Saturday, April 20, 2024

Real-World Data Market to Reach $2 Billion by 2029: Key Drivers and Market Players

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Real-World Data (RWD) market is projected to grow at a compound annual growth rate (CAGR) of 8.2% until 2029, reaching a valuation of $2 billion. This growth is driven by the rapid expansion of big data in healthcare, a shift to value-based care, widespread adoption of AI in RWD studies, and an increased focus on personalized healthcare. The COVID-19 pandemic, despite initially causing a shrink in the RWD market, has subsequently positioned it as a crucial instrument for understanding, monitoring, and preparing for pandemic-related challenges.

Key factors propelling the market include electronic medical records (EMRs), claims and billing data, pharmacy data, and product/disease registry data among others. The applications of RWD are extensive, covering areas such as market access, drug development & approvals, and post-market surveillance.

Geographically, North America is the primary region for market expansion, owing to the prevalence of chronic diseases, strict drug approval regulations, and the escalating use of big data in healthcare.

Anthem, Inc., IQVIA Holdings Inc., ICON plc, PPD Inc., and Clinigen Group plc are some of the key players in the RWD market, contributing to the anticipated growth.

Real-world data supports healthcare and research decisions by providing valuable evidence and analysis for multiple stakeholders. The market’s predicted growth indicates a promising future for the use of real-world data in healthcare and research.

The expansion of the RWD market is set to have significant implications for healthcare providers, researchers, and patients alike, potentially revolutionizing the way healthcare decisions and research are conducted. The use of AI in RWD studies indicates a promising future for the intersection of technology, data and healthcare.

The notable growth of the RWD market highlights the value of data in healthcare, the shift towards value-based care, and the impact of the COVID-19 pandemic on the healthcare industry. The rise of big data and AI in healthcare indicates a promising future for technology-driven, evidence-based healthcare decisions and research.

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