Real World Data (RWD) Market Is Estimated To Witness High Growth Owing To Growing Adoption of Digital Health Devices

The Real World Data (RWD) Market is estimated to be valued at US$ 1.59 Bn in 2024 and is expected to exhibit a CAGR of 14.4% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The RWD market growth is primarily driven by the increasing adoption of digital health devices and use of electronic health records (EHR), wearables for remote disease tracking, and IoT solutions generating real-world data. Really a huge amount it also serves as an untapped resource for additional identification.

Key Market Trends:

Growing Applications of AI and Analytics: Artificial intelligence and advanced analytics are being widely used by life sciences companies and healthcare providers. To gain meaningful insights from real-world data sets, AI helps uncover subtle patterns, connections, and insights that humans might miss. Which deserves it It is used for tasks such as risk adjustment Predictive analytics and personalized medicine.

Adoption of Blockchain Technology: Blockchain offers a secure and distributed way of managing real-world data by ensuring privacy, immutability and transparency. A few startups are exploring ways to leverage blockchain to address issues surrounding data sharing, access and monetization. If successful, blockchain adoption could open new avenues for real-world data utilization.

Request for a Sample Copy: https://www.coherentmarketinsights.com/insight/request-sample/6029

By Component Type Insights

The component type segment of the real world data market is classified into data sets, services and consulting. The data sets segment is expected to hold the largest market share owing to the growing need to collect large volumes of real world data from various sources like electronic health records, patient registries etc. The data sets segment generated a revenue of USD 0.89 Bn in 2019 and is anticipated to grow at a CAGR of 13.6% during the forecast period.

By Application Insights

The application segment of the real world data market is divided into drug development, medical devices, clinical development, patient treatment and other applications. The drug development segment holds the dominant position due to increasing usage of real world data to track efficacy of drugs and identify adverse drug reactions in real world settings. The drug development segment was valued at USD 0.65 Bn in 2019 and is projected to account for over 35% of the total market share by 2031.

Key Market Takeaways

The real world data market is anticipated to witness a CAGR of 14.4% during the forecast period 2024-2031, owing to growing usage of real world data in various pharmacovigilance applications and clinical research studies.

On the basis of component type, the data sets segment is expected to hold a dominant position, owing to increasing demand for robust real world datasets among pharmaceutical companies.

Based on application, the drug development segment is projected to be the leading segment due to rising adoption of RWD to accelerate drug approval process and enhance post marketing safety monitoring.

Competitor Insights:

Evidera Inc

IBM Corporation

Cerner Corporation,

Flatiron Health, Inc

HealthVerity

IQVIA

Optum

Deloitte Touche Tohmatsu Limited

PeraHealth

Recent Developments in Real World Data (RWD) Market

Advancement in Ai and Machine Learning: Companies increasingly integrated Ai and machine learning technologies into their RWD plateforms to enhance data quality, analyse large datasets and identify trends for healthcare and pharmaceutical research. New algorithm improves accuracy in identifying Ouliers and missing grandparents, making RWD more realistic for regulatory and clinical applications.

Regulatory initiative: EU launches European health database it aims to improve data transparency by making patient consent easier. Similarly, the US FDA has updated its guidance on RWD in the regulatory process. It focuses on the potential for drug development and approval.

Interested to know the Market up Close Buy the Full-report: https://www.coherentmarketinsights.com/insight/buy-now/6029

About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.