The Europe Real World Evidence Solutions Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
The European Medicines Agency has also developed guidelines for RWE studies that mandate risk-benefit data for post-authorization safety investigations. Therefore, it is anticipated that positive government actions will accelerate market expansion. Additionally, an industry alliance to develop and broaden RWE's application encourages market expansion.
Five companies, including Aetion, IQVIA, Tempus, Flatiron Health, and Syapse, cooperated in 2021 for example, to use data from EHRs, insurance claims, and several other sources outside of clinical trials. The coalition will also collaborate with pharmaceutical firms, producers of medical equipment, patient advocacy organizations, and other significant stakeholders.
This is done to encourage broader initiatives centered on the use of RWE, which, according to coalition members, aids providers, developers, and regulators in having a better understanding of the efficacy and safety of medical products. Such advances will help the market facilitate quicker access to innovative treatment alternatives, which will drive growth.
The institute stresses that realizing this vision, rooted in the Network Strategy to 2025, will encourage the creation and patient usage of better medications. Delivering this ambition will depend heavily on developing the Data Analytics and Real World Interrogation Network (DARWIN EU). It will be possible to analyze and access healthcare data from throughout the EU owing to this network. The initiative will begin in early 2022 with the development of a coordination center to onboard data partners and to direct the completion of studies required by medication regulators and, later, also sought by other stakeholders. RCT data is the main factor in initial price, reimbursement, and market access decisions in Germany because it is the sole drug-specific RWE available before market authorization. These strategies, initiatives, and collaborations are driving the growth of Real World Evidence Solutions Market in Europe.
The Germany market dominated the Europe Real World Evidence Solutions Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,206.3 million by 2028.The UK market is anticipated to grow at a CAGR of 7.4% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 9% during (2022 - 2028).
Based on Component, the market is segmented into Services and Data Set. Based on Therapeutic Area, the market is segmented into Oncology, Cardiology, Neurology, Diabetes, Respiratory and Others. Based on End-user, the market is segmented into Healthcare Companies, Healthcare Payers, Healthcare Providers and Others. Based on Application, the market is segmented into Drug Development & Approvals, Medical Device Development & Approvals, Reimbursement/Coverage & Regulatory Decision Making and Post Market Safety & Adverse Events Monitoring. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Real World Evidence Solutions Market will Hit $65.1 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Medpace Holdings, Inc., IQVIA Holdings, Inc., ICON plc, PerkinElmer, Inc., Parexel International Corporation (Phoenix Parentco, Inc.), PPD, Inc. (Thermo Fisher Scientific, Inc.), UnitedHealth Group, Inc. (Optum, Inc.), and Syneos Health, Inc.
By Component
By Therapeutic Area
By End-user
By Application
By Country
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