Real-world data (RWD) refers to data relating to patient health status and/or delivery of healthcare that are routinely collected outside of randomized controlled trials (RCTs). It includes data from electronic health records, claims and billing activities, product and disease registries, patient-generated data including mobile devices, and data gathered from other healthcare-related venues. RWD provides a real-time view into how patients receive care and can help answer questions about the usage, benefits, and risk of medical products after they have been approved and launched. For biopharmaceutical and life sciences companies, RWD plays a critical role in drug discovery and development. Leveraging RWD helps uncover rare diseases and biomarkers, optimize clinical trial design, and support regulatory submissions and value demonstrations for new advanced therapies. RWD also enables the development and delivery of more personalized healthcare approaches through analytics that reveal patterns among diverse patient populations.
The global real-world data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Role in Development of Advanced Therapies: RWD plays an important role in development and demonstration of the value of advanced therapies such as cell and gene therapies and personalized medicines. It helps generate real-world evidence on patient populations, patterns of current treatment practices and clinical outcomes. This real-world evidence then supports regulators in evaluating the safety, efficacy and effectiveness of these highly innovative therapies once approved. Growing pipeline of advanced therapies is expected to drive increased demand for RWD to optimize clinical development and market access of these therapies.
Leveraging RWD for Personalized Healthcare: Analytics of RWD reveals correlations between treatment responses and patient characteristics like genotype, biomarkers and symptoms severity. These insights enable developing predictive models for individualized clinical decision making as well as tailoring new drugs and diagnostics for personalized healthcare approaches. Personalized medicine holds potential to transform healthcare by improving outcomes and reducing costs. The need for more data to advance personalized healthcare is projected to boost the RWD market over the forecast period.
Segment Analysis
The global real-world data (RWD) market is dominated by the clinical trials sub-segment. Currently, over 70% of RWD is being utilized for clinical research and drug development purposes. Pharmaceutical companies are increasingly adopting RWD to supplement traditional clinical trial methodologies and to speed up drug development at lower costs. RWD provides real-time insights into patient outcomes, therapy effectiveness, and adverse reactions in real-world settings.
PEST Analysis
Political: Governments across major countries are supporting the use of RWD to accelerate drug discovery and lower healthcare expenditures. Favorable regulations allow use of de-identified patient data.
Economic: The COVID-19 pandemic has boosted investments in RWD solutions. Growing R&D expenditure of pharma companies on developing new drug entities will drive market revenue.
Social: Increasing prevalence of chronic diseases is raising demand for new treatments. Growing digitization and acceptance of digital health technologies enable wider sharing of patient health information.
Technological: Advanced analytics allow generation of insights from huge pools of RWD. Adoption of technologies like AI, ML are making RWD more relevant for various end-uses. Integration of RWD with EHR systems facilitates its seamless collection and analysis.
Key Takeaways
The Global Real-World Data (RWD) Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global real-world data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis comprises North America presently capturing over 40% market share due to favorable data privacy regulations and increasing investments by pharmaceutical companies in the region. Asia Pacific is expected to exhibit fastest growth due to rising chronic disease burden, increasing healthcare spending, and growing focus on R&D activities by regional players.
Key players operating in the real-world data (RWD) market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. Key players are focusing on partnerships with pharma companies and healthcare providers to strengthen their position in the market. Kuat Car Racks, for example, has partnered with top 10 pharmaceutical companies globally to provide customized RWD analytics solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it