Forecasted Growth of Real-world Data Market: Role of AI and Big Data in Healthcare Industry and Impact of COVID-19 Pandemic
October 23, 2023
The Real-world Data (RWD) market is set to grow at a CAGR of 8.2% until 2029, hitting a $2 billion valuation. Real-world data aids healthcare and research decisions, providing valuable evidence and analysis for various stakeholders. Key growth factors include rapidly expanding big data in healthcare, a shift to value-based care, widespread adoption of AI in RWD studies, and an increased focus on personalized healthcare. While the COVID-19 pandemic initially shrank the RWD market, it has since emerged as a vital tool in understanding, monitoring, and preparing for pandemic-related challenges.
The market will be driven by electronic medical records or EMRs, claims and billing data, pharmacy data, and product/disease registry data, among others. Applications are vast, spanning market access, drug development & approvals, post-market surveillance, and more. Geographic expansion chiefly centers on North America due to the prevalence of chronic diseases, strict drug approval regulations, and escalating big data in healthcare. Key RWD market players include Anthem, Inc., IQVIA Holdings Inc., ICON plc, PPD Inc., and Clinigen Group plc.
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[Source: Digital Journal, October 23rd, 2023]
