The global real-world data (RWD) market, which encompasses data collected outside of clinical trials, is forecasted to grow at a CAGR of 14.4% between 2023 and 2030. The market is driven by increased demand for evidence-based medicine, regulatory support, tech advancements, and wide adoption of electronic health records. RWD has been used to inform treatment effectiveness, cost-effectiveness, and safety decisions.
However, concerns about data privacy and the cost and complexity of regulatory compliance could inhibit market growth. The market offers opportunities such as improved market access and reimbursement negotiations due to the real-world evidence derived from RWD.
In terms of market segments, Electronic Health Records (EHRs) are expected to dominate the source of RWD, while drug development and approvals are believed to be the principal applications. Pharmaceutical and medical device companies are likely the main end-users. Geographically, North America is projected to be the dominant region in the RWD market due to well-developed healthcare infrastructure and stringent drug approval regulations.
Notable market developments include IQIVA’s 2022 acquisition of Enlight Analytics and PPD Inc.’s 2021 acquisition of Aetion. Key market players include SAS Institute Inc., IQVIA Holdings Inc., Palantir Technologies Inc., Optum, Inc., and IBM Corporation.
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[Source: Yahoo Finance, October 6th, 2023]