The global real world evidence solutions market is expected to reach USD 2.3 billion by 2026, according to a new report by MarketsandMarkets. The market is anticipated to witness a CAGR of 14.4% during the forecast period. Rising adoption of big data analytics in the healthcare sector and government initiatives to promote the use of real world evidence are expected to drive the market growth over the forecast period.
In addition, increasing use of electronic health records (EHRs) and patient registries is another factor that is expected to fuel the demand for real world evidence solutions. However, lack of awareness about the benefits of these solutions and stringent regulations regarding data privacy are restraining factors for the market growth.
Real world evidence solutions enable stakeholders across the healthcare ecosystem to assess the value of therapeutics and medical devices by analyzing their safety and efficacy in real-world settings.
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The segmentation of the real world evidence solutions market has been done on the basis of product, disease indication, end user, and geography. By product, the market is classified into software and services.
Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and level of risk to contract COVID-19. Following success in China, an increasing number of countries have started to look for ways to implement similar measures. In countries with strict data privacy laws, the implications of contact-tracing apps on individual privacy are considered a major associated concern.
The Real World Evidence Solutions Market is growing rapidly, however there are a few restraints that could potentially inhibit this growth. One such restraint is the lack of data standardization. This can make it difficult to compare data across different studies and can ultimately lead to less robust evidence.