Real-World Data Market Growing Demand Driven By Adoption Of RWD In Drug Development

Real-World Data Market

Real-world data (RWD) refers to the data collected from real-world settings outside of typical clinical research contexts and includes Electronic Health Records (EHRs), Claims and Billing Activity data, Product and Disease Registries, Health-related Wearable Devices and Mobile Health Apps. RWD provides a holistic view of patient outcomes and helps understand the patient journey. It enables the assessment of treatment effectiveness and safety outside the parameters of randomized clinical trials. The global Real-world Data (RWD) Market is estimated to be valued at US$ 1.84 Bn in 2023 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:
The increasing adoption of RWD in drug development is one of the major trends driving the growth of real-world data market. Pharmaceutical companies are increasingly relying on RWD to complement traditional clinical trials data and gain insights into treatment effectiveness and safety in real-world clinical settings. Moreover, RWD helps generate evidence for new indications, patient sub-groups and comparative effectiveness research. It also aids in evaluating long-term safety and outcomes over the entire patient journey. The usage of RWD is expected to accelerate in the coming years as regulators continue encouraging the exploration of RWD sources to facilitate clinical research and enhance evidence generation.

Segment Analysis
The Global Real-World Data (RWD) Market Analysis is dominated by the clinical trials and healthcare sub segment. This sub segment accounts for over 40% of the total market share as real world data is widely used by pharmaceutical and biotech companies during clinical trials to verify drug effectiveness and safety. RWD helps in supplementing traditional clinical trials by providing insights into diverse patient populations that may not be adequately represented in traditional clinical trials.

Key Takeaways
The global real-world data (RWD) market is expected to witness high growth over the forecast period of 2024 to 2030 owing to growing adoption of RWD in clinical research and drug development.

Regional analysis: North America currently dominates the global RWD market and is expected to continue its dominance over the forecast period. This can be attributed to significant investments in digital health technologies by the US government as well as increasing adoption of EHR systems in healthcare facilities. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by risingmedical tourism in countries like India and China.

The 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. These players are focusing on new product launches and strategic partnerships to strengthen their market position. For instance, in 2023 Saris launched a new bike rack with enhanced features to provide secure bike transportation.

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