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Meticulous Research®, a leading global market research firm, has released a comprehensive report titled, “RWE Oncology Market by Component (Datasets [EHR, Claims, Cancer Registries], Consulting & Analytics Services), Application (Drug Development, Approval, Market Access, Post-market Surveillance), End User (Pharma, Payer, Provider) – Global Forecast to 2029.” This publication reveals significant insights into the real-world evidence (RWE) oncology solutions market, projecting substantial growth over the next several years.
According to the report, the RWE oncology solutions market is anticipated to expand at a compound annual growth rate (CAGR) of 14.2% from 2022 to 2029, ultimately reaching a market value of $1.65 billion by 2029. Several factors are driving this growth, including the increasing prevalence of cancer, the rapid expansion of big data within healthcare, a transition from volume-based to value-based care, and a heightened emphasis on personalized healthcare approaches. Despite this positive outlook, the market faces challenges, particularly the lack of standardized methodologies for developing RWE.
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The report categorizes the RWE oncology solutions market by components, applications, end users, and geographic regions. In terms of components, the market is divided into real-world datasets and RWE consulting and analytics services. The real-world datasets segment is expected to hold the largest market share in 2022, fueled by the growing volume of medical data generated in healthcare settings. This data is crucial for outcome-based studies and is increasingly sought after by payers, regulatory bodies, and providers looking to ensure drug safety.
Applications of RWE in oncology are diverse, with the drug development and approvals segment projected to account for the largest share in 2022. Metrics related to quality of life and Patient-Reported Outcome Measures (PROMs) are becoming integral to clinical trials, enhancing the understanding of disease epidemiology and treatment pathways. The increasing incidence of cancer has spurred pharmaceutical companies to prioritize drug development, with RWE serving as a vital tool to expedite discovery, facilitate drug approvals, and assess the impact of new therapies.
End users of RWE oncology solutions primarily include pharmaceutical and medical device companies, which are expected to dominate the market. This trend stems from the rising necessity for RWE studies in drug development and the need to mitigate the risks associated with drug recalls by evaluating real-world performance. As the healthcare landscape shifts, these companies are increasingly leveraging RWE to gain insights into actual clinical practices and health outcomes, allowing for more effective cancer treatments.
The report also offers an in-depth geographical analysis, covering major regions such as North America (including the U.S. and Canada), Asia-Pacific (encompassing Japan, China, India, and others), Europe (including Germany, France, the U.K., and more), Latin America, and the Middle East & Africa. This comprehensive analysis provides valuable insights into market dynamics across different regions, offering a well-rounded perspective on the RWE oncology solutions landscape leading up to 2029.
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