Global Real-World Evidence Solution Market All Set to Flourish: Expected to Reach worth USD 4,415.3 Million in 2027
The global real-world evidence (RWE) solution market has reached USD 1.487.1 million by 2020 and is expected to reach USD 4,415.3 million by 2027, with a healthy CAGR of 17.1% during 2021–27 (forecast period) According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting.
Global Real-World Evidence Solution Overview
Real-world evidence is the clinical proof for the utilization and potential advantages or dangers of a restorative item for the examination of genuine information. Real-World Data (RWD) is characterized as information got from various sources that are related to results in a heterogeneous patient populace in genuine settings.
Rising Investment to Create Market Opportunities in Upcoming Years
A rise in investment creates new opportunities in the market. For instance, 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 in oncology led by Revelation Alpine, LLC, with participation from existing investors including Amgen Ventures, Ascension Ventures, Intermountain Ventures, Merck Global Health Innovation Fund, Roche Finance Ltd, Safeguard Scientifics and Social Capital.
Therapeutic Segment Contributing Major Share in the Real-World Evidence Solution Market
Based on the therapeutic area, the real-world evidence market is broadly categorized into oncology, immunology, neurology, cardiovascular disease, and other therapeutic areas the oncology segment has been accounted for the largest share of the real-world evidence market. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide. According to the WHO, Cancer is the second leading cause of death across the globe, with an estimated 9.6 million deaths in 2018. There is also an increasing personalized medicine and a more precise requirement for oncology, which is expected to further fuel the market growth.
Increasing Number of Cancer Patients
The increasing incidence of cancer, combined with untapped opportunities in developing economies, especially in the Asia-Pacific region, as well as the developing healthcare infrastructure in these regions, are among the main trends driving the market growth. According to The World Health Organization (WHO), there was a total of 19.3 million cancer cases in 2020. By 2040, the cases are likely to reach 30.2 million. Lung, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervical, and thyroid cancer are the most common among women. Surging demand for effective diagnostic procedures for cancer is also predictable to work in favor of the market.
Global Real-World Evidence Solution Market: Regional Insights
North America accounted for the largest share of the real-world evidence market in 2020, followed by Europe and the Asia Pacific.
Key players for the real-world evidence solutions market are Anthem, Inc., Clinigen Group plc, Cognizant Technology Solutions Corporation, International Business Machines (IBM) Corporation, ICON Public Limited, Quintiles IMS Holdings, Inc., UnitedHealth Group, Oracle Corporation, PAREXEL International Corporation, PerkinElmer, Inc., and other Prominent Players.