and real-world evidence to accelerate drug discovery and development, increasing investments by biopharmaceutical companies in R&D, and the growing inclination of regulatory bodies towards the use of real-world evidence (RWE). Both industry and payers are increasingly considering real-world data (RWD) in the U.S. Payers use the data to support coverage decisions, develop guidelines and decision support tools for use in clinical practice, generate estimates of the potential population they cover that could require the treatment, and estimate potential costs and cost offsets.
Based on end user, the pharmaceutical & medical device companies segment is expected to account for the largest share of the U.S. RWE solutions market in 2022. The large share of this segment is mainly attributed increasing importance of RWE studies in drug development & approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings. The healthcare landscape continues to shift from volume to value-based care and is continuously developing. Pharmaceutical companies have been looking for new ways to provide the best treatments for patients. Real-world evidence helps understand real-life clinical practices and actual health outcomes of drugs. Pharmaceutical and biotech companies are increasingly utilizing real-world evidence for collecting real-time post-trial information about drugs, which helps healthcare providers and researchers understand the negative reactions, side effects, and medication errors related to the drugs, thereby enabling them to control the potential harm caused by the drugs.
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Key companies operating in the U.S.RWE solutions market are Anthem, Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S.), ICON plc (Ireland), IQVIA HOLDINGS INC. (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), PPD, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).
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