Real World Evidence Solutions Industry: Growth Drivers, Restraints, Challenges & Opportunities
Overview of This Study:
To determine the current size of the Real-World Evidence Solution market, the study comprised five main activities. In-depth secondary research was conducted to gather data on the market and its various subsectors. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain.
A combination of top-down and bottom-up methods was used to assess the overall market size. The market size of the segments and subsegments was then estimated using data triangulation and market breakdown techniques.
Growth Drivers: Shift from volume to value-based care
Healthcare's future is going to be more quality-focused, with an emphasis on the caliber of the services rendered. Many hospitals are aware of the limitations of conventional methods for both cost-effectiveness and patient care. As a result, value-based care, which emphasizes data with an emphasis on outcomes, is replacing volume-based treatment in the healthcare industry. The value-based care practice, according to the American Journal of Managed Care, is the process by which healthcare innovations are employed to improve quality of life.
The identification of these interventions is done through the application of standard parameter sets that are used to evaluate the cost-effectiveness and value. As a result, the majority of hospitals are moving toward value-based care as they realize how useless traditional patient care methods are. In addition, decision-makers continue to support value-based pricing initiatives such as the Center for Medicaid and Medicare Innovation (CMMI) and the Value-Based Payment Modifier (VBPM).
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Growth Restraining Factor: Lack of Standardized Regulations
Real World Evidence (RWE) solutions rely on data collected outside of controlled clinical trials. While this data can be valuable, the way it's collected can vary greatly. Without consistent regulations, there are concerns about the accuracy and reliability of RWE data, which can make some healthcare organizations hesitant to rely on it.
Challenges: Shortage of skilled professionals
The lack of qualified experts competent to manage sophisticated digital solutions is impeding the real-world evidence solutions market's expansion. The clinical research business is facing a shortage of experienced workers, which is hindering the adoption and use of sophisticated software solutions in clinical trials. Software manufacturers in this sector have a great chance to expand by creating user-friendly software solutions to tackle this difficulty. As a result, CROs and pharmaceutical companies are under pressure to provide their research workers with more training due to budgetary constraints and growing costs.
Major Growth Opportunities in Emerging Markets
Throughout the projected period, the RWE solutions market is expected to increase significantly due to the abundance of opportunities presented by emerging economies such as China, India, and Southeast Asian countries. Since emerging economies have access to large, often unused patient repositories and healthcare databases, RWE technologies may now offer important insights into the real-world applications and results of medical interventions. Better data gathering through electronic health records (EHRs) and other real-world data sources is being pushed at the same time as these markets' healthcare systems are rapidly evolving and improving.
This development has complemented RWE's expansion while also harmonizing with the worldwide movement in favor of data-driven healthcare. In addition, there will likely be a large opportunity in the RWE solution market due to the growing number of clinical studies in developing nations.
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