Growth Insights—Real World Evidence Analytics Solutions Market

Innovation and Changing End-user Needs Driving Market Growth
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Published: 24 Apr 2018

Over the last 3-5 years, growing cost pressure on healthcare and pharmaceutical companies and a significant shift towards outcome based healthcare approach have resulted in companies increasingly adopting real world data and evidence solutions to optimize their operation and cost using analytics. Earlier, applications of RWE were largely limited to HEOR/pricing analytics; however digitalization of healthcare services and increased database access has resulted in applications expansion in other part of the value chain, including clinical trials, drug discovery, and life cycle management. During 2016–2021, global real world evidence analytics solutions market is expected to grow at ~16% CAGR to approximately 430 million by 2021. Favourable regulatory environment, preference of payers using RWD to understand the economic benefit outcomes, and achieved efficiency are some of the key market growth drivers. At present, the RWE analytics solutions market is moderately fragmented with presence of a number of life science companies, and database service providers. In addition, CROs are increasingly expanding their analytics and informatics capability to provide integrated solutions to their pharmaceutical clients. Traditionally, most database vendors have had relatively limited data analytics expertise and hence role of analytics vendors have become important in the industry. During 2017-2018, the RWE market has witnessed a number of partnership and acquisition activities as a number of industry stakeholders are looking to strengthen their technical expertise. Given existing capability gap, Frost & Sullivan expects this trend to continue in near future. So far, pharmaceutical companies have adopted a hybrid approach to manage real world evidence function. Most companies have invested in developing in-house teams and they partner with external vendors either on project basis or for specific therapeutic segments. Frost & Sullivan expects this trend to continue over the next 3-4 years as pharmaceutical companies will first look to establish processes and structures with in their organization, before relying on external vendors. Most vendors presently offer support based solutions, and cognitive and machine learning based DIY tools are still in work-in-progress, as different healthcare databases are still evolving and being explored. We expect a medium-moderate growth in adoption of DIY tools during the forecast period.

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