The mass digitization of healthcare records has created a wealth of clinical data assets, leading to a predicted 14.6% growth in the market through 2030, increasing its value from $4.6 billion to $13.6 billion. This growth is catalyzed by trends, including the widespread adoption of electronic health records, health surveillance during COVID-19, and the pharmaceutical industry’s cost-reduction efforts. Real-World Data (RWD) has been increasingly used for research, resulting in significant advancements in data-driven value creation and medical science. However, the fact that around 80% of healthcare data is unstructured presents challenges that require specialized solutions.
As RWD becomes increasingly essential for healthcare informatics, established entities, and newcomers alike are entering the market by creating novel data acquisition and processing models. Appointed entities will continue to enter the market by utilizing their unique data, producing joint ventures, or acquiring organizations that supplement a core initiative. This is also attracting newcomers with different data acquisition and processing models. The report also highlights the importance of stakeholders collaborating to maximize the potential of RWD/RWE for improving healthcare outcomes, accelerating medical research, supporting drug development, and informing health policy decisions.
To read more, click here.
[Source: PR Newswire, August 30th, 2023]