According to a new market research report titled, 'Real-world Evidence Analytics Market by Application [Market Access & Reimbursement, Drug Development & Approval (Oncology, Neurology, Cardiovascular), Post Market Surveillance, Medical Device Development], End User (Pharma, Payer, Provider) - Global Forecast to 2029', published by Meticulous Research®, the RWE analytics market is expected to grow at a CAGR of 15.1% during the forecast period 2022–2029 to reach $2.93 billion by 2029.
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Real-world evidence (RWE) is clinical evidence gathered via RWD analysis on the use and potential benefits or risks of a medical product. RWE analytics deploys descriptive and predictive (machine learning, probabilistic causal models, and unsupervised algorithms analysis) techniques to characterize patients and derive and predict deeper insights from patient data sets to better understand outcomes, drug performance & differentiation at the subpopulation level, and generate hypotheses at scale across multiple therapies, comparisons, and endpoints. RWE analytics plays a vital role across the pharma value chain, including research & development, market access, coverage decisions, and post-market surveillance. The growth of this market is primarily driven by rapidly growing big data in healthcare, a shift from volume to value-based care, and a rising focus on personalized healthcare.
Impact of COVID-19 on the RWE Analytics Market
The COVID-19 pandemic put a tremendous burden on the healthcare sector worldwide. With the unavailability of treatment, a rise in the number of patients, limited resources, and medical staff's vulnerability during treatment & prevention procedures, the healthcare sector struggled to deal with the pandemic. The key players operating in the RWE analytics market experienced an initial shrinkage due to uncertainties associated with the impact of the COVID-19 pandemic.
The market shrinkage was attributed to significant restrictions on travel in many countries, shifting resources to COVID-19 treatment in healthcare settings, and limited hospital access. This affected the amount of real-world data generated globally. However, after the initial shrinkage, the RWE analytics became the most influential emerging technology to tackle the COVID-19 outbreak. RWE can provide valuable insights to better understand, monitor, and prepare for the challenges caused by the COVID-19 pandemic. RWE analytics has been used increasingly to map the progression of the disease, invent vaccines, and find immediate treatments. Thus, the use of RWD made a significant impact during the pandemic and continues to play a more effective role in treating the disease.
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Technological advancements have enabled aggregating data from traditional reporting tools and technology networks such as mobile apps. For example, mobile contact-tracing apps have played a key role in tracking the spread of COVID-19 disease in China. Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and risk level of contracting COVID-19 infection. Following the success of China, several countries started looking for ways to implement similar measures nationwide. During the COVID-19 pandemic, RWE analytics has been essential in making healthcare decisions and deepening our understanding of the real-world impact of COVID-19 disease.
The RWE analytics market is segmented based on application (market access & reimbursement/coverage decisions, drug development & approvals, post market surveillance, medical device development & approvals, and clinical & regulatory decision-making), end user (pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers, and other end users), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at global and regional levels.
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Based on application, in 2022, the market access & reimbursement/coverage decisions segment is estimated to account for the largest share of the global RWE analytics market. RWE is increasingly considered by both industry and payers as a valuable source of evidence for market access & reimbursement and a complement to clinical trial evidence. Gaining & sustaining market access requires a clear understanding of the needs and values of key stakeholders. RWE offers an integrated strategic approach for proper understanding & communication of product attributes & benefits, driving value and market success.
Based on end user, the pharmaceutical, biotechnology, and medical device companies segment is estimated to account for the largest share of the global RWE analytics market. In the past few years, advanced RWE analytics has been increasingly considered by pharmaceutical companies as a tool that characterizes patients and establishes matching techniques to compare patient groups with related characteristics based on predictive models, machine/deep learning, probabilistic causal models, and unsupervised algorithms. This helps pharmaceutical companies to derive deeper insights from rich patent data sets, gain a better understanding of outcomes, understand drug performance and differentiation at the subpopulation level, and generate hypotheses at scale across multiple therapies, comparisons, and endpoints.
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