RWE Oncology Market: Use of real-world evidence for oncology clinical decision

According to a new market research report titled, ‘RWE Oncology Market by Component (Datasets [EHR, Claims, Cancer Registries], Consulting & Analytics Services), Application (Drug Development, Approval, Market Access, Post-market Surveillance), and End User (Pharma, Payer) - Global Forecast to 2029,’ published by Meticulous Research^®, the real-world evidence oncology solutions market is expected to grow at a CAGR of 14.2% from 2022–2029 to reach $1.65 billion by 2029.

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Real-world evidence (RWE) is clinical evidence gathered via RWD analysis on the use and potential benefits or risks of a medical product. RWE can be produced through various study designs or analyses, including but not limited to randomized trials, large simple trials, pragmatic trials, and observational studies (prospective or retrospective). RWE has several applications in oncology, including drug development life cycles, reducing development duration, reducing the costs of clinical trials, and improving the probability of technical and regulatory success. The growth of this market is driven by factors such as the rising prevalence of cancer, rapidly growing big data in healthcare, the shift from volume to value-based care, and the rising focus on personalized healthcare.

The RWE oncology market is segmented based on component (real-world datasets and RWE consulting & analytics services), application (drug development & approvals, market access & reimbursement/coverage decisions, post-market surveillance, medical device development & approvals, and other applications), end user (pharmaceutical, biotechnology, and medical device companies, healthcare payers, healthcare providers, and other end users), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on component, in 2022, the real-world datasets segment is estimated to account for the largest share of the RWE oncology solutions market. The large market share of this segment is attributed to the growing amount of medical data generated in hospitals, increasing dependence on outcome-based studies on real-world data, and the rising demand for information regarding drug safety among payers, regulatory bodies, and providers. In addition, the growing need for evidence generated from real-world data and a shift from volume to value-based care has resulted in an increased focus on cancer registries, a rise in the adoption of EHR/EMR in hospitals, and exponential growth in mobile health data and social media, leading to the generation of huge amounts of medical data.

Based on application, in 2022, the drug development & approvals segment is estimated to account for the largest share of the RWE oncology solutions market. Quality-of-life metrics and Patient-Reported Outcome Measures (PROMs) are becoming common elements in clinical trials for drug development. The evidence generated from real-world data is regularly utilized to inform aspects of drug development, such as the natural history and epidemiology of a disease and provide data on treatment pathways and comparator interventions in clinical practice. The rising number of cancer cases has compelled pharmaceutical and biopharmaceutical companies to focus on drug development for cancer treatment. The effective deployment of RWE can significantly accelerate the pace of discovery, enable drug approvals, and help understand the impact of new oncology therapies, which is expected to drive the growth of this segment.

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Based on end user, in 2022, the pharmaceutical & medical device companies’ segment is estimated to account for the largest share of the RWE oncology solutions market. The large share of this segment is attributed to the increasing importance of RWE studies in cancer drug development & approvals and the growing need to avoid costly drug recalls and assess drug performance in real-world settings. The healthcare landscape continues to shift from volume to value-based care and is continuously developing. Pharmaceutical companies are focusing on new ways to provide the best treatments for cancer patients. Real-world evidence enables health care professionals and pharmaceutical companies to understand real-life clinical practices and actual health outcomes of drugs. Thus, pharmaceutical and biotech companies are increasingly utilizing real-world evidence to collect real-time post-trial information about drugs, enabling healthcare providers and researchers to understand the negative reactions, side effects, and medication errors related to the drugs, thereby allowing them to control the potential harm caused by the drugs.

Based on Geography, in 2022, North America is estimated to account for the largest share of the RWE oncology market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The high market growth in North America is attributed to the increasing number of cancer cases, stringent regulations for drug approvals, implementation of the 21st Century Cures Act, increased usage of electronic datasets, advanced healthcare industry, and the rising amount of big data in healthcare.

The key companies operating in the RWE oncology market are IQVIA Holdings Inc. (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), SYNEOS HEALTH, INC. (U.S.), CLARIVATE PLC (U.S.), Medpace Holdings Inc. (U.S.), Symphony Innovation, LLC (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 (U.S.).

TOP 10 COMPANIES IN REAL-WORLD EVIDENCE (RWE) SOLUTIONS MARKET https://meticulousblog.org/top-10-companies-in-real-world-evidence-solutions-market/?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=07-12-2023

Related Reports:

Real-world Evidence (RWE) Solutions Market by Component (Datasets [Clinical, Claims, Pharmacy, Integrated], Services), Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Global Forecast to 2029 >> https://www.meticulousresearch.com/product/real-world-evidence-solutions-market-4954?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=07-12-2023

U.S. Real-World Evidence (RWE) Solutions Market by Component [Datasets (Clinical, Claims, Pharmacy, Integrated), Services], Application (Market Access, Oncology, Neurology, Post Market Surveillance), End User (Pharma Companies, Providers) - Forecast to 2029 >> https://www.meticulousresearch.com/download-sample-report/cp_id=5243

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