Tuesday, April 16, 2024

Global Real-World Data Market Set for Significant Growth by 2030, Driven by Technological Advancements and Increased Demand for Evidence-based Medicine

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With a projected compound annual growth rate (CAGR) of 14.4% between 2023 and 2030, the global real-world data (RWD) market is anticipated to see significant expansion. This growth is attributed to the rising demand for evidence-based medicine, technological advancements, regulatory support, and the widespread use of electronic health records (EHRs). RWD, which comprises data collected outside of clinical trials, has proven valuable in informing decisions related to treatment effectiveness, cost-effectiveness, and safety.

Despite the promising growth, issues surrounding data privacy, as well as the cost and complexity of regulatory compliance, could potentially hinder the market’s expansion. Nevertheless, the RWD market presents opportunities such as improved market access and better reimbursement negotiations, thanks to the real-world evidence derived from RWD.

In terms of market segments, it is forecasted that EHRs will dominate the source of RWD. Drug development and approvals are expected to be the main applications of this data, with pharmaceutical and medical device companies predicted to be the primary end-users. Geographically, North America is foreseen to lead the RWD market due to its well-established healthcare infrastructure and stringent drug approval regulations.

There have been significant market developments, including the 2022 acquisition of Enlight Analytics by IQVIA and the 2021 acquisition of Aetion by PPD Inc. Other key market players include SAS Institute Inc., Palantir Technologies Inc., Optum, Inc., and IBM Corporation.

The global RWD market’s trajectory indicates a promising future, fueled by a combination of technological advancements and a growing demand for evidence-based medicine. The potential obstacles, such as concerns over data privacy and regulatory compliance, are acknowledged, but the opportunities offered by the market, such as improved market access and better reimbursement negotiations, signal a positive outlook.

In the rapidly evolving RWD market landscape, key players continue to make strategic acquisitions to strengthen their position. With North America set to lead the market due to its robust healthcare infrastructure and strict drug approval regulations, the global market is poised for significant growth in the coming years. Despite potential challenges, the RWD market is expected to continue its upward trajectory, offering numerous opportunities for stakeholders in the healthcare sector.

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