Pharmaceutical And Life Sciences Real World Evidence Market Is Estimated To Witness High Growth Owing To Increasing Focus On Improving Patient Outcomes

The pharmaceutical and life sciences real world evidence market has been gaining increased traction over the recent past, owing to the growing importance of real world data collection, analysis and reporting of various therapeutic areas to support clinical development and decision-making. Real world evidence studies provide data based on routine clinical practice and helps pharmaceutical companies and regulatory authorities to validate the true efficacy and safety of drugs. Regulatory agencies like the FDA also encourage the use of real world evidence for post approval studies and marketing decisions.

The Pharmaceutical and Life Sciences Real World Evidence Market is estimated to be valued at US$ 2.0 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031.

Increasing awareness of real world data advantages and rising operational costs of clinical trials are key factors supplementing the market growth. RWE analyses help generate evidence around treatment patterns, patient outcomes, safety and effectiveness outside the rigid clinical trial setting.

Key Takeaways

Key players operating in the pharmaceutical and life sciences real world evidence market are Clinerion, Clinigen Group, Cognizant Analytics, Evidera, HealthCore and Among Others. These players are focusing on developing innovative platforms and solutions for real world data collection and analysis.

The key opportunities in the market include increasing adoption of RWE by regulators for decision making, growing demand for comparative effectiveness studies, and partnerships between pharmaceutical companies and data aggregators.

The global expansion of real world evidence market is majorly driven by increasing investments from pharmaceutical companies in international markets like Asia Pacific and Latin America. Many nations in these regions are focusing on enhancing healthcare facilities and infrastructure.

Market Drivers

One of the major market drivers is the increasing focus on improving patient outcomes. Real world evidence offers insights into treatment pathways and response rates in real world settings. This helps pharmaceutical companies in identifying gaps and addressing unmet needs. Regulators are also promoting the use of RWE for post-approval research and comparative effectiveness studies. With growing pressure to contain healthcare costs, RWE based studies evaluating cost-effectiveness of therapies are gaining prominence. This is expected to significantly contribute to the high growth of pharmaceutical and life sciences real world evidence market during the forecast period.

PEST Analysis

Political: Changes in healthcare policies across regions impact regulatory requirements related to research. Stringent regulations exist for data privacy and security in regions like Europe.

Economic: Economic cycles influence healthcare spending and research budgets. Recession impacts funding availability for real world evidence research.

Social: Aging populations and changing disease patterns increase demand for new therapies. Social media and online health forums influence patients’ medical decisions.

Technological: Advanced data analytics tools help generate real world insights from disease registries and electronic health records. Cloud computing improves data accessibility while ensuring privacy and security.

Geographic Concentration Of Real World Evidence Market

North America region accounts for the largest value share currently due to established healthcare systems and supportive policies for real world evidence generation. High adoption of electronic medical records facilitates real world data collection in the US. Europe is another major revenue generator with increasing focus on post-marketing drug safety surveillance.

Fastest Growing Region For Real World Evidence Market

Asia Pacific region is expected to witness highest growth over the forecast period. This is attributed to rising healthcare expenditure, growing disease burden, and policy reforms promoting clinical research in major countries like China and India. Initiatives to develop national health databases in emerging nations will further aid real world evidence research.

What Are The Key Data Covered In This Pharmaceutical and Life Sciences Real World Evidence Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Pharmaceutical and Life Sciences Real World Evidence’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Pharmaceutical and Life Sciences Real World Evidence and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Pharmaceutical and Life Sciences Real World Evidence Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Pharmaceutical and Life Sciences Real World Evidence vendors

FAQ’s

Q.1 What are the main factors influencing the Pharmaceutical and Life Sciences Real World Evidence?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Pharmaceutical and Life Sciences Real World Evidence companies compare in terms of sales, revenue, and prices?

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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it