Real World Evidence (RWE) Oncology Market Forecast Projects Rising Adoption Across Healthcare Providers and Payers

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Real World Evidence (RWE) Oncology Market – By Component (Real-world Datasets, RWE Consulting & Analytics Services), Application (Drug Development & Approvals, Market Access, Post-market Surveillance), End User (Pharmaceutical, Biotechnology, And Medical Device Companies, Healthcare Providers, Healthcare Payers), Trends, Industry Competition Analysis, Revenue And Forecast To 2034."

The global Real World Evidence (RWE) Oncology market is estimated to reach over USD 2,373.9 Mn by the year 2034, exhibiting a CAGR of 12.1%  during the forecast period.

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In the healthcare sector, data and information gathered from patient experiences, real-world clinical practice, and other non-clinical study scenarios are referred to as "real-world evidence" (RWE). RWE is crucial for doctors to comprehend how cancer drugs work in real patient populations outside of the controlled environment of clinical trials. It is now simpler to extract valuable information from enormous amounts of real patient data because of developments in data analytics, machine learning, and artificial intelligence.

The need for useful information regarding the effectiveness, safety, and value of cancer treatments is driving the real world evidence (RWE) oncology market. It improves traditional clinical trials and, ultimately, cancer care and treatment options by offering a more comprehensive understanding of how therapies affect patients in real clinical settings.

Furthermore, the market for real world evidence (RWE) oncology has a lot of room to grow significantly. Growing in emerging markets offers large opportunities for industry players looking to reach new customer bases. Integrating with precision medicine initiatives, which increase access to tailored cancer treatment, is another important possibility.

List of Prominent Players in the Real World Evidence (RWE) Oncology Market:

·      IQVIA Holdings Inc.

·      IBM Corporation

·      Oracle Corporation

·      SAS Institute Inc.

·      Veracyte Inc.

·      Flatiron Health Inc.

·      ICON plc

·      Parexel International Corporation

·      Syneos Health Inc.

·      Anthem Inc.

·      Clinigen Group pic

·      PerkinElmer Inc.

·      Cognizant Technology Solutions Corporation

·      UnitedHealth Group Incorporated

·      Tempus Labs Inc.

·      Others

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Market Dynamics:

Drivers-

The primary factors driving the market for real world evidence (RWE) oncology are the following: the need for real-world evidence in drug development, the increasing importance of value-based healthcare, regulatory support for RWE in healthcare decision-making, advancements in data analytics and artificial intelligence technologies, and the rise in cancer incidence and prevalence worldwide.

The advent of cloud-based RWE platforms, the merging of genetic and molecular data, the shift to patient-centered healthcare models, and real-time data collection and analysis are all contributing factors to the market's transformation. Additionally, there is a lot of interest in the development of AI-driven analytics solutions and integration with precision medicine initiatives, especially in wealthy economies with advanced healthcare infrastructure.

Challenges:

Despite having significant growth potential, the real world evidence (RWE) oncology market has a number of obstacles, including expensive implementation and maintenance costs, lack of consistency in data collecting, and privacy and security concerns. Market adoption in various parts of the world may also be hampered by obstacles such as poor interoperability between healthcare systems, regional regulatory compliance, problems with data completeness and quality, and the integration of diverse data sources.

Regional Trends:

The North American Real World Evidence (RWE) Oncology market is anticipated to register a major market share in terms of revenue ascribed to the regulatory agencies' strong support for the use of real world evidence (RWE) oncology. Additionally, the market is growing as a result of the move from volume to value-based care, as well as a rise in R&D expenditure. Besides, over the projection period, Asia Pacific is expected to increase at the fastest rate fueled by the region's crucial position as a worldwide pharmaceutical manufacturing hub, the growing cancer burden, the development of healthcare infrastructure, the growth of pharmaceutical investments, and increased knowledge of precision medicine techniques.

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Recent Development:

·      October 2022: BeiGene, a biotech, and Ontada, a McKesson real-world evidence (RWE) startup, have partnered. By utilizing Ontada's RWE expertise, the partnership will assist BeiGene in achieving its goal of supplying ten drugs to clinics annually. Additionally, the two businesses will work together to improve the application of RWE in cancer regulatory decision-making.

Segmentation of Real World Evidence (RWE) Oncology Market-

By Component-

• Consulting Services
• Datasets
• Disparate Datasets
• Pharmacy Data
• EMR/EHR/Clinical Data
• Cancer Registries
• Claims & Billing Data
• Others
• Integrated Datasets

By Application-

• Drug Development & Approvals
• Post-market Surveillance
• Market Access & Reimbursement/Coverage Decisions
• Medical Device Development & Approvals
• Others

By End-User-

• Pharmaceutical, Biotechnology, and Medical Device Companies
• Healthcare Providers
• Healthcare Payers
• Others

By Region-

North America-

·      The US

·      Canada

·      Mexico

Europe-

·      Germany

·      The UK

·      France

·      Italy

·      Spain

·      Rest of Europe

Asia-Pacific-

·      China

·      Japan

·      India

·      South Korea

·      South East Asia

·      Rest of Asia Pacific

Latin America-

·      Brazil

·      Argentina

·      Rest of Latin America

 Middle East & Africa-

·      GCC Countries

·      South Africa

·      Rest of the Middle East and Africa

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