Real-world Data (RWD) plays a pivotal role in drug discovery and development by enhancing understanding of disease progression, treatment patterns and health outcomes. It helps researchers and scientists gain valuable insights into effectiveness and safety of therapies in real-world clinical settings compared to controlled clinical trials. The growing volume of healthcare data from various sources and increasing adoption of electronic health records by healthcare providers have enabled generation of real-world evidence.
The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 14 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of machine learning and artificial intelligence technologies by RWD providers is one of the key trends driving the market growth. Machine learning algorithms can analyze huge volumes of structured and unstructured healthcare data from diverse sources to generate real-world evidence. This helps stakeholders make more informed decisions regarding patient outcomes, treatment patterns, disease progression and overall healthcare management. For example, IQVIA uses machine learning models to extract insights from its vast RWD repository to help pharmaceutical companies with clinical trial design, patient recruitment and post market safety surveillance. The growing investments by players in AI and machine learning will continue to accelerate insights generation from real-world data.
Segment Analysis
The global real-world data (RWD) market is dominated by clinical research organizations (CROs) segment. CROs segment held approximately 38% market share in 2022. CROs heavily rely on RWD for conducting post-marketing surveillance studies and clinical trials. With increasing usage of EHRs and other real world evidence sources, CROs are able to access comprehensive patient data to power their clinical research.
Key Takeaways
The Global Real-World Data (RWD) Market is expected to witness high growth. With rising adoption of EHRs and mHealth solutions, generation of real world data from various non-interventional sources is growing exponentially. Pharmaceutical and biotech companies are leveraging RWD and real world evidence for drug discovery, clinical trial design and post marketing surveillance. Regulatory bodies are also encouraging the use of real world outcomes for clinical and regulatory decision making.
Regional analysis
North America dominated the global RWD market in 2022 and is expected to continue its dominance over the forecast period. This is owing to initiatives like National Patient-Centered Clinical Research Network (PCORnet) and presence of large EHR databases. Also, majority of leading RWD vendors and CROs are based in the US, facilitating easy access to North American health data. However, Asia Pacific is anticipated to witness highest growth during the forecast period owing to rising medical tourism, universal health coverage and expansion of health data collection initiatives in countries like China and India.
Key players analysis
Key players operating in the real-world data (RWD) market are IQVIA Holdings Inc., Optum, Inc. (a subsidiary of UnitedHealth Group), Cerner Corporation, Flatiron Health, Inc. (a subsidiary of Roche), IBM Corporation, Tempus Labs Inc., Syneos Health Inc., Evidera, Inc., Palantir Technologies Inc., SAS Institute Inc.. IQVIA Holdings Inc. is the market leader with strong presence across North America, Europe and Asia Pacific through its integrated RWD, analytics and consultancy offerings.
For more insights, read- https://www.dailyprbulletin.com/real-world-data-rwd-is-transforming-healthcare-decision-making
