In modern healthcare, the applications of real world data-based insights are vast, ranging from drug discovery to supporting regulatory decision-making
LONDON, UNITED KINGDOM, March 3, 2021 /EINPresswire.com/ — Roots Analysis has announced the addition of “Pharmaceutical and Life Sciences Real World Evidence Market, (2nd Edition), 2021-2030” report to its list of offerings.
The digitization of data and advances in information processing, have led to the development of a wide array of tools and analytical algorithms that can now be used to mine pharmaceutical big data. The insights generated from such studies are increasingly being used to drive important judgements concerning pharmacology and healthcare. Presently, big pharmaceutical companies are estimated to spend nearly USD 20 million on an annual basis, on the generation of real world evidence to support their respective product development programs.
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Key Market Insights
Over 240 companies claim to offer real world evidence-related services for various applications
More than 45% of these companies are start-ups / small sized players (with less than 50 employees). It is also worth highlighting that 27% of the stakeholders in this market claim to use patient powered data; the second most popular source of real world data that is used by 26% of service providers is clinical setting data.
More than 90% of the companies involved in this upcoming field of research, are based in the developed regions
Within North America, most of the real world evidence focused companies are headquartered in the US. Considering its technological superiority and the fact that it is generally open to accepting new paradigms, the US market is presently considered a hub for real world data research. In Europe, companies that claim to specialize in real world evidence are distributed across the UK, France, Ireland, and Switzerland.
Over 100 global events related to real world evidence were organized in the past couple of years
Among the active industry players, Pfizer participated in most of these events (70), followed by Merck, Janssen, Sanofi, Amgen, Eli Lilly, GSK and AstraZeneca. These events featured the participation of several non-industry players as well, which includes US FDA, University of California, Harvard Medical School and Stanford University.
Close to 2,200 articles on real world evidence have been published in reputed scientific journals since 2016
More than 20% of the publications mentioned in the report, were focused on generating / using real word evidence-based insights for the assessment of treatment safety / effectiveness of various medical products. Popular journals, in terms of number of real-world evidence-related articles published, include Pharmacoepidemiology and Drug Safety, The New England Journal of Medicine, Diabetes Therapy, and Diabetes, Obesity and Metabolism.
In the last 10 years, close to 1,600 clinical trials informed using real world evidence have been registered
The number of such trials, that have been registered in the recent past, have increased at a CAGR of 21% from 2010 to 2019. Majority of these trials are focused on cardiovascular disorders, oncological disorders and neurological disorders. Amidst the COVID-19 pandemic, several trials focused on the novel coronavirus related condition have been informed using real world data.
North America and Europe are anticipated to capture over 65% of the market share by 2030
Based on the analysis in the report, the North American real world evidence market is estimated to grow at the fastest pace (around 16% annualized growth), in terms of service revenues. Further, it is worth mentioning that the real world evidence services market in the Latin America is anticipated to grow annually at 15.5%, followed by Middle East and North Africa (12.7%).
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Key Questions Answered
Who are the leading players offering real world evidence-related services?
What is the current regulatory framework related to generation of real world data across various geographies?
What are the key drivers of acquisition activity within the real world evidence market?
Where in the world are clinical trial informed using real world evidence, being conducted?
How has the COVID-19 pandemic impacted the real world evidence market?
What is the cost saving potential associated with the use of real world evidence in drug discovery research?
How is the current and future opportunity likely to be distributed across key market segments?
The USD 4.5 billion (by 2030) financial opportunity within the real world evidence market has been analyzed across the following segments:
Type of Application
Early Stage Research
Regulatory Approval, Pricing / Reimbursement
Types of Real World Data Sources
Other Data Sources
Neurological / Psychiatric Disorders
Middle East and North Africa
Rest of the World
The report features inputs from eminent industry stakeholders, according to whom the use of real world evidence has the potential to reduce drug approval timelines by about five years, and the associated capital investment in R&D, by 50-60%. The report includes detailed transcripts of the discussions held with the following industry experts:
Limor BH Epstein (Founder, Data2Life)
Fernando Santa (Chief Operating Officer, Adarna Health Data)
Jonathan Moshinsky (Chief Strategy Officer, uMotif)
Anonymous (Vice President, A Big Pharmaceutical Company)
Wirth Peter (Vice President, RTI Health Solutions)
Douglas Drake (Senior Director, Clinerion)
Jane Reed (Director, Life Sciences, Linguamatics)
The research includes profiles of some of the key players (listed below) in this filed, each profile features an overview of the company, information related to its real world evidence-related technologies / platforms / services portfolio, recent developments and an informed future outlook.
IBM Watson Health (IBM)
For additional details, please visit https://www.rootsanalysis.com/reports/view_document/pharmaceutical-real-world-evidence-market/261.html
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