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Growth Insights—Real World Evidence Analytics Solutions Market
Growth Insights—Real World Evidence Analytics Solutions Market
Innovation and Changing End-user Needs Driving Market Growth
24-Apr-2018
North America
Market Research
Description
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.
Key Issues Addressed
- What are they key market opportunities that make this an attractive market with significant future revenue potential for companies?
- How are different regional market positioned to realize the available opportunities/growth potential?
- What is the total market size and projected growth of real-world evidence analytics solutions?
- What are the key challenges being faced by the clients? What are the key success factors for companies to remain relevant and competitive in this crowded market?
- How product offerings in this market are likely to emerge? How transition across the value chain is happening to solve the unmet needs from customers?
- How are current business models being replaced by innovative approaches to overcome existing challenges?
Table of Contents
Key Findings
Big Market Themes
Market Scope and Segmentation
Key Questions Addressed in this Study
Real World Evidence—Types of Data and Usage
RWE Generation from RWD
Sources of Patient-Level Real World Data
Application Areas Across the Pharmaceutical Value Chain
Adoption of RWE/RWD Across Countries
Adoption of RWE/RWD Across Countries (continued)
Adoption of RWE/RWD Across Countries (continued)
Regulatory Environment—United States
Regulatory Environment—Europe
Technology Trends Overview
Technology Trends Explained
Technology Trends Explained (continued)
Market Trends Explained
Market Trends Explained (continued)
Regional Perspective—The United States
Regional Perspective—Europe
Regional Perspective—Japan
Key Market Drivers
Market Drivers Explained
Key Market Restraints
Market Restraints Explained
Revenue Forecast Assumption
Revenue Forecast
Market Breakdown by Solutions
Revenue Forecast Discussion
Competitive Environment—Highlights
Competitive Environment—Highlights (continued)
Competitive Factors and Assessment
Competitive Benchmarking
Competitive Benchmarking (continued)
Capability Mapping—Database Providers
Capability Mapping—Database Providers (continued)
Competitive Mapping—Analytics/Tools Vendors
Key Companies to Watch
Key Companies to Watch (continued)
Current RWD/RWE Adoption Scenario in Pharmaceutical Companies
Strategies Adopted by Pharmaceutical Companies—Novartis
Strategies Adopted by Pharmaceutical Companies—Merck
Strategies Adopted by Pharmaceutical Companies—Others
Strategies Adopted by Pharmaceutical Companies—Others (continued)
Challenges Faced by Pharmaceutical Companies
Challenges Faced by Pharmaceutical Companies (continued)
Real World Evidence Market—Macro to Micro Visioning
New Business Models
Emerging Business Models—Real-time Analytics
Emerging Business Models—Collaboration between Multiple Stakeholders
Emerging Business Models—Partnerships among Different Stakeholders to Develop Products and Solutions
Application of Genomics Data in RWE/RWD Applications
Real-time mHealth and Wearable Data for RWE Generation
Growth Opportunity 1—Cognitive Computing and Machine Learning Based Tools
Growth Opportunity 2—Application-Focused Analytics Tools/Platforms
Growth Opportunity 3—Tools/Platforms with Capability to Handle Multi-Omics Data
Growth Opportunity 4—RWE Platforms Dedicated to Support Drug Development Activities
Strategic Imperatives—RWE Analytics Solutions Providers
Key Predictions
Legal Disclaimer
List of Exhibits
The Frost & Sullivan Story
Value Proposition—Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy
Growth dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
Popular Topics
| Deliverable Type | Market Research |
|---|---|
| No Index | No |
| Podcast | No |
| Lightbox Content | World Cancer Day 2019|Get 15% discount for all Healthcare studies |https://store.frost.com/contacts/?utm_source=PD&utm_medium=lightbox&utm_campaign=HEALTHCARE_CANCER2019 |
| Author | Piyush Bansal |
| Industries | Healthcare |
| WIP Number | K29B-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9568-B1,9571-B1,9600-B1,9611-B1,99C1-B1,9A37-C1,9A42-B1,9A43-B1,9A44-B1,9A4E-B1 |
