The North America Real World Evidence Solutions Market would witness market growth of 6.9% CAGR during the forecast period (2022-2028).
RWE solutions are expected to receive support from regulatory agencies, and spending on R&D is expected to rise. In addition, the transition from volume to value-based care is anticipated to promote growth. The COVID-19 pandemic caused widespread commercial interruptions for many market participants, impeding regular company operations.
For instance, IQVIA said that it was difficult to provide services that depended on in-person meetings or face-to-face conversations, as well as undertake on-site monitoring. Therefore, to lessen the effect on profitability, the corporation accelerated and increased the number of cost-containment measures.
Additionally, it initiated business continuity plans, turning on remote delivery capabilities for analytics and technology, remote monitoring and virtual trials for solutions for research and development, and, whenever practical, virtual client interactions. The National Patient-Centered Clinical Research Network (PCORnet), along with the National Institutes of Health Collaboratory and the FDA's Sentinel Initiative, have worked together to use the RWE data to raise the medication safety monitoring as well as clinical trials’ effectiveness.
To keep track of postmarket safety and adverse occurrences and formulate regulatory decisions, FDA uses RWD and RWE. These data are being used by the medical community to generate guidelines and decision-support systems for employment in clinical practice as well as to help choices about insurance coverage. Clinical trial designs, such as big simple trials, pragmatic clinical trials, and observational studies, are supported by RWD and RWE in developing medical products. The use of these forms of data to promote regulatory decision-making, including the approval of new indications for current pharmaceuticals, is given more attention by the 21st Century Cures Act, which was passed in 2016. Congress defined RWE as information about the use of a drug or its possible advantages or disadvantages that come from sources other than conventional clinical trials. Thus, all the aforementioned factors are expected to drive the growth of the market in the North American region during the forecast period.
The US market dominated the North America 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 $19,395.8 million by 2028.The Canada market is poised to grow at a CAGR of 9.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Real World Evidence Solutions Market is Estimated to reach $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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