The global Real World Evidence Market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3%.
The growth of this market is majorly driven by the rising geriatric population (and the subsequent increase in the prevalence of chronic diseases), shift from volume- to value-based care, and delays in drug development (and the subsequent increase in development costs). The growth opportunities in emerging markets and rising focus on end-to-end RWE services are the major opportunities in the real world evidence market.
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The global real world evidence market is consolidated at the top with the presence of few big players in the market. However, at the other end, the market is fragmented with regional and global players all competing for market share. IQVIA (US), ICON plc (Ireland), PAREXEL International Corporation (US), Pharmaceutical Product Development, LLC (US), and Optum, Inc. (US) are the major players in this market. The companies mainly focus on alliances, partnerships, collaborations, agreements, and new service launches.
Press Release : https://www.prnewswire.com/news-releases/rwe-analytics-a-key-to-optimize-drug-failure-rates-and-cost-of-drug-development-842320977.html
IQVIA is one of the world’s leading providers of real-world evidence services with a wide geographical coverage. The company’s strong foothold in the market is primarily attributed to various factors such as its robust technical and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings. With a broad and deep real-world dataset that reflects the US and global treatment environment, the company completes disease views with data sources that include both population views and extensive clinical insights. IQVIA has registered significant growth serving providers, payers and the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). In October 2016, Quintiles Transnational Holdings (US) merged with IMS Health (US) to form IQVIA. This development helped pharmaceutical and biopharmaceutical companies by providing end-to-end clinical and commercial packages through IQVIA’s enhanced service offerings. Moreover, in May 2016, IMS Health acquired Privacy Analytics Incorporated, a leader in technology solutions for de-identifying and anonymizing healthcare information, to extend its robust real-world evidence (RWE) capabilities.
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ICON plc is a global player in the real-world evidence market with a balanced geographical presence. The company is well-positioned in the market and focuses on providing data management, regulatory, and central laboratory services. To remain competitive and achieve further growth in the market, the company focuses on collaborating with various organizations to broaden its service offerings, enhancing the capabilities & expertise, enabling technologies, and developing innovative trial solutions. The company also pursues a number of organic and inorganic growth strategies, such as service launches and acquisitions, which have broadened the company’s service portfolio and have added scale to its existing services. In July 2017, ICON (Ireland) acquired Mapi Group (France), a patient-centered health outcomes research and commercialization company. The acquisition strengthened ICON’s existing outcomes research business by adding a significant commercialization presence, analytics, real-world evidence generation, and strategic regulatory expertise.