10 Things You Need to Know:
- The projection shows the market size growing from $16.3 billion in 2023 to $36.24 billion in 2030, with a CAGR of 12.3%.
- IQVIA Inc., UnitedHealth Group, IBM, and Cognizant are currently the major players to pay attention to in the market.
- Advanced analytics like predictive models, machine learning, and unsupervised algorithms are all transforming the use of real-world data in medical industries.
- North America was the market leader and dominated in 2022. The Digital Journal states, “This dominance is majorly credited to the increasing adoption of these solutions in drugs and medical device development and approvals.”
- The report explains that the market is segmented “On the basis of type…divided into clinical setting data, claims data, pharmacy data, patient-powered data, and others.”
- Real-world evidence (RWE) solutions are becoming increasingly significant in the drug development process.
- The major challenge/restraint is a lack of standardized regulations.
- The full report covers growth drivers, challenges, regional developments, major industry players, and their strategies.
- According to the Digital Journal, the leading companies highlighted in the report are “IQVIA Inc. (U.S.), IBM (U.S.), Cognizant (U.S.), Syneos Health (U.S.), Oracle (U.S.), Clinigen Limited (U.K.), Icon plc (Ireland), Optum Inc. (United Health Group) (U.S.), Flatiron Health (F. Hoffmann-La Roche) (U.S.), Thermo Fisher Scientific Inc. (U.S.), Parexel International Corporation (U.S.), SAS Institute Inc. (U.S.), Perkin Elmer Inc. (U.S.), Cegedim Health Data (France).”
- Companies like Cognizant, Optum Inc., and IBM Corporation continued to focus on expanding their service offerings and held a significant share of the market.
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[Source: Digital Journal, July 10th, 2023]