Today, we will delve into the fascinating world of Real World Evidence industry statistics, shedding light on the latest trends, insights, and developments in this dynamic field.
The Latest Real World Evidence Industry Statistics Explained
The global Real World Evidence market size is expected to reach USD 1,348.1 million by 2026, at a CAGR of 14.4%.
This statistic indicates that the global Real World Evidence market is projected to grow significantly, with its market size estimated to reach USD 1,348.1 million by the year 2026. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 14.4%, reflecting a steady and substantial increase in market value over the forecast period. This forecast suggests a growing demand for healthcare insights derived from real-world data sources, indicating a shift towards evidence-based decision-making in healthcare and pharmaceutical sectors. The projected CAGR of 14.4% points towards a promising future for the Real World Evidence market, driven by factors such as increasing healthcare data availability, advancements in data analytics technologies, and a growing recognition of the value of real-world data in healthcare research and practice.
The North American region had the largest RWE market share of 52.2% in 2021.
The statistic indicates that in 2021, the North American region held the highest proportion of the Real-World Evidence (RWE) market compared to other regions, with a market share of 52.2%. This means that more than half of the RWE activities and data generation in the global market were attributed to North America. This could be due to various factors such as a concentration of healthcare and pharmaceutical companies, strong RWE infrastructure, regulatory environment, and investment in research and development in the region. The significant market share suggests that North America plays a pivotal role in shaping RWE practices and innovations, influencing decision-making processes in healthcare, pharmaceutical, and research sectors on a global scale.
The clinical outcome-related applications sector is expected to witness the highest growth rate, a CAGR of 15.2%, in the real-world evidence market by 2027.
This statistic indicates that the sector focusing on clinical outcome-related applications within the real-world evidence market is projected to experience strong growth with a compound annual growth rate (CAGR) of 15.2% by the year 2027. This suggests an increasing demand for real-world evidence related to clinical outcomes, potentially driven by a greater emphasis on evidence-based decision making in healthcare settings. The growth rate of 15.2% is notably higher compared to other sectors within the real-world evidence market, indicating that there is a growing recognition of the importance and value of utilizing real-world data to inform clinical practice, drug development, and healthcare policy decisions.
Oncology is projected to be the fastest-growing segment in the market with a CAGR of 15.8% through 2026.
This statistic indicates that the field of oncology is expected to experience rapid growth in the market over the coming years, with a Compound Annual Growth Rate (CAGR) of 15.8% projected through 2026. This suggests that the demand for oncology-related products and services, such as cancer treatments, diagnostics, and research, is anticipated to increase at a significant rate compared to other segments in the market. The high CAGR implies that the oncology sector is likely to outpace growth in other areas, highlighting the importance and potential opportunities within the field of oncology in the near future.
IBM corporation holds the dominant market share of Real World Evidence Industry.
The statistic “IBM corporation holds the dominant market share of the Real World Evidence Industry” indicates that IBM is the leading company in providing services or solutions related to Real World Evidence (RWE). RWE refers to the clinical evidence regarding the usage and potential benefits or risks of medical products that is derived from the analysis of real-world data sources, such as electronic health records, claims data, and various other sources. This statistic suggests that IBM has a significant stake in this particular industry, likely due to its innovative technologies, data analytics capabilities, and established reputation in the healthcare sector. IBM’s dominance in the RWE industry may influence trends, drive innovation, and shape the competitive landscape within the sector.
77% of pharmaceutical executives use RWE in decision-making, but only 41% are very confident in their RWE insights.
The statistic suggests that a majority (77%) of pharmaceutical executives are utilizing Real-World Evidence (RWE) in their decision-making processes. This indicates a growing reliance on RWE as a valuable source of information for making strategic decisions within the industry. However, it is somewhat concerning that only 41% of these executives feel very confident in the insights derived from RWE. This discrepancy could imply that while RWE is being utilized, there may be challenges or limitations in extracting actionable insights from the data. This highlights a potential area for improvement in the utilization and interpretation of RWE to ensure that pharmaceutical executives can have greater confidence in the insights they derive from this valuable resource.
Asia-Pacific region is anticipated to grow at the highest CAGR of 15.7% from 2021 to 2026.
The statistic indicates that the Asia-Pacific region is projected to experience the highest compound annual growth rate (CAGR) of 15.7% between the years 2021 and 2026. This suggests that the economies, industries, or markets within the Asia-Pacific region are expected to expand rapidly during this period compared to other regions. A high CAGR of 15.7% signifies a strong potential for growth and investment opportunities in the region, attracting businesses and investors seeking high returns. Factors contributing to this anticipated growth may include increasing consumer demand, emerging technologies, favorable government policies, and a growing middle-class population driving economic development in the region.
Real world evidence platforms sector dominated the market in 2021 with a share of 67.4%.
The statistic indicates that the real world evidence platforms sector held a significant market share of 67.4% in 2021, showcasing its dominance in the industry. Real world evidence platforms play a crucial role in collecting and analyzing data from real-world clinical settings to provide valuable insights into the effectiveness and safety of healthcare treatments. The high market share suggests that stakeholders, such as healthcare providers, pharmaceutical companies, and regulatory agencies, rely heavily on these platforms for making informed decisions about therapies and interventions. The strong performance of the real world evidence platforms sector highlights its importance in shaping healthcare strategies and policies based on real-world data and evidence.
Real-world data is now used in nearly 75% of new drug applications for oncology.
The statistic that real-world data is now utilized in almost 75% of new drug applications for oncology highlights a significant shift in the pharmaceutical industry towards leveraging data collected from everyday clinical practice to inform decision-making processes. Real-world data, derived from sources like electronic health records, claims data, and patient registries, provides valuable insights into patient outcomes, treatment patterns, and safety profiles in real-world settings beyond traditional clinical trials. By incorporating this diverse and vast data set into new drug applications, companies can better understand the effectiveness and safety of oncology treatments in practice, potentially leading to more tailored and evidence-based therapies for cancer patients. This trend underscores the growing recognition of the value and importance of real-world evidence in informing regulatory approvals and enhancing patient care in oncology.
By 2023, over 65% of Life Science companies are expected to have dedicated budgets for RWE.
This statistic conveys the growing importance and adoption of Real-World Evidence (RWE) within the Life Science industry. By 2023, it is anticipated that more than 65% of companies operating in this sector will allocate specific budgets towards RWE initiatives. RWE utilizes data from various sources such as electronic health records, patient registries, and claims data to provide insights into the real-world effectiveness, safety, and value of treatments. The fact that a significant portion of Life Science companies are investing in dedicated budgets for RWE signifies a shift towards leveraging real-world data to support decision-making processes related to drug development, regulatory approvals, and commercialization strategies. This trend highlights the industry’s recognition of the importance of RWE in enhancing evidence-based decision-making and ultimately improving patient outcomes.
Healthcare providers contribute about 36% of total market share in the RWE market.
This statistic indicates that healthcare providers hold a significant portion of the market share in the Real World Evidence (RWE) market, accounting for approximately 36%. This means that a substantial amount of data and insights used for real-world research and analysis are generated and controlled by healthcare providers. This level of contribution suggests that healthcare providers play a crucial role in shaping and influencing the RWE landscape, potentially impacting decision-making processes in healthcare and pharmaceutical industries based on real-world data and evidence provided by these providers.
Approximately 84% of payers use RWE to formulate coverage policies.
The statistic “Approximately 84% of payers use RWE to formulate coverage policies” indicates that the vast majority of healthcare payers are leveraging real-world evidence (RWE) in shaping their coverage decision-making processes. Real-world evidence refers to data collected from sources outside traditional clinical trials, such as electronic health records, patient registries, and claims data. By incorporating RWE into their policy formulation, payers are adopting a more comprehensive and data-driven approach to understanding the outcomes and effectiveness of healthcare interventions in real-world settings. This statistic suggests that RWE is playing an increasingly prominent role in guiding payer decision-making and highlighting the importance of employing a broader evidence base beyond randomized controlled trials.
The services segment will likely grow at a CAGR of 15.0% over the forecast period.
This statistic indicates that the services segment is expected to experience significant growth over the forecast period, with a Compound Annual Growth Rate (CAGR) of 15.0%. CAGR is a commonly used measure to convey the average annual growth rate of an investment or segment over a specified period of time. In this context, a CAGR of 15.0% suggests a robust and sustained expansion of the services segment in the industry under consideration. This growth rate can be interpreted as a positive indicator of the sector’s potential for expansion and can influence strategic decision-making for businesses operating in this segment.
Electronic Health Records (EHRs) hold the largest share in the real-world evidence market.
This statistic suggests that the utilization of Electronic Health Records (EHRs) is predominant in the collection and analysis of real-world evidence within the healthcare industry. EHRs are electronic systems that store patient health information, allowing for the tracking of treatments, outcomes, and overall patient data. By holding the largest share in the real-world evidence market, EHRs are likely the primary source for generating evidence on the effectiveness and safety of medical interventions in real-world settings. This highlights the importance of EHRs in advancing evidence-based healthcare practices and decision-making processes by leveraging real-world data for research, analysis, and improving patient outcomes.
The pharmaceutical industry is projected to generate a revenue of $792.6million in 2026.
The statistic indicates that the pharmaceutical industry is forecasted to generate a total revenue of $792.6 million in the year 2026. This figure serves as a projection based on current market trends, growth rates, and various other factors that influence the industry’s financial performance. The revenue generated by the pharmaceutical industry plays a crucial role in reflecting its economic significance and overall contribution to the healthcare sector. Such projections are essential for stakeholders, investors, and policymakers to make informed decisions and anticipate the industry’s future trajectory. It also highlights the continued growth and importance of the pharmaceutical sector in meeting the healthcare needs of the global population.
Hospitals are the most common end-user of RWE, accounting for approximately 34% of the market.
This statistic indicates that hospitals are the primary consumer of Real-World Evidence (RWE), comprising approximately 34% of the market share. RWE refers to data collected from sources outside traditional clinical trials, such as electronic health records, insurance claims, and patient registries, to provide insights into real-world patient outcomes and treatment effectiveness. The fact that hospitals account for a significant portion of the RWE market suggests that they are increasingly using this type of evidence to inform decision-making processes regarding patient care, treatment protocols, and health outcomes. This underscores the importance of RWE in helping hospitals improve healthcare delivery, optimize resource allocation, and enhance patient outcomes through evidence-based practices.
The proportion of Phase III clinical trials using some form of RWE was 5.5% in Q2 2019.
In Q2 2019, the proportion of Phase III clinical trials utilizing some form of real-world evidence (RWE) was reported to be 5.5%. This statistic suggests that a small percentage of Phase III clinical trials are incorporating real-world data from sources such as medical records, patient registries, and observational studies to supplement traditional clinical trial data. The use of RWE in clinical research can provide additional insights into the safety and effectiveness of treatments in real-world settings, complementing the controlled environment of randomized clinical trials. The relatively low percentage of Phase III trials utilizing RWE indicates that there is room for growth in leveraging real-world evidence to enhance the understanding and validation of healthcare interventions.
The Real World Evidence market is estimated to grow by USD 2.09 billion during 2021-2025.
The statistic that the Real World Evidence market is estimated to grow by USD 2.09 billion during the period of 2021-2025 indicates a significant expansion in the industry’s value and market size. This growth projection suggests that there is increasing demand for real-world data and evidence in healthcare and other sectors, driven by factors such as the adoption of evidence-based decision-making practices, advancements in data analytics technology, and the need for more robust and real-life insights into the effectiveness and outcomes of treatments and interventions. The projected growth also implies opportunities for stakeholders in the Real World Evidence market to capitalize on this trend through strategic investments, innovation, and partnerships to meet the evolving needs of the market.
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