Real World Evidence Solution Market

Real-World Evidence Solution Market by Data Source (Medical Claims, Clinical Data, Pharmacy Data, and Other Data), Therapeutic Areas (Oncology, Immunology, Neurology, Cardiovascular, and Others), End-Users (Pharmaceuticals & Medical Device Companies, Healthcare Providers, and Others), and Geography (North America, Europe, Asia-Pacific, And Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the increasing prevalence of chronic diseases, growing technological advancement, and increasing application of real-world evidence solutions in pharmaceutical and biotechnology industries across the globe.

The global real-world evidence solution market was valued at USD 2,832.33 million in 2024, growing at a CAGR of 8.07% during the forecast period from 2025 to 2032 to reach USD 5,240.07 million by 2032. The market for real-world evidence solutions is primarily driven by the growing prevalence of chronic diseases and their impact on the real-world market. Additionally, increasing technological innovations in big data analytics, machine learning, and artificial intelligence enable the efficient processing and analysis of vast amounts of real-world data. Furthermore, the increasing application of real-world evidence solutions in pharmaceutical and biotech industries to enhance drug development, support regulatory approvals, secure market access, and monitor post-market performance. Overall these factors are responsible for propelling the market growth of real-world evidence solutions during the forecast period from 2025 to 2032.

Real-World Evidence Solution Market Dynamics:

According to the latest data provided by the Global Cancer Observatory (2024), in 2022, the estimated number of new cancer cases globally was 20 million, with projections indicating a rise to 32.6 million cases by 2045. Additionally, as per the same source, the new cases of cancer in Europe was 4.47 million, with projections estimating a rise to 5.48 million cases by 2045. Real-world evidence solutions are increasingly used to guide payment decisions and clinical strategies in cancer care, which involves diverse patient groups and treatment paths. By utilizing data from electronic health records, customer data, payer claims, and patient registries, real-world evidence shows how treatments work over time in broad populations. With the rising number of cancer cases, there is a growing need for comprehensive data to understand disease patterns, treatment outcomes, and patient experiences. Real-world evidence solutions provide valuable insights by aggregating and analyzing real-world data from various sources, such as electronic health records (EHRs), clinical trials, and patient registries. This helps in addressing gaps in knowledge and improving the overall understanding of cancer management. Thus, with the increasing prevalence of cancer cases around the globe the market for real-world evidence will also increase during the forecast period.

Additionally, the pharmaceutical and biotech industries have increasingly recognized the need for real-world evidence to support various aspects of drug development and market access. Traditional randomized clinical trials (RCTs) are expensive, time-consuming, and often limited in scope. Thus, pharmaceutical companies are using RWE to identify patient populations, refine inclusion/exclusion criteria, and optimize clinical trial designs. This leads to faster trial recruitment, reduced costs, and more successful trial outcomes incentivizing more companies to invest in RWE platforms. For instance, in August 2021, the approval of a new indication for the diabetes drug Jardiance (empagliflozin) was supported by real-world evidence showing its effectiveness in reducing cardiovascular events in patients with heart failure, even those without diabetes. This approval for Jardiance was based on prior results from the EMPEROR-Reduced phase III trial. Thus, by providing a comprehensive understanding of treatment effects in real-world settings, real-world evidence helps to ensure that therapies are both effective and safe for the broader population, ultimately improving patient outcomes driving innovation in the healthcare sector, and escalating the overall market of real-world evidence.

However, the issues related to real-world evidence validation, operation, and data breach may result in slight obstacles to the growth of the real-world evidence solution market.

Real-World Evidence Solution Market Segment Analysis:

Real-World Evidence Solution Market by Data Source (Medical Claims, Clinical Data, Pharmacy Data, and Others Data), Therapeutic Areas (Oncology, Immunology, Neurology, Cardiovascular, and Others), End-Users (Pharmaceuticals and Medical Device Companies, Healthcare Players, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the real-world evidence segment, the clinical data category is estimated to have a significant revenue share in the real-world evidence solution market in 2024. Clinical data plays a pivotal role in bolstering the real-world evidence market due to its comprehensive nature and direct relevance to patient outcomes and treatment efficacy. The clinical data segment dominates the global real-world evidence owing to various factors such as increased use of electronic health records, reimbursement policies, and post-market surveillance.

Each clinical trial generates a vast amount of detailed clinical data that can be integrated with other real-world data sources such as electronic health records, patient registries, and claims data. This integration creates a more comprehensive dataset that reflects diverse patient populations and a wide range of clinical scenarios. As the volume of clinical data increases, researchers and healthcare professionals gain a more granular understanding of treatment outcomes, safety profiles, and patient experiences across different demographics and geographies. Ultimately, the expansion of clinical trials contributes to a more dynamic and evidence-rich environment, where real-world evidence can thrive and play a pivotal role in shaping future healthcare landscapes. This trend not only supports the development of more effective and personalized treatment strategies but also enhances the efficiency of healthcare systems by promoting evidence-based practices.

For instance, in May 2021, five real-world data and analytics organizations Aetion, Flatiron Health, IQVIA, Syapse, and Tempus formed the real-world evidence Alliance to promote the use of real-world evidence in regulatory decisions. They aimed to work with the FDA and Congress to advocate for policies that enhance real-world evidence use and benefit patients. The alliance also collaborated with patient groups, biopharmaceutical and medical device companies, and other key stakeholders to support broader real-world evidence efforts. Thus, this regulatory endorsement can increase the credibility and acceptance of real-world evidence, making it a more valuable tool for clinical and commercial decision-making thereby boosting the market of clinical data segment and hence increase the overall market of real-world evidence.

North America is expected to dominate the overall real-world evidence solution market:

North America is expected to account for the highest proportion of the real-world evidence solution market in 2024, out of all regions. The confluence of increased clinical trials due to the increasing prevalence of chronic diseases, and growing technological advancements such as artificial intelligence, machine learning, and advanced data analytics, enhance the ability to process and analyze this data, uncovering critical insights into treatment effectiveness and patient outcomes. Further, the presence of major pharmaceutical and biotechnology players and ongoing research and development for drug discovery and development activities in the region are some of the driving factors for the real-world evidence solutions market in North America.

According to recent data from the International Agency for Research on Cancer (2024), in 2022, North America saw an estimated 2.67 million new cases of cancer, with forecasts indicating a rise to 3.83 million by 2045. As per the same source, in Canada, the number of new cancer cases was around 292,000 in 2022, projected to reach 449,000 by 2045. Thus, the rising number of cancer cases in North America highlights the need for robust real-world evidence solutions. Real-world evidence provides critical insights into treatment effectiveness, supports regulatory approvals, optimizes healthcare resources, ensures ongoing safety monitoring, and fosters patient-centered care. This growing demand for RWE in oncology will drive market growth, advancing cancer treatment and research, and ultimately benefiting patients and the healthcare system.

Additionally, technological advancements in real-world evidence solutions in North America have significantly enhanced the ability to collect, analyze, and utilize real-world data. Technological advancements in artificial intelligence (AI), natural language processing (NLP), cloud computing, interoperability, wearable devices, blockchain, PRO tools, and data visualization are transforming real-world evidence solutions in North America. For instance, in July 2023, IQVIA was recognized for the deployment of its natural language processing AI technology which analyzes complex unstructured patient record data to provide unique insights into patient care and disease states.

Thus, according to the above-mentioned factors the market for real-world evidence solutions is expected to increase in North America, during the forecast period.

Real-World Evidence Solution Market Key Players:

Some of the key market players operating in the real-world evidence solution market include IQVIA Inc., Optum, Inc., Flatiron Health, Oracle, Parexel International (MA) Corporation, Aetion, Inc., Tempus, Syapse, Inc., IBM, PerkinElmer Inc., Syneos Health, TriNetX, Evidera, Clinerion, Cegedim Health Data, and others.

Recent Developmental Activities in the Real-World Evidence Solution Market:

• In April 2024, Flatiron Health, a healthtech company focused on improving cancer care with real-world data, renewed its collaboration with the National Comprehensive Cancer Network® (NCCN®). This partnership, which began in 2014, involves maintaining the NCCN Quality & Outcomes Database, a cloud-based repository of data from NCCN member institutions.
• In September 2023, Accenture helped Mount Sinai Health System migrate its Epic EMR system to the Microsoft Azure cloud, marking the largest instance of Epic on Azure. In collaboration with Avanade and Microsoft, Mount Sinai began this transformation in the year 2022 to innovate and improve healthcare.
• In August 2023, Thermo Fisher Scientific Inc. announced that it had completed the acquisition of CorEvitas, LLC, a top provider of regulatory-grade real-world evidence for medical treatments, from Audax Private Equity for $912.5 million in cash. The agreement was initially announced in July 2023.

Key Takeaways From the Real-World Evidence Solution Market Report Study

• Market size analysis for current real-world evidence solution size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years.
• Key companies dominating the real-world evidence solution market.
• Various opportunities available for the other competitors in the real-world evidence solution market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current real-world evidence solution market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for real-world evidence solution market growth in the coming future?

Target Audience Who Can be Benefited From This Real-World Evidence Solution Market Report Study

• Real-world evidence solution product providers
• Research organizations and consulting companies
• Real-world evidence solution -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in real-world evidence solution
• Various end-users who want to know more about the real-world evidence solution market and the latest technological developments in the real-world evidence solution market. 

Frequently Asked Questions for the Real-World Evidence Solution Market:

1. What are real-world evidence solutions?

• Real-world evidence solutions involve the collection, analysis, and application of data gathered from real-world settings, such as electronic health records, insurance claims, and patient registries. These solutions help understand the effectiveness, safety, and value of medical treatments outside controlled clinical trials. Real-world evidence supports regulatory decision-making, healthcare policy, and clinical practice. It provides insights into how treatments perform in diverse, routine clinical settings.

2. What is the market for real-world evidence solutions?

• The global real-world evidence solution market was valued at USD 2,832.33 million in 2024, growing at a CAGR of 8.07% during the forecast period from 2025 to 2032 to reach USD 5,240.07 million by 2032.

3. What are the drivers for the global real-world evidence solution market?

• The market for real-world evidence solutions is primarily driven by the growing prevalence of chronic diseases and their impact on the real-world market. Additionally, increasing technological innovations in big data analytics, machine learning, and artificial intelligence enable the efficient processing and analysis of vast amounts of real-world data. Furthermore, the increasing application of RWE solutions in pharmaceutical and biotech industries to enhance drug development, support regulatory approvals, secure market access, and monitor post-market performance. Overall these factors are responsible for propelling the market growth of real-world evidence solutions during the forecast period from 2025 to 2032.

4. Who are the key players operating in the global real-world evidence solution market?

• Some of the key market players operating in the Real-World Evidence Solution are IQVIA Inc., Optum, Inc., Flatiron Health, Oracle, Parexel International (MA) Corporation, Aetion, Inc., Tempus, Syapse, Inc., IBM, PerkinElmer Inc., Syneos Health, TriNetX, Evidera, Clinerion, Cegedim Health Data, and others.

5. Which region has the highest share in the global real-world evidence solution market?

• North America is expected to account for the highest proportion of the real-world evidence solution market in 2024, out of all regions. The confluence of increased clinical trials due to the increasing prevalence of chronic diseases, and growing technological advancements such as artificial intelligence, machine learning, and advanced data analytics, enhance the ability to process and analyze this data, uncovering critical insights into treatment effectiveness and patient outcomes. Further, the presence of major pharmaceutical and biotechnology players and ongoing research and development for drug discovery and development activities in the region are some of the driving factors for the real-world evidence solutions market in North America.