(PharmaNewsWire.Com, March 18, 2020 ) The report "Real World Evidence Solutions Market by Component (Dataset, (Claims, Clinical, Pharmacy, Patient), Services), Therapeutic Area (Oncology, Cardiovascular, Immunology), End User (Pharmaceuticals, Medical Devices, Payers, Providers) - Global Forecast to 2023", The global real-world evidence market is projected to reach USD 1,348.1 million by 2023 from USD 689.9 million in 2018, at a CAGR of 14.3% during the forecast period.
By component, the data sets segment accounted for the largest share of the real world evidence market in 2017. On the basis of component, the data sets segment accounted for the largest share of the global real world evidence market. The large share can be attributed to factors such as easy availability of massive amounts of data, increasing dependence of outcome-based studies on real-world data, and rising demand for information by payers and providers regarding drug safety.
By therapeutic area, the oncology segment held the largest market share of the real world evidence market in 2017. Based on therapeutic area, the oncology segment accounted for the largest share of the real-world evidence market in 2017. The large share of this segment can be attributed to the high number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
Key Players IQVIA (US), ICON (Ireland), PAREXEL (US), Pharmaceutical Product Development (US), Optum (US), International Business Machines Corporation (US), Cognizant (US), Oracle (US), SAS (US), Syneos Health (US), Anthem (US), Clinigen Group (UK), Palantir Technologies (UK), and Flatiron Health (US).
IQVIA is one of the world’s leading providers of real-world evidence services with a wide geographical coverage. The company’s strong foothold in the market is primarily attributed to various factors such as its robust technical and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings. In October 2016, Quintiles Transnational Holdings (US) merged with IMS Health (US) to form IQVIA. This development helped pharmaceutical and biopharmaceutical companies by providing end-to-end clinical and commercial packages through IQVIA’s enhanced service offerings.
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