Real world evidence market is growing fast
Applications of RWE-based insights range from drug discovery to supporting regulatory decision-making
LONDON—With the announcement from Roots Analysis that it has added the “Pharmaceutical and Life Sciences Real World Evidence Market, (2nd Edition), 2021-2030” report to its list of offerings come the highlights as well—and those suggest that real-world evidence (RWE) is gaining ground with the quickness.
As Roots Analysis notes, the digitization of data and advances in information processing have led to the development of a wide array of tools and analytical algorithms that can now be used to mine pharmaceutical big data. The insights generated from such studies are increasingly being used to drive important judgments concerning pharmacology and healthcare.
According to this recent report, the RWE market is projected to be worth $4.5 billion by 2030, at a compound annual growth rate (CAGR) of 15 percent.
Some of the key insights from the report include:
- More than 100 global events related to RWE were organized in the past couple of years. Among the active industry players, Pfizer participated in most of these events (70), followed by Merck, Janssen, Sanofi, Amgen, Eli Lilly, GSK, and AstraZeneca. These events featured the participation of several non-industry players as well, which includes FDA, University of California, Harvard Medical School, and Stanford University.
- Close to 2,200 articles on RWE have been published in reputable scientific journals since 2016. More than 20 percent of the publications noted were focused on generating or using RWE-based insights for the assessment of safety and efficacy of various medical products.
- In the last 10 years, close to 1,600 clinical trials informed using RWE have been registered, The number of such trials has increased at a CAGR of 21 percent from 2010
- The majority of these trials are focused on cardiovascular disorders, oncological disorders, and neurological disorders.
In modern healthcare, the applications of real world data-based insights are vast, ranging from drug discovery to supporting regulatory decision-making; in fact, the FDA routinely uses RWE monitor post market safety of drugs.