The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs).
The global real world evidence solutions market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period.
The rising focus on end-to-end RWE services and growth opportunities in emerging markets are expected to provide further growth opportunities for players operating in the real world evidence market. However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection some of the factors limiting the growth of this market during the forecast period.
The real-world evidence market is broadly segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America accounted for the largest share of the market, followed by Europe and Asia Pacific. Presence of a favorable regulatory environment, 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.
Download an Illustrative overview of the report – Real World Evidence Solutions Market
The prominent players in the global real world evidence solutions market are IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
IQVIA is one of the world’s leading providers of real-world evidence services with a wide geographical coverage. The company’s strong foothold in the market is primarily attributed to various factors such as its robust technical and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings. IQVIA has registered significant growth serving providers, payers and the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on mergers and acquisitions as a key growth strategy. Over the past three years, the company has made three major mergers and acquisitions.
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