The global real world evidence 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%. 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). However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.

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In this report, the real-world evidence market has been segmented on the basis of component, therapeutic area, end user, and region. On the basis of component, the market has been segmented into data sets and services.

The services segment is expected to register the highest CAGR during the forecast period. The rising need to convert data into actionable evidence, growing need to reduce drug development delays, and availability of large amounts of healthcare data are the major factors driving market growth in this segment. In the data sets segment, the pharmacy data subsegment is expected to register the highest growth. The major growth driver includes rising efforts to decrease medication nonadherence and increasing adoption of e-prescribing systems.

Based on end user, the real-world evidence (RWE) market is broadly segmented into pharmaceutical & medical device companies, healthcare providers, healthcare payers, and other end users (academic institutions, patient advocacy groups, and health technology assessment agencies). The pharmaceutical & biopharmaceutical companies segment is the fastest-growing segment in the real world evidence market during the forecast period. The rising demand to assess comparative effectiveness of drugs in actual, real-world use and the value or economic impact from the use of new or existing drugs are the major market drivers of this segment.

Geographically, the real world evidence market in the APAC region is expected to register the highest CAGR during the forecast period. This region is expected to grow at the highest pace during the forecast period, primarily due to the increasing government initiatives for the adoption of RWE studies, rising burden of chronic diseases, increasing demand for better healthcare services, and the rising geriatric population in the Asia Pacific region.