by Real-world data or real-world evidence refers to data collected from real-world settings outside of conventional clinical trials. This may include electronic health records, claims and billing data, product and disease registries, and data gathered through personal devices and health applications. RWD provides insights into patient outcomes in real-world clinical practice and help pharmaceutical companies, regulators, and healthcare payers to gain understanding of a treatment’s effectiveness and safety. With advancement of technologies like machine learning and artificial intelligence, RWD is analyzed to gain insights into patient outcomes, disease progression, treatment patterns and risks.
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:
Artificial intelligence adoption is one of the key trends shaping the real-world data market. Healthcare organizations are increasingly adopting AI and machine learning to gain insights from real-world data. AI helps in analyzing huge amount of unstructured real-world data collected through various sources. It helps identify patterns, predict outcomes and stratify patient populations. Pharmaceutical companies are using AI-powered analytics of real-world data to accelerate clinical development, enhance post-market safety surveillance and identify high-risk patients for targeted interventions. This is expected to drive significant growth in real-world data market during the forecast period.
SWOT Analysis
Strength: RWD enables to collect real patient data on disease progression and treatments effectiveness, which helps pharmaceutical companies in clinical trials.
Weakness: Privacy and security of patients data is a major concern in RWD. Lack of data standardization makes integration and analysis challenging.
Opportunity: Increasing focus on precision medicine provides opportunity for RWD in developing personalized treatment approaches. Growing need for post marketing surveillance of drugs and medical devices.
Threats: Stringent regulations around data privacy and security pose compliance challenges. Competition from EHR vendors capturing integrated clinical and financial data.
Key Takeaways
The Global Real-World Data (RWD) Market is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a size of US$ 1.59 Billion in 2023 and projected to grow at a CAGR of 14% during the forecast period.
Regional analysis
North America dominates the global RWD market currently. Majority of ongoing clinical trials and research related to precision medicine is being conducted in the US. Favorable regulations around use of patient data and presence of leading RWD providers are driving the market in the region. Asia Pacific market is expected witness fastest growth over the forecast period supported increasing pharmaceutical research and adoption of advanced data analytics solutions across countries like China and India.
Key players
Key players operating in the real-world data (RWD) market are IQVIA Holdings Inc., Optum, Inc., Cerner Corporation, Flatiron Health, Inc., IBM Corporation, Tempus Labs Inc., Syneos Health Inc., Evidera, Inc., Palantir Technologies Inc., and SAS Institute Inc. These players are focusing on partnerships with pharmaceutical companies and healthcare providers to gather authenticated patient data and offer analytics software for clinical research and post marketing drug safety surveillance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
