Real-world data and real-world evidence are used to monitor the post-market safety and adverse events of drugs. The monitoring of this data assists in making regulatory decisions. The healthcare community is using RWE and RWD to support coverage decisions and to develop guidelines and decision support tools for use in clinical practice.
The global RWE solutions market is projected to reach USD 2.3 billion by 2026 from USD 1.2 billion in 2021, at a CAGR of 14.4% during the forecast period. The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market.
The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in RD spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market.
However, the reluctance to rely on real-world studies and the lack of universally accepted methodological standards for data collection are restraining the growth of this market.
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In this report, the RWE solutions market is segmented based on component, therapeutic area, end-user, and region.
The emergence of this pandemic has posed severe financial constraints on pharma-biopharma companies in several countries. In this regard, RWE solutions have proven to be very helpful, as they allow industrial and academic researchers to monitor patients using digitally connected platforms while helping to organize and evaluate clinical data for regulatory submissions.
RWE is set to become the most influential emerging technology to help in the fight against the COVID-19 outbreak, according to the latest poll on GlobalData’s Pharmaceutical Technology website. In this poll, which was completed by 935 of its readers in April 2021, more than one-third of the respondents indicated that RWE would have the greatest impact on the management of COVID-19.
A smaller percentage of the readers identified telemedicine (28%) and artificial intelligence (20%) as the most important emerging trends. Even though emerging technologies, such as telemedicine, have existed for decades, most of the healthcare systems rely heavily on in-person interactions between patients and clinicians. Nevertheless, the current requirement for social distancing measures is swiftly pushing the primary care providers toward remote care.
Telemedicine and virtual care may also prompt a greater adoption of technologies such as wearables and digital therapeutics, thus accelerating digitalization in the healthcare space and boosting the importance of RWE and AI.
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During the Ebola outbreak in 2014, forecasters successfully used Global Epidemic and Mobility (GLEaM) simulations that combined real-world data on populations and their mobility with rigorous stochastic models of disease transmission to predict the global spread of the disease. By understanding where and how quickly the outbreak is likely to spread, the same tracking models could be adapted to fight any upcoming COVID-19 outbreaks.
While cryptographers are currently working on improving tracing apps to address the issue, tracking apps can only be effective when they are used by a significant proportion of the population. Therefore, it is critical that the functionality and safety of these applications are considered acceptable by the majority of the population.
Accelerated digitalization in the healthcare space has revealed gaps in infrastructure, workforce, and digital education that ultimately need to be bridged. Without intelligent analytics, RWE alone will not be able to produce meaningful and actionable results. Previously, the healthcare industry did not have the ability to gather RWE at the speed and scale needed to address urgent public health crises. However, this scenario has changed due to the pandemic. Advances in analytics and access to broad and diverse real-world data sets have made it possible to rapidly analyze data as it is captured to better understand how pandemics like COVID-19 are unfolding.
Currently, companies such as IQVIA, ICON Plc, and Syneos Health offer end-to-end RWE and late-phase services such as study planning, protocol development, clinical study management, and reporting. The growing impetus to provide complete evidence services throughout the product lifecycle is expected to offer potential opportunities for RWE vendors to increase investments in the complete drug development cycle.
Key Market Players
Prominent players in the real world evidence solutions market include IQVIA (US), IBM Corporation (US), ICON plc. (Ireland), PAREXEL International Corporation (US), PPD, LLC (US), Optum, Inc. (US), Cognizant Technology Solutions Corporation (US), Oracle Corporation (US), SAS Institute Inc. (US), Syneos Health, Inc. (US), Anthem, Inc. (US), Clinigen Group plc. (UK), Medpace Holdings Inc. (US) and Flatiron Health, Inc. (US).