Real-World Evidence Market To Expand At A Healthy Growth Rate In The Coming Years
Summary
- The global real-world evidence market is valued at 612.0 million in 2017 and projected to reach USD 1,348.1 million by 2023, at a CAGR of 14.3%.
Real-world evidence is the clinical evidence regarding the usage and potential benefits or risks of a medical product derived from the analysis of real-world data. Real-world data (RWD) is defined as data derived from a number of sources that are associated with outcomes in a heterogeneous patient population in real-world settings.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.6% during the forecast period, the global real world evidence market is estimated to reach USD 1,348.1 Million by the end of 2023. North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over the forecast period.
On the basis of component, the data sets segment accounted for the largest share of the global market in 2017. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
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What Drives the Market?
The growth of the global market for real world evidence is primarily influenced by the following factors:
- Rising Geriatric Population and the Subsequent Increase in the Prevalence of Chronic Diseases
- Shift from Volume- to Value-Based Care
- Delays in Drug Development and the Subsequent Increase in Development Costs
Moreover, Presence of a favorable regulatory environment, high number of RWE service providers, the presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, are the major factors responsible for the global real world evidence market.
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