by Real-world data (RWD) collection has become increasingly critical in the drug development process as significant amounts of patient health information outside of traditional clinical trials can now be captured and analyzed in real-time. RWD provides insights into patient outcomes and experiences across broader and more diverse patient populations that better represent real-world clinical practice. Pharmaceutical companies are leveraging RWD to expedite clinical trials, evaluate comparative drug effectiveness, and guide personalized treatment strategies. The global real-world data market encompasses the collection of patient-level data including demographics, clinical history, lab results, vital signs, prescribed therapies, adherence and health outcomes from electronic health records, claims and billing activity, product and disease registries, and patient-connected devices.
The global real-world data market is estimated to be valued at US$ 1.84 Billion in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the real-world data market is the growing partnership between data analytics companies and pharmaceutical companies. Real-world data analytics companies are partnering with leading drug makers to provide scalable data collection and analytics solutions to support drug development and commercialization efforts. For instance, data analytics firm IQVIA has partnered with various top 10 pharmaceutical companies to offer real-world evidence, analytics expertise, and data assets from electronic health records and claims to accelerate research and development programs. Such partnerships enable pharmaceutical companies to leverage RWD as an integral component of their clinical development strategy from early-phase trials to post-market surveillance.
Porter’s Analysis
Threat of new entrants: Low cost of entry with well-established data practices can attract new vendors. However, brands loyalty in healthcare space will limit the growth of new entrants.
Bargaining power of buyers: Large pharmaceutical and medical device companies with in-house data management capabilities can bargain for lower prices. However, stringent regulations ensure consistent demand.
Bargaining power of suppliers: Limited number of data vendors in niche markets like oncology can give them pricing power. However, buyers can easily switch to alternate sources of real-world data.
Threat of new substitutes: Emerging technologies like AI and blockchain offer potential substitutes. However, real-world data remains irreplaceable for drug discovery and post-market surveillance currently.
Competitive rivalry: Presence of few global players and several regional vendors. Product differentiation and focus on specific therapeutic areas reduce direct competition.
Key Takeaways
The Global Real-World Data (RWD) Market Growth is expected to witness high during the forecast period of 2024-2030.
Regional analysis: North America dominates the RWD market currently due to supportive regulations and early adoption among pharma companies. However, Asia Pacific is expected to grow at the fastest pace due to rising clinical trials and increasing focus on evidence-based decision making in healthcare.
Key players: Key players operating in the Real-world Data (RWD) market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
