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Real World Evidence Solutions Market Worth $4.5 Billion | MarketsandMarkets™.

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CHICAGO, Feb. 16, 2024 /PRNewswire/ — Real World Evidence Solutions Market in terms of revenue was estimated to be worth $2.0 billion in 2024 and is poised to reach $4.5 billion by 2029, growing at a CAGR of 16.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth in the Real-World Evidence Solution market is driven by the increased shift towards a value-based and upsurging aging population. Additionally, the increase in the prevalence of chronic diseases, and rising innovation in pharmaceutical and medical devices are propelling the adoption of RWE solutions and driving the market growth. Moreover, several companies are prioritizing the use of RWE solutions to help them to reduce their drug development delays. Thus, the increase in availability of healthcare data, coupled with growing need to provide high-quality care to patients, will progressively compel healthcare organizations to depend on these innovative methodologies and technologies leading to boost the market growth for the real-world evidence-based solution market during the forecast period.

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Real World Evidence Solutions Market Scope:

Report Coverage

Details

Market Revenue in 2024

$2.0 billion

Estimated Value by 2029

$4.5 billion

Growth Rate

Poised to grow at a CAGR of 16.5%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Components, Application, Mode of Deployment, Revenue Model and End user

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and Middle East Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing Opportunities in emerging markets

Key Market Drivers

Shift from volume to value-based care

 

Services accounted for the larger share of the Real-World Evidence Solution market in 2023.

On the basis component, the Real-World Evidence Solution market is segmented into services and data sets. The services accounted for the larger share of this segment in 2023. The service segment comprises of advanced analytics services and consulting services. Advanced analytical services play a crucial role in swiftly accessing, examining, and providing essential insights required by various stakeholders. The provision of cutting-edge analytical tools and technologies has allowed these services to harness the power of big data, enabling more accurate and insightful analysis of real-world patient data.  This advanced analytics capability is crucial in extracting meaningful patterns and insights from diverse and vast datasets, providing a competitive edge in understanding real-world patient outcomes, treatment effectiveness, and safety profiles. Moreover, the inclusion of consulting services has allowed services segment to offer comprehensive solutions to its clients by providing expert guidance and strategic insights, the company can assist healthcare organizations in navigating the complex landscape of real-world evidence. Additionally, the growing need to transform healthcare data into actionable evidence, coupled with the aim to minimize delays in drug development and the abundance of extensive healthcare data, stands out as significant drivers propelling the expansion of this market segment.

By application, the drug development and approvals segment accounted for the largest market share in 2023.

Based on application, the Real-World Evidence Solution market is segmented into drug development and approvals, medical device development and approvals, post market surveillance, market access and reimbursement/coverage decision making, and Clinical & regulatory decision making. The drug development and approvals is bifurcated into oncology, cardiovascular disorders, neurology, immunology, and other therapeutic areas. The oncology subsegment holds the largest share of this segment in 2023. This is attributed to the increasing number of cancer cases worldwide. Due to increasing number of cancer cases several pharmaceutical companies are investing in innovative medicines for treatment of cancer. Fr instance, according to IQVIA Holdings Inc., global oncology trends article 2022, over the past decade, there has been a substantial increase in the development of products in the field of oncology, and currently, there are over 2,000 products in the pipeline.

Pharmaceutical and medical device companies are the largest end users of the Real-World Evidence Solution market

Based on end users, the Real-World Evidence Solution market is segmented into pharmaceutical and medical devices companies, healthcare payers, healthcare providers, and other end-users which includes CROs, academic institutions, patient advocacy groups, and HTA agencies. The pharmaceutical and medical device companies hold the largest share among the end-users in 2023 as these companies need data that is medically approved. As the utilization of Real-World Evidence (RWE) data plays a crucial role in facilitating the successful progression of innovative medicines through the various phases of clinical trials. Furthermore, the increasing prevalence of RWE studies employed in the drug approval process serves as a preventive measure against expensive drug recalls. These studies offer valuable analyses of how drugs perform in real-world settings, enhancing the understanding of the effectiveness and safety beyond the controlled environments of clinical trials.

North America dominates the global Real-World Evidence Solution market.

The Real-World Evidence Solution market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, North America accounted for the largest share of the Real-World Evidence Solution market. This region’s dominance is due to the favorable regulatory environment and increasing adoption of EHR. Additionally, the increase in number of payers using RWE solution services is driving regional growth of the RWE evidence solution market. Moreover, the presence of key market players such as IQVIA Holdings Inc., (US), Optum (US), Oracle (US), and among others are a key factor contributing to the growth of the region.

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Real World Evidence Solutions Market Dynamics:

Drivers:

Shift from volume to value-based care

Opportunities:

Growing Opportunities in emerging markets

Challenge:

Shortage of skilled professionals

Key Market Players of Real World Evidence Solutions Industry:

Prominent players in the Real-World Evidence Solution market include Iqvia Holdings Inc. (US), Merative(US), Optum Inc. (US), Icon Plc. (Ireland), Syneos Health (US), Parexel International Corporation (US), Thermo Fisher Scientific Inc. (US), Laboratory Corporation of America Holdings (US), Oracle (US), Medspace Holdings Inc. (US), Elevance Health, INC. (US), SAS Institute Inc. (US), Aetion Inc. (US), Trinetx Llc. (US), Trinity (US), PerkinElmer, Inc. (US), Cognizant Technology Solutions Corporation (US), Clinigen Group plc (UK), Cegedim Health Data (France), Verantos (US), HealthVerity, Inc. (US), Datavant (US), Syapse, Inc. (US), Tempus (US), and Flatiron Health (US).

Breakdown of supply-side primary interviews, by company type, designation, and region:

By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)By Designation: C-level (35%), Director-level (45%), and Others (20%)By Region: North America (55%), Europe (20%), Asia Pacific (15%), Latin America (5%) and Middle East Africa (5%)

Recent Developments of Real World Evidence Solutions Industry:

In August 2023, Parexel (US) announced a strategic collaboration with Partex NV (Germany) to leverage artificial intelligence powered solutions and accelerate drug discovery and development for biopharmaceutical customers worldwide. This collaboration aims to improve outcomes for patients and create an environment of continues innovation in leveraging advanced technology, data-driven insights and collaborative ecosystem.In June 2022, Franscisco Partners (US) acquired IBM Watson Health Business (US) and formed a new standalone company named Merative. This acquisition will help Merative in expanding reach of the healthcare data analytics products and improving healthcare delivery, decision making and performance.In February 2022, Parexel International Corporation (US) partnered with n-Lorem Foundation (US) to improve and streamline the therapeutic development efforts of n- Lorem. This partnership will help the Parexel International Corporation in providing clinical operations, real-world data solutions, and expertise, including medical and regulatory.

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Real World Evidence Solutions Market – Key Benefits of Buying the Report:

Analysis of key drivers ( Increasing geriatric population and rise in incidences of chronic diseases, upsurging shift from volume to value-based care, and the increase in number of pharmaceutical and biopharmaceutical companies adapting the RWE), challenges (scarcity of skilled personnel, and the lack of universally accepted methodology principles and data processing infrastructure), opportunities (the rise in focus on end-to-end RWE services, and increase in emerging markets) contributing the growth of the Real-World Evidence Solution market.Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the Real-World Evidence Solution market.Market Development: Comprehensive information on the lucrative emerging markets, components, application, end-user, and region.Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, investments in the Real-World Evidence Solution market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global real-world evidence solution Market.

Related Reports:

Contract Research Organization Services Market – Global Forecasts to 2029

Clinical Decision Support Systems Market – Global Forecasts to 2028

Artificial Intelligence / AI in Drug Discovery Market – Global Forecasts to 2028

Healthcare Analytics Market – Global Forecasts to 2027

Bioinformatics Market – Global Forecasts to 2027

About MarketsandMarkets™:

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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IronNet Inc. and Asterion Partner to Strengthen Cybersecurity and Counter-UAS Defense Solutions

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WASHINGTON and MANAMA, Bahrain, Nov. 13, 2024 /PRNewswire/ — IronNet, the AI-based collective defense cybersecurity company, and Asterion, a leader in counter-UAS technology, announced today at the Bahrain International Airshow a partnership on the protection of critical infrastructure through the integration of AI-based cybersecurity and counter-UAS solutions.

This collaboration addresses the growing need for comprehensive and integrated defense strategies, representing a significant milestone in the evolution of air and space security. To enhance defense capabilities against unauthorized and hostile drones, the partnership integrates IronNet’s IronDome solution with Asterion’s advanced counter-UAS technology, delivering a layered defense framework that strengthens the protection of critical infrastructure, urban environments, and national borders.

The partnership integrates IronNet’s “IronDome” real-time cyber threat detection and coordinated response with Asterion’s drone detection and tracking systems, protecting airspace and critical assets from potential threats.

The methodology employs artificial intelligence, machine learning, and advanced sensor networks to analyze patterns and anomalies across a broad range of data sources. The result is a more robust and proactive defense system capable of identifying and mitigating threats before they can cause significant damage.

“Our partnership with Asterion represents a paradigm shift in how we approach critical infrastructure protection,” said Linda Zecher, CEO of IronNet. “By embracing the convergence of cyber and aerial threat detection and defense, governments and organizations can ensure a more comprehensive and effective approach to safeguarding critical infrastructure and national interests.”

“Together we’re creating a solution that addresses the multi-dimensional threats facing our clients today, including those originating from both ground, air and space-based sources,” said Andreas Mustert, Asterion Founder and CTO

About IronNet 

Founded in 2014, IronNet combines cutting-edge cybersecurity technology with exceptional expertise to deliver advanced, real-time defense solutions for organizations across the private and public sectors worldwide. Leveraging a team of top-tier cybersecurity specialists from industry, government, and academia, IronNet is dedicated to protecting enterprises, critical infrastructure, and nations against highly organized and increasingly sophisticated cyber threats. With its industry-leading products and innovative approach, IronNet empowers clients to stay ahead of evolving cyber adversaries.

About Asterion 

A team of sensor, wireless IP and aircraft design specialists, all with outstanding track-records in their fields, have gathered in Asterion to follow a vision of creating a system of a fully networked early risk detection and game changing, collateral damage avoiding, protection of both local high-risk assets as well as long range border crossing threats, through groundbreaking efficiency and EW protected wireless communications. Rather than considering current risks, contemplating any conceivable future countermeasures is an important part of Asterion’s mission.

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Laconic and the Plurinational State of Bolivia announce landmark 5 Billion USD Sovereign Carbon Transaction

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CHICAGO and LA PAZ, Bolivia, Nov. 13, 2024 /PRNewswire/ — Laconic Infrastructure Partners Inc. (Laconic), announced today that it has been mandated by the Plurinational State of Bolivia to utilize its SADAR™ Natural Capital Monetization (NCM) platform to provide technology transfer in support of Bolivia’s capacity building initiatives as it seeks to finance the enhanced ambition set forth in its Nationally Determined Contribution (NDC).

By using Laconic’s first-of-its-kind carbon securitization platform, multiple large-scale environmental data streams will be aggregated to monetize up to 5BN USD of Bolivia’s present & future carbon stocks in the world’s first Article 6 compliant benchmark Sovereign Carbon sale.

“The Plurinational State of Bolivia is committed to completely ending deforestation within our territorial borders by 2030”, said Marcelo Montenegro Gomez Garcia, Minister of Economy & Public Finance. “By working with Laconic, we have been able, for the first time, to generate sufficient development financing to enable our country to make this commitment a reality and enhancing our ambition under the Paris Agreement. This benefits not only our own citizens, but all of mankind, as we collectively strive to meet NetZero 2050.”

By creating its unique Sovereign Carbon product, Laconic has revolutionized financial intermediation in the global carbon market by allowing carbon to be traded as a true financial asset for the first time. This capability allows governments to efficiently monetize their natural capital assets by issuing bona fide securities to institutional buyers at scale globally.

The Sovereign Carbon market is the only mechanism capable of generating the 1 Trillion USD of carbon trading required annually for mankind to achieve its collective NetZero pledge.

Laconic’s unique technology platform, SADAR™, works continuously to manage the data streams which the Sovereign Carbon product requires – ensuring compliance with the not only the Paris Agreement itself, but all applicable local and regional regulatory authorities governing the carbon market. Governments rely on Laconic to ensure seamless compliance with their treaty commitments, allowing them to focus on further enhancing their NDC ambitions and accelerating the pace of global decarbonization.

“Laconic is honored to be working with the Plurinational State of Bolivia to champion the innovative Sovereign Carbon market”, said Andrew Gilmour, CEO of Laconic. “This transaction demonstrates the power of technology to drive change in emerging markets finance, as, for the first time, we are able to collectively harness market forces to generate more economic growth from the preservation of natural capital assets than from the exploitation of them. Put simply – our technology has made it possible to make more money preserving your forests than you can by cutting them down.”

About Laconic
Laconic delivers accurate environmental intelligence, data management tools, and geospatially-fused insights that enable governments, corporations, and financial institutions to engage fairly in data interchange activities that facilitate open and compliant capital markets activity in carbon-linked instruments.

Founded in 2021, the company is a Public Benefit Corporation (PBC) headquartered in Chicago, with offices in Toronto, London, and Singapore.

For more information, please visit www.laconicglobal.com.

Laconic and SADAR (Sentient All-Domain Augmented Response), LUEI, and LUCID are trademarks or registered trademarks of Laconic Infrastructure Partners Inc. in the U.S. and other countries. All other names are trademarks or registered trademarks of their respective companies.

Media contacts:
Laconic
Brant Pinvidic
brant.pinvidic@laconicglobal.com

Elke Heiss
Elke.heiss@laconicglobal.com

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Kyndryl Unveils Dedicated AI Private Cloud in Japan to Accelerate Customer Deployment of AI Services

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Kyndryl AI private cloud supports customer testing and adoption using the Dell AI Factory with NVIDIA

Private AI cloud is also available to Japanese academic institutions for AI research and innovation

TOKYO, Nov. 13, 2024 /PRNewswire/ — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, today launched a dedicated AI private cloud designed to enable AI innovation in Japan. Supported by a collaboration with Dell Technologies using the Dell AI Factory with NVIDIA, Kyndryl is establishing a controlled, security-rich and sovereign cloud where organizations can develop, test and implement AI services that expand their ability to compete and accelerate business performance.

Kyndryl’s new AI private cloud in Japan will help financial institutions, insurance providers, manufacturers, retail companies, and academics to confidently design and prepare to deploy innovative AI-powered solutions.

Under the collaboration, Kyndryl is establishing a Kyndryl Vital AI Lab capability that will leverage the AI-powered open integration digital business platform, Kyndryl Bridge, to support end-to-end AI applications and solution development on the NVIDIA AI Enterprise software platform. Kyndryl experts will assist with envisioning and co-creating solutions that harness the benefits of generative AI and large language models to drive innovation and achieve business objectives. Kyndryl also will apply the domain and industry expertise of Kyndryl Consult to advance customers’ ability to create, verify and deliver AI at scale.

“Organizations want to explore and understand how AI and generative AI can enhance and accelerate their business and technology transformation initiatives. They need a reliable and scalable environment with advanced security capabilities where they can develop, test and refine new solutions,” said Jonathan Ingram, President, Kyndryl Japan. “Our new AI private cloud with the Dell AI Factory with NVIDIA will provide a stable and trusted space where customers and Japanese academic institutions can confidently and privately design new applications and solutions, with support for their security, sovereignty, and data residency requirements.”

Customers using the AI private cloud environment also can access Kyndryl’s decades of experience supporting and managing mission critical applications and systems. The collaboration also will leverage Kyndryl’s ongoing work with NVIDIA that is focused on driving the development, implementation and use of solutions that deliver AI-powered insights and business outcomes.

“The Dell AI Factory with NVIDIA integrates Dell’s leading AI portfolio with the NVIDIA AI Enterprise software platform, providing Kyndryl customers the option to procure an end-to-end, pre-validated, full stack infrastructure,” said Kyle Dufresne, SVP, AI solutions sales, Dell Technologies. “With this collaboration, Kyndryl customers can get started on a wide range of AI and generative AI use cases that require security and performance, including retrieval-augmented generation (RAG), model training, and inferencing.”

“Enterprises need next-gen expertise and skills to drive innovation within their businesses and tackle today’s AI challenges,” said Bob Pette, Vice President of Enterprise Platforms, NVIDIA. “The combination of Dell AI Factory with NVIDIA and Kyndryl’s infrastructure services experience will provide the technical foundation and know-how that organizations require to develop and deploy AI at scale.”

Kyndryl will support a variety of customer use cases via its AI private cloud and plans to explore ways the environment can be optimized to enable efficient workload orchestration and workload placement, along with examining how it can enable fractional GPU capabilities to support more granular control over computing resources. 

To accelerate customer adoption and implementation of generative AI solutions Kyndryl also plans to leverage NVIDIA NeMo, NVIDIA NeMo Retriever and NVIDIA NIM microservices, all part of the NVIDIA AI Enterprise platform for the development and deployment of production-grade generative AI applications. This will advance customers’ ability to transform the build, operation and scale-out of an AI factory, leveraging AI integrations across the NVIDIA stack for smooth performance of the AI private cloud.

Through Kyndryl’s new dedicated private AI cloud service, customers can tap into a wealth of expertise crucial to their adoption of AI at scale, with support for their data security, sovereignty, and residency requirements.

Learn more about Kyndryl’s collaborations with Dell and NVIDIA.

About Kyndryl
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider, serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. For more information, visit www.kyndryl.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as “will,” “anticipate,” “predict,” “project,” “plan,” “forecast,” “estimate,” “expect,” “intend,” “target,” “may,” “should,” “would,” “could,” “outlook” and other similar words or expressions or the negative thereof or other variations thereon. All statements, other than statements of historical fact, including without limitation statements representing management’s beliefs about future events, transactions, strategies, operations and financial results, may be forward-looking statements. These statements do not guarantee future performance and speak only as of the date of this press release and the Company does not undertake to update its forward-looking statements. Actual outcomes or results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties including those described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Kyndryl Press Contact
press@kyndryl.com 

 

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