Real World Evidence : Need To Access Opinions On Diseases and Treatments Across Social Media


The global real-world evidence market is projected to reach $2.3 billion by 2026. RWE solutions market report provides crucial industry insights that will help your business grow.

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. 

 

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. 

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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 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 provision 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. 

RWE can provide valuable insights to better understand, monitor, and prepare for the challenges caused by outbreaks such as the COVID-19 pandemic. The utilization of RWE in infectious disease control is not a new concept. 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. 

The healthcare ecosystem is continuously changing. Globally, there is increased scrutiny on “value,” as financing healthcare stakeholders seek new alternatives to deal with the unsustainable cost burden and relatively poor return on investment. In order to prove value, companies need a strong evidence lifecycle management capability. 

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).