June 15, 2024

Real-World Data Market Propelled By Increasing New Drug Development

Real-world Data (RWD) provides insights from patient data collected outside of randomized clinical trials. It helps researchers understand product effectiveness and safety under real-world conditions. RWD provides a more comprehensive understanding of outcomes for diverse patient populations and treatment patterns compared to traditional clinical trials. With increasing focus on new drug development, RWD has become invaluable to pharmaceutical companies and regulators to supplement clinical research data and make well-informed decisions.

The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.84 billion in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing development of new drugs and medical devices has propelled the demand for RWD. Pharmaceutical companies and medical device manufacturers rely on RWD to gain insights on treatment patterns, effectiveness, and safety of their products once they are approved and used in real-world settings. Compared to clinical trials which have strict inclusion criteria, RWD helps analyze outcomes in a diverse patient population and understand responses in sub-groups. This provides a more comprehensive view of products to companies for developing evidence for expanded or new indications. Regulators also find RWD valuable in monitoring post-marketing safety of approved drugs and devices. The growing need for real-world evidence is expected to continue driving the RWD market during the forecast period.

SWOT Analysis
Strength: Real world data (RWD) has vast collection and sources of data from medical records, health records, and insurance claims that provide real data insights.
Weakness: Privacy and security concerns around patient data use. Data consistency and quality issues also arise due to diverse sources of collection.
Opportunity: Healthcare organizations and pharma companies are increasingly adopting RWD for drug discovery, disease treatment effectiveness analysis, and post marketing surveillance. This provides growth opportunity.
Threats: Stringent regulations around data access, sharing and privacy may restrict the scope of RWD applications and analysis. Competitive threats also exist from alternative data sources.

Key Takeaways
The Global Real-World Data (RWD) Market Share is expected to witness high over the forecast period of 2024 to 2030.

North America currently dominates the market due to presence of advanced healthcare IT infrastructure and favorable regulations around patient data use for research. However, Asia Pacific is expected to grow at fastest pace due to increasing government initiatives for adoption of digital health solutions in countries like China and India.

Key players operating in the real-world data (RWD) market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. These players are focusing on partnerships with healthcare providers and use of advanced analytics to generate meaningful insights from diverse and large RWD sources.They are also investing in developing AI and machine learning capabilities for their platforms to extract hidden patterns from real world patient journeys.

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