REAL-WORLD DATA (RWD) MARKET ANALYSIS

Real-world Data (RWD) MarketSize and Trends

The global real world data (RWD) market size is projected to grow from US$ 1.59 Bn in 2023 to US$ 4.07 Bn by 2030, at a CAGR of 14.4%. The increasing adoption of RWD in drug development and approvals, market access, and post-market surveillance is driving the growth of the market.

RWD is data collected from real-world settings, such as electronic health records (EHRs), claims data, and patient registries. It can be used to generate evidence on the safety and efficacy of drugs and medical devices, as well as to assess the impact of treatments on patient outcomes.

Global Real World Data (RWD) Market Insights

• North America is expected to dominate the global real world data (RWD) market in 2023, with a market share of 5%. This is due to the region's well-developed healthcare industry, the increasing prevalence of chronic diseases, and the stringent regulations for drug approvals.
• Europe is expected to be the second-largest market for real world data (RWD) in 2023, with a market share of 28.5%. This is due to the region's strong focus on innovation and the increasing adoption of big data in healthcare.
• Asia Pacific is expected to be the fastest-growing market for global real world data (RWD) in 2023, with a CAGR of 10.5%. This is due to the region's large and growing population, the rising prevalence of chronic diseases, and the increasing government support for the use of RWD in healthcare decision-making.

Figure 1. Global Real World Data (RWD) Market Share (%), by Region, 2023

Global Real World Data (RWD) Market Trends

• Increased Integration of Data Sources: There is a growing trend of integrating multiple data sources to gain a comprehensive view of patient health and outcomes. This includes combining electronic health records (EHRs), claims data, patient registries, wearable devices, social media data, and genomic information. Integrating diverse data sources allows for a more holistic analysis and provides richer insights into real-world patient experiences and outcomes.
• Advancements in Data Analytics and AI: The global real world data (RWD) market is witnessing rapid advancements in data analytics tools and techniques, including artificial intelligence (AI) and machine learning (ML). These technologies enable more sophisticated analysis of large and complex datasets, uncovering patterns, trends, and correlations that may not be apparent with traditional statistical approaches. AI and ML algorithms can assist in data integration, predictive modeling, risk stratification, and decision support. For instance, in August 2021, Syneos Health, a pharmaceutical company, partnered with Aetion, a health care technology company to provide a real-world evidence solution and offer analytical-driven data and regulatory-grade data.
• Focus on Data Quality and Standardization: Ensuring the quality and standardization of RWD has become a critical focus in the market. Efforts are being made to improve data integrity, completeness, and consistency across different data sources. Standardization initiatives, such as the use of common data models and terminologies, facilitate data interoperability, enhance data quality, and promote the comparability of findings across studies.
• Emphasis on Patient Privacy and Data Security: As the use of RWD increases, ensuring patient privacy and data security is paramount. Stricter regulations, such as the General Data Protection Regulation (GDPR) in Europe and the Health Insurance Portability and Accountability Act (HIPAA) in the U.S., govern the collection, use, and sharing of patient data. Stakeholders are adopting robust data protection measures, including de-identification techniques and secure data storage and transfer protocols, to maintain patient confidentiality.