Real-world Data (RWD) by Source (EMR, Claims, Pharmacy, Disease Registries), Application [Market Access, Drug Development & Approvals (Oncology, Neurology), Post Market Surveillance], and End User (Pharma, Payers, Providers) - Global Forecast to 2029

Real-world Data (RWD) by Source (EMR, Claims, Pharmacy, Disease Registries), Application [Market Access, Drug Development & Approvals (Oncology, Neurology), Post Market Surveillance], and End User (Pharma, Payers, Providers) - Global Forecast to 2029

Real-world Data (RWD) by Source (EMR, Claims, Pharmacy, Disease Registries), Application [Market Access, Drug Development & Approvals (Oncology, Neurology), Post Market Surveillance], and End User (Pharma, Payers, Providers) - Global Forecast to 2029

The real-world data (RWD) market is expected to grow at a CAGR of 7.4% from 2022 to 2029 to reach $1.66 billion by 2029.

Following a detailed secondary and primary research and an in-depth analysis of the market scenario, the report provides the key drivers, restraints, challenges, and opportunities in the real-world data (RWD) market.

The growing burden of chronic diseases, delays in drug development and the consequent increase in development costs, the rising attention towards personalized healthcare, the shift toward value-based care, and rapidly growing big data in the healthcare sector are the major drivers for the real-world data (RWD) market. However, the lack of standardized methodologies for developing real-world data solutions is a major challenge for market growth.

Based on source, the pharmacy data segment is slated to register the CAGR during the forecast period. The increasing focus on e-prescriptions and the volume of pharmacy data can serve as real-world data sources to help guide sales and market access strategy, provide data-driven insights to aid the payers' and HTAs' decision-making, maximize payer coverage, and improve patient outcomes.

Based on application, the drug development & approvals segment is slated to register the highest CAGR during the forecast period. RWD can be applied in drug development to support label expansion, optimize clinical use to support label revisions and meet postmarketing information and safety monitoring requirements. RWD insights can help accelerate the drug development & approvals process in a manner aligned with the interests of all stakeholders. Thus, the effective deployment of RWD can accelerate the pace of discovery, enable drug approvals, and help understand the impact of new therapies, thereby boosting the market's growth.

Based on end user, the pharmaceutical, biotechnology, and medical device companies segment is slated to register the highest CAGR during the forecast period. The increasing importance of real-world data studies in drug development & approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings are driving the growth of this segment.

Based on geography, North America is expected to grow with the highest CAGR during the forecast period. The growth of this regional market is attributed to the increasing prevalence of chronic diseases, stringent regulations for drug approvals, implementation of the 21st Century Cures Act, availability of electronic datasets, the region’s well-developed healthcare industry, and the increasing utilization of big data in healthcare.

Some of the key companies operating in the global RWD market are Elevance Health, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).

Scope of the Report:

Global Real-world Data Market, by Source

EMR/EHR/Clinical Data
Claims & Billing Data
Pharmacy Data
Product/Disease Registries Data
Genomics Data
Other Datasets

Note: Other sources include data gathered from other sources, such as mobile devices, wearable devices, and social media, which can provide information on health status.

Global Real-world Data Market, by Application

Market Access & Reimbursement/Coverage Decisions
Drug Development & Approvals
Oncology
Neurology
Immunology
Cardiovascular Diseases
Other Therapeutic Areas
Post-market Surveillance
Medical Device Development & Approvals
Regulatory and Clinical Decision-making

Note: Other Therapeutic Areas include infectious diseases, musculoskeletal disorders, dermatological diseases, and respiratory diseases.

Global Real-world Data Market, by End User

Pharmaceutical, Biotechnology, and Medical Device Companies
Healthcare Payers
Healthcare Providers
Other End Users

Note: Other end users include academic research institutions, patient advocacy groups, regulators, and health technology assessment agencies.

Global Real-world Data Market, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
Japan
China
India
South Korea
Taiwan
Singapore
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa Real-World Data (RWD) Market - Report Summary Report Metrics Details Years Considered 2020 - 2029 Base Year 2021 Forecast Period 2022-2029 Page Count 203 Units Referenced Value (USD Million) Segments/Key Topics Market by Source, Market by Application, Market by End User, Market by Geography Regions Covered North America, Europe, Asia-Pacific, Latin America , and Middle East & Africa Key Companies Mentioned Key Companies Mentioned Elevance Health, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), Parexel International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).

FAQs About the Report

What is the value of revenue generated from the RWD across the globe? At what rate their demand expected to grow for the next 5-7 years?

The global RWD market is projected to reach $1.66 billion by 2029, at a CAGR of 7.4%% during the forecast period.

Which source type is estimated to hold the major share of the market?

Based on source, the EMR/EHR/clinical data segment is expected to account for the largest share of the global real-world data (RWD) market in 2022. Real-world data is data from various sources associated with outcomes in a heterogeneous patient population in real-world settings. Analyzing the collected data generates real-world evidence, which, in turn, helps in retrospective studies and provides meaningful insights into unmet needs and the clinical and economic impacts on patients and healthcare systems. EHRs are the most commonly used form of healthcare database. Electronic health records (EHR)/electronic medical record (EMR)/clinical data include data gathered from various clinical data sources that enable clinical decision-making, improved patient outcomes, and drug safety and effectiveness. These factors drive the growth of this segment.

Which application segment of the market is projected to create more traction in the RWD market?

Based on application, the drug development & approvals segment is expected to show the fastest growth rate in the forecast period. Factors attributing towards the growth of this segment are increasing demand for real-world data to enhance drug discovery and development, and increasing investments by biopharmaceutical companies in R&D. In the field of drug development, quality-of-life metrics, and Patient-Reported Outcome Measures (PROMs) are now becoming common elements in clinical trials. The real-world data is regularly utilized to inform aspects of drug development. The adoption of AI in drug development & approval processes is also driving the demand for RWD. AI integrated RWD studies are conducted in various stages of drug development process such as for designing clinical trials; modeling and forecasting patient enrichment and recruitment using multiple RWD sources; selecting investigator site; patient monitoring & managing and medication adherence & retention; market access; and post-market surveillance

What are the key factors supporting the growth of this market? Also, what are the major opportunities for existing market players and new entrants in the global RWD market?

The growing burden of chronic diseases, delays in drug development and the consequent increase in development costs, the rising attention towards personalized healthcare, the shift toward value-based care, and rapidly growing big data in the healthcare sector are the major drivers for the real-world data (RWD) market. In addition, emerging markets and rising focus on end-to-end RWE services are some of the factors expected to offer significant growth opportunities for players operating in the RWD market.

Who are the major players operating in the global RWD market?

Key companies operating in the global RWD market are Elevance Health, Inc. (U.S.), IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD Inc. (U.S.), Clinigen Group plc (U.K.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), PAREXEL International Corporation (U.S.), PerkinElmer, Inc. (U.S.), SAS Institute Inc. (U.S.), UnitedHealth Group Incorporated (U.S.), and Flatiron Health, Inc. (U.S.).

Which regions/countries are expected to offer significant growth opportunities for the companies operating in RWD market?

The emerging economies like Japan and China based in Asia are projected to offer significant growth opportunities for the companies in this market during the forecast period of 2022–2029. Growing demand for data defining the value and effectiveness of medicines by payers, growing demand for RWD studies in drug R&D, and increasing government interest in using real-world studies for regulatory decision-making are the factors that will offer significant growth opportunities in this region.