World Healthcare Data Research Report 2023: Market to Triple by 2030 - New Entrants and Incumbents are Leveraging RWD/RWE to Generate Valuable Insights
13 Nov 2023
DUBLIN, Nov. 13, 2023 /PRNewswire/ -- The "Getting Real with Healthcare Data: RWD/RWE Enabling New Models of Research and Care Delivery" report has been added to
ResearchAndMarkets.com's offering.
The report provides valuable insights into the current and future state of the RWD/RWE market. As healthcare enterprises continue to seek out new sources of data to inform decision-making, RWE is likely to play an increasingly vital role in improving patient outcomes and reducing healthcare costs.
These trends are leading to a rapidly growing market, which this report forecasts will experience an average 14.6% CAGR through 2030, roughly tripling today's addressable market from $4.6B to $13.6B USD. This forecast anticipates demand will continue to increase as the success of numerous modernization priorities rests upon the insights contained within these data, including value-based care, clinical decision support, personalized medicine, population health management, post-market outcomes, supplemental new drug applications, and public health research, to name a few.
The research is relevant to any healthcare stakeholder looking to leverage real-world data for evidence-based decision making. Providers and payers will appreciate the comprehensive overview of market solutions and vendor types, with the follow-on Buyers' Guide providing more specific recommendations.
Technology vendors and investors will find valuable the detailed discussion of which trends are impacting buyer behavior and the Buyers' Guide Preview introducing how solutions will be evaluated in the next phase of this research. Finally, life sciences companies will benefit from the in-depth examinations of what's changing as new solutions come to market, and which partners are best aligned for their needs in trial recruitment or regulatory filing.
The mass digitization of healthcare records over the past decade has led to an explosion of new, highly-valued clinical data assets. According to the research report, Getting Real with Healthcare Data: Real World Data and Evidence Enabling New Models of Research and Care Delivery, a health data goldrush has been catalyzed by a combination of macro trends across the industry, with three being particularly notable: near-universal adoption of electronic health records (EHRs) following the HITECH Act, public health surveillance during the COVID-19 PHE, and pharma's urgent need to reduce the costs of new filings.
'Real-world data' (RWD) has been used in a variety of research purposes to develop 'real-world evidence' (RWE) for decades, but never to the extent that is occurring today. Only in recent years have digital health strategies been adopted broadly enough to start collecting and analyzing RWD at a population scale, leading to novel opportunities for data-driven value creation and advancements in medical science. However, nearly 80% of healthcare data is still in unstructured formats, necessitating specialized solutions that can help process this data so it can be applied effectively.
When combined with the historic lack of interoperable data standards and siloed systems in health IT, the result is the convoluted RWD/RWE market we have today with dozens of solutions aggregating, repackaging, and selling slices of health data. To better understand these nuances, Getting Real with Healthcare Data provides detailed definitions of the major categories of vendors offering solutions, types of data assets being leveraged, and current approaches to data aggregation and normalization.
As RWD/RWE offerings quickly become fundamental tools for enabling healthcare informatics, established entities will continue to enter this space by leveraging their unique data (ie Epic, Flatiron, PointClickCare), creating joint ventures with other organizations (Truveta, McKesson/HCA), or acquiring organizations that complement a core strategic initiative (ie Invitae, ThermoFisher). This is also an appealing opportunity for new entrants with novel data acquisition and/or processing models that can expose different insights than legacy solutions.
Analysts Comments
"This research underscores the significance of fostering collaborations among healthcare organizations, technology providers, and regulators as a fundamental step towards unlocking the full potential of Real-World Evidence," according to analyst Joshua McHale.
"By working together, they can overcome barriers such as data fragmentation, data quality concerns, and regulatory uncertainties. This collaborative approach allows for the establishment of a robust ecosystem that maximizes the potential of RWE to improve healthcare outcomes, accelerate medical research, support drug development, and inform health policy decisions."
Report purchase includes a 45-minute consultation with the author(s).
Key Topics Covered:
INTRODUCTION
What are Real-World Data & Real-World Evidence?
What is Real World Evidence?
Real World Data and Real-World Evidence Market
DATA SOURCES AND MANAGEMENT
Clinical Data: Digitized Health Records
EMR/EHR Data
Claims data
Patient Generated Data
Registries data
Clinical Trials
Emerging Data sources
Structured Data
Unstructured Data
Analytics Engines Are Not Just for RWE Generation But Also RWD Extraction & Normalization
Technology Stack for Aggregating & Normalizing Different
Sources of RWD
WHY REAL WORLD DATA AND REAL WORLD EVIDENCE?
Drug Development/Life Sciences
Life Sciences Use Cases Are Relatively More Established and Extend From Discovery Through Commercialization Efforts
RWD/RWE in Pharmacovigilance and Regulatory
Requirements Post-Approval
RWD/RWE in Pharmacovigilance and Regulatory Requirements Post-Approval
Payers
RWD/RWE in the Payer Market is Similarly Widespread
Clinicians
RWD/RWE in Care Delivery is Targeting How Physicians Find Answers to Questions for Patients & for Populations
Regulators
Why Real World Data and Real World Evidence?
Operation Warp Speed
STAKEHOLDERS DRIVING GROWTH
Stakeholders across the sector are fueling market growth
New entrants and incumbents are leveraging RWD/RWE to generate valuable insights
MARKET CHALLENGES
Natural Language Processing (NLP)/Optical Character
Recognition (OCR) Limitations for Unstructured Data
Fitness for Purpose Frameworks Still in Development
Incumbent Data Silos and Outdated Data Governance
Health Data Complexity without Transparency
ADOPTING RWD/RWE IN CARE AND CLINICAL TRIALS
Public Agencies are Helping to Build Evaluation Frameworks to Accelerate Adoption of RWD/RWE
Decentralized Clinical Trials Solutions
Impact of COVID-19: Renewed Focus on Public Health Data
Infrastructure, and Conducting Research Trials More Efficiently and Quickly
Market Context: More Health Data, New Cloud Tools, & Renewed Focus on Cost Effectiveness in Care Delivery & Drug Development
Biopharma development is a powerful driver of demand for data science investment
VENDOR CATEGORIES
Fluidity of Vendor Categories
APPROACHES TO MARKET
Variability of approaches market
EXAMPLE PRODUCTS AND COMPANIES
The Mayo Clinic Platform
Aetion
Epic Cosmos
MARKET SIZE
Life sciences is the only market segment that drives demand without contributing to supply Market forecast
PRODUCT CAPABILITIES AND FEATURES
2023 RWD/RWE Buyers' Guide Solution Vendors*
Capabilities and Features
About the Analyst Team
Companies Mentioned
Aetion
Arcadia.io
Carevive
Cerner Enviza
Clarify Health Solutions
Epic Cosmos
Eversana
Evidation
Inovalon
Invitae (Ciitizen)
IQVIA
McKesson/HCA
Picnic Health
PointClickCare
Quantiphi
Tempus
Truveta
Veradigm
Verantos
ThermoFisher
For more information about this report visit https://www.researchandmarkets.com/r/mjh9h3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-Drugs
-Chat with Hiro
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.