What is Real World Evidence Solutions Market Scope?
Pharmaceutical companies spend a lot of time and money in the pre-authorization drug development stages, particularly in phase-III clinical trials, to provide solid evidence on their products' safety and efficacy. Such experiments are planned as Randomized Controlled Trials (RCTs), which are the gold standard for testing to prove the safety and effectiveness of a product of high validity but within clinical trial's tightly regulated boundaries. RCTs must be supplemented by the controversial new criterion known as Real-World Evidence (RWE). It is scientific evidence derived from real-world data about the use and possible benefits or risks of a medical product. Various research designs or evaluations, including but not limited to randomized trials, including large simple trials, pragmatic trials, and observational studies (prospective and/or retrospective), may produce RWE. It generates insight, foresight, and exploratory observations on diseases, goods, and patient populations using real-world data (RWD).The real-world evidence solution is being used to demonstrate the effectiveness of medications, vaccines, and other types of knowledge evidence. Furthermore, RWE is able to provide evidences based on real-world data. The widespread use of real-world evidence helps to improve healthcare quality, and RWD data on the effectiveness and safety of new drugs and medical devices can supplement RCT data.
The Real World Evidence Solutions market study is being classified, by Application (Claims Data, Clinical Settings Data, Patient-Powered Data, Pharmacy Data and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Real World Evidence Solutions market throughout the predicted period.
IQVIA (United States), International Business Machines Corporation (IBM)(United States), ICON (Ireland), PAREXEL (United States), Syase (United States), Pharmaceutical Product Development (United States), Optum (United States), Clinigen Group (United Kingdom), Palantir Technologies (United Kingdom) and Flatiron Health (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Real World Evidence Solutions market by Type, Application and Region.
On the basis of geography, the market of Real World Evidence Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
May 2020 – 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 (RWE) in oncology led by Revelation Alpine, LLC.
Influencing Market Trend
- Delays in Drug Development and the Subsequent Increase in Development Costs
- Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
- Shift From Volume- to Value-Based Care
- Growth Opportunities in Emerging Markets
- Rising Focus on End-To-End RWE Services
- Lack of Universally Accepted Methodological Standards and Data Processing Infrastructure
- Unwillingness to Rely on Real-world Studies
Key Target AudienceHospitals and clinics, Pharmaceutical and Medical Device Manufacturing Companies, Academic Medical Centers, Government Research Organizations, Contract Research Organizations, Research and Consulting Firms and Regulatory Agencies
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Real World Evidence Solutions market expands?
The Global Real World Evidence Solutions market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Real World Evidence Solutions market?
The prominent players of Global Real World Evidence Solutions market are IQVIA (United States), International Business Machines Corporation (IBM)(United States), ICON (Ireland), PAREXEL (United States), Syase (United States), Pharmaceutical Product Development (United States), Optum (United States), Clinigen Group (United Kingdom), Palantir Technologies (United Kingdom) and Flatiron Health (United States), to name a few.
3. What are the top priorities to focus for Real World Evidence Solutions market’s growth?
In this highly competitive & fast evolving Real World Evidence Solutions industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.