Growth Insights—Real World Evidence Analytics Solutions Market

Growth Insights—Real World Evidence Analytics Solutions Market

Innovation and Changing End-user Needs Driving Market Growth

RELEASE DATE
24-Apr-2018
REGION
North America
Research Code: K29B-01-00-00-00
SKU: HC02997-NA-MR_21807
$3,000.00
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Description

Over the last 3-5 years, growing cost pressure on healthcare and pharmaceutical companies and a significant shift towards outcome based healthcare approach have resulted in companies increasingly adopting real world data and evidence solutions to optimize their operation and cost using analytics. Earlier, applications of RWE were largely limited to HEOR/pricing analytics; however digitalization of healthcare services and increased database access has resulted in applications expansion in other part of the value chain, including clinical trials, drug discovery, and life cycle management.

During 2016–2021, global real world evidence analytics solutions market is expected to grow at ~16% CAGR to approximately 430 million by 2021. Favourable regulatory environment, preference of payers using RWD to understand the economic benefit outcomes, and achieved efficiency are some of the key market growth drivers.

At present, the RWE analytics solutions market is moderately fragmented with presence of a number of life science companies, and database service providers. In addition, CROs are increasingly expanding their analytics and informatics capability to provide integrated solutions to their pharmaceutical clients. Traditionally, most database vendors have had relatively limited data analytics expertise and hence role of analytics vendors have become important in the industry. During 2017-2018, the RWE market has witnessed a number of partnership and acquisition activities as a number of industry stakeholders are looking to strengthen their technical expertise. Given existing capability gap, Frost & Sullivan expects this trend to continue in near future.

So far, pharmaceutical companies have adopted a hybrid approach to manage real world evidence function. Most companies have invested in developing in-house teams and they partner with external vendors either on project basis or for specific therapeutic segments. Frost & Sullivan expects this trend to continue over the next 3-4 years as pharmaceutical companies will first look to establish processes and structures with in their organization, before relying on external vendors. Most vendors presently offer support based solutions, and cognitive and machine learning based DIY tools are still in work-in-progress, as different healthcare databases are still evolving and being explored. We expect a medium-moderate growth in adoption of DIY tools during the forecast period.

Key Issues Addressed

  • What are they key market opportunities that make this an attractive market with significant future revenue potential for companies?
  • How are different regional market positioned to realize the available opportunities/growth potential?
  • What is the total market size and projected growth of real-world evidence analytics solutions?
  • What are the key challenges being faced by the clients? What are the key success factors for companies to remain relevant and competitive in this crowded market?
  • How product offerings in this market are likely to emerge? How transition across the value chain is happening to solve the unmet needs from customers?
  • How are current business models being replaced by innovative approaches to overcome existing challenges?

Table of Contents

Key Findings

Big Market Themes

Market Scope and Segmentation

Key Questions Addressed in this Study

Real World Evidence—Types of Data and Usage

RWE Generation from RWD

Sources of Patient-Level Real World Data

Application Areas Across the Pharmaceutical Value Chain

Adoption of RWE/RWD Across Countries

Adoption of RWE/RWD Across Countries (continued)

Adoption of RWE/RWD Across Countries (continued)

Regulatory Environment—United States

Regulatory Environment—Europe

Technology Trends Overview

Technology Trends Explained

Technology Trends Explained (continued)

Market Trends Explained

Market Trends Explained (continued)

Regional Perspective—The United States

Regional Perspective—Europe

Regional Perspective—Japan

Key Market Drivers

Market Drivers Explained

Key Market Restraints

Market Restraints Explained

Revenue Forecast Assumption

Revenue Forecast

Market Breakdown by Solutions

Revenue Forecast Discussion

Competitive Environment—Highlights

Competitive Environment—Highlights (continued)

Competitive Factors and Assessment

Competitive Benchmarking

Competitive Benchmarking (continued)

Capability Mapping—Database Providers

Capability Mapping—Database Providers (continued)

Competitive Mapping—Analytics/Tools Vendors

Key Companies to Watch

Key Companies to Watch (continued)

Current RWD/RWE Adoption Scenario in Pharmaceutical Companies

Strategies Adopted by Pharmaceutical Companies—Novartis

Strategies Adopted by Pharmaceutical Companies—Merck

Strategies Adopted by Pharmaceutical Companies—Others

Strategies Adopted by Pharmaceutical Companies—Others (continued)

Challenges Faced by Pharmaceutical Companies

Challenges Faced by Pharmaceutical Companies (continued)

Real World Evidence Market—Macro to Micro Visioning

New Business Models

Emerging Business Models—Real-time Analytics

Emerging Business Models—Collaboration between Multiple Stakeholders

Emerging Business Models—Partnerships among Different Stakeholders to Develop Products and Solutions

Application of Genomics Data in RWE/RWD Applications

Real-time mHealth and Wearable Data for RWE Generation

Growth Opportunity 1—Cognitive Computing and Machine Learning Based Tools

Growth Opportunity 2—Application-Focused Analytics Tools/Platforms

Growth Opportunity 3—Tools/Platforms with Capability to Handle Multi-Omics Data

Growth Opportunity 4—RWE Platforms Dedicated to Support Drug Development Activities

Strategic Imperatives—RWE Analytics Solutions Providers

Key Predictions

Legal Disclaimer

List of Exhibits

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

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Over the last 3-5 years, growing cost pressure on healthcare and pharmaceutical companies and a significant shift towards outcome based healthcare approach have resulted in companies increasingly adopting real world data and evidence solutions to optimize their operation and cost using analytics. Earlier, applications of RWE were largely limited to HEOR/pricing analytics; however digitalization of healthcare services and increased database access has resulted in applications expansion in other part of the value chain, including clinical trials, drug discovery, and life cycle management. During 2016–2021, global real world evidence analytics solutions market is expected to grow at ~16% CAGR to approximately 430 million by 2021. Favourable regulatory environment, preference of payers using RWD to understand the economic benefit outcomes, and achieved efficiency are some of the key market growth drivers. At present, the RWE analytics solutions market is moderately fragmented with presence of a number of life science companies, and database service providers. In addition, CROs are increasingly expanding their analytics and informatics capability to provide integrated solutions to their pharmaceutical clients. Traditionally, most database vendors have had relatively limited data analytics expertise and hence role of analytics vendors have become important in the industry. During 2017-2018, the RWE market has witnessed a number of partnership and acquisition activities as a number of industry stakeholders are looking to strengthen their technical expertise. Given existing capability gap, Frost & Sullivan expects this trend to continue in near future. So far, pharmaceutical companies have adopted a hybrid approach to manage real world evidence function. Most companies have invested in developing in-house teams and they partner with external vendors either on project basis or for specific therapeutic segments. Frost & Sullivan expects this trend to continue over the ne
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Author Piyush Bansal
Industries Healthcare
WIP Number K29B-01-00-00-00
Is Prebook No
GPS Codes 9568-B1,9571-B1,9600-B1,9611-B1,99C1-B1,9A37-C1,9A42-B1,9A43-B1,9A44-B1,9A4E-B1