Real-World Evidence (RWE) Oncology Market Worth $1.65 Billion by 2029

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.

Impact of COVID-19 on the RWE Oncology Solutions Market

The outbreak of the COVID-19 pandemic put a tremendous burden on healthcare sectors worldwide. The RWE oncology solutions market experienced an initial market shrinkage due to the impacts of the COVID-19 pandemic. The market shrinkage was attributed to factors such as the restrictions imposed on travel in several countries, the shifting of resources toward COVID-19 treatments in healthcare settings (including cancer care settings), and limited access to hospitals that disrupted the delivery of oncology services, including delayed diagnosis & treatment and clinical trial interruptions. These factors affected the amount of real-world data generated globally. The unavailability of treatment, patients, and resources significantly impacted the cancer care sector.

However, after the initial market shrinkage, real-world evidence (RWE) is set to become the most influential emerging technology in cancer care. The FDA recognized the challenges posed by the COVID-19 pandemic to oncology trials. In September 2021, it issued a draft guidance on real-world data for evidence generation supporting regulatory decisions. This initiative promoted the adoption of RWE in clinical trials, and since then, RWD has been used increasingly in cancer progression mapping and patient profiling, clinical trials, drug development, post-market studies, treatment choice, dosing strategies, treatment sequencing, adverse event management, regulatory decision making, and financial burden associated with oncology treatment.

Thus, the COVID-19 pandemic negatively impacted the RWE oncology solutions market. However, RWD made a significant impact during the COVID-19 pandemic and continues to play a significant role in the treatment of cancer due to the initiatives taken by the FDA to promote RWE and support regulatory decision-making for drugs and biological products.

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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 analyzes the market at the regional and country levels.

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.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/rwe-oncology-market-5276

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