Real-world Data Market Worth $2 billion by 2029
(I-BusinessNews.Com, August 06, 2022 ) According to this latest publication from Meticulous Research®, the global real-world data (RWD) market is expected to grow at a CAGR of 8.2% from 2022 to 2029, to reach $2 billion by 2029. Rapidly growing big data in healthcare, shift from volume to value-based care, and rising focus on personalized healthcare have positively impacted the RWD market. However, the lack of standardized methodologies to generate RWD poses a market challenge.
Adopting AI in RWD studies is the latest trend in the RWD industry. AI integrated RWD studies can enhance data anomaly detection, standardization, and quality check at the pre-processing stage. AI-powered RWD studies can serve as a valuable tool in collecting, organizing, and analysing the increasing amount of data generated from disparate datasets. AI integrated wearable devices/sensors can automatically and continuously collect patient data, relieving the patient of this task. Together with wearable technology, AI techniques offer new approaches to developing real-time, power-efficient, mobile, and personalized patient data.
The global RWD market is segmented based on Source (EMR/EHR/Clinical Data, Claims & Billing Data, Pharmacy Data, Product/Disease Registries Data, Genomics Data, and Other Datasets), Application (Market Access & Reimbursement/Coverage Decisions, Drug Development & Approvals, Post-market Surveillance, Medical Device Development & Approvals, and Other Applications), End User (Pharmaceutical, Biotechnology, and Medical Device Companies, Healthcare Payers, Healthcare Providers, and Other End Users), and Geography. The study also evaluates industry competitors and analyses their market share at the global and regional levels.
Based on source, in 2022, the EMR/EHR/clinical data segment is estimated to account for the largest market share of the RWD market owing to the significant amounts of data generated in hospitals, the increasing adoption of EHR/EMR in hospitals, and the increased use of clinical data for RWE generation. EHRs are the commonly used form of healthcare database. EHR data is vital in collecting and generating actionable information at the FDA. The federal agency is focused on making real-world data (RWD) available for clinical studies as a strategic priority and intends to issue guidance on supporting “more accessible clinical trials” through a decentralized approach. Such initiatives would propel the adoption of EHR data for real-world data generation during the forecast period.
Based on application, in 2022, the market access & reimbursement/coverage decisions segment is estimated to account for the largest market share of the RWD market. The large market share of this segment is primarily attributed to the increasing demand for real-world data to accelerate drug discovery & development and deliver a value-based price. With rising therapy costs, healthcare payers are focusing on evidence of clinical value for making decisions associated with providing coverage. RWD helps and provides a means for demonstrating value, ranging from confirming randomized trial benefits in real-world populations to a fuller characterization of resource impacts. The pharmaceutical, biotech, and medical device manufacturers use RWD derived from patient populations to analyse the clinical trial data to deliver a value-based price that appeals to more payers with increased value and provides maximum profit to the company. Payers use RWD to understand how treatments work and guide their medication coverage and reimbursement decisions.
Based on end user, in 2022, the pharmaceutical, biotechnology, and medical device companies’ segment is estimated to account for the largest market share of the RWD market. The large market share of this segment is attributed to the increasing importance of RWD in drug development & approvals, and the growing need to avoid costly drug recalls and assess drug performance in real-world settings. The healthcare landscape is developing and is shifting from volume to value-based care. Pharmaceutical companies have been looking for new ways to provide the best treatments to patients. RWD helps in understanding real-life clinical practices and actual health outcomes of drugs. Pharmaceuticals and biotechnology companies have adopted various strategies to demonstrate the value of their products, faster data collection, drive drug development, address regulatory requirements, support outcomes-based contracts, minimize the risk of product failure, and reduce products’ time to reach the market.
This market research report analyses major geographies and provides a comprehensive analysis of North America (U.S., Canada), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Latin America, and the Middle East & Africa.
Key companies operating in the global RWD market are Anthem, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: