New World Evidence Data Market Size & Share to Exceed USD 7.2 Billion by 2034, at CAGR of 6.1%. “DataSphere: Unveiling the Global Evidence Exchange – Your Gateway to a New World of Insights” – PMI Leads the Way

Covina, Feb. 01, 2024 (GLOBE NEWSWIRE) — “According to the recent research study, the New World Evidence Data Market size was valued at about USD 1.9 Billion in 2024 and expected to grow at CAGR of 6.1% to extend a value of USD 7.2 Billion by 2034.”

What is New World Evidence Data?

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  • Market Overview:

In healthcare and pharmaceuticals, “real-world evidence” refers to data obtained from real-world settings, such as electronic health records, claims data, patient registries, and other sources. It contrasts with data from controlled clinical trials, providing insights into how treatments perform in everyday clinical practice.
New World Data term could imply innovative or cutting-edge data sources and technologies. It might involve emerging technologies like artificial intelligence, machine learning, blockchain, or advanced data analytics methods.

New World Evidence Data Market

  • Market Dynamics:

Driving Factors:

  • Rapid advancements in technology, including artificial intelligence, machine learning, big data analytics, and the Internet of Things (IoT), contribute to the generation and utilization of new types of data.
  • The ongoing digital transformation across industries is leading to the digitization of processes and the creation of vast amounts of digital data. This shift opens up new opportunities for extracting meaningful insights.
  • In the healthcare sector, innovations such as wearables, remote monitoring devices, and health apps are generating real-time patient data, contributing to a more dynamic understanding of health and treatment outcomes.
  • The growing emphasis on personalized and precision medicine requires more granular and diverse data sets to tailor treatments to individual patients, driving the need for comprehensive evidence from real-world scenarios.
  • Increased collaboration and sharing of data on a global scale can lead to more diverse and representative datasets, fostering a deeper understanding of different populations and their responses to various interventions.
  • Blockchain’s decentralized and secure nature may play a role in enhancing the integrity and transparency of data, particularly in industries where data accuracy is critical.

Restrain Factors:

  • Data privacy concern.
  • Security risks.
  • Regulatory challenges.
  • Lack of data standardization.
  • Limited access to advanced technologies.

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*Note: PMI Sample Report includes,

  • Overview & introduction of market study
  • Revenue and CAGR of market 
  • Drivers & Restrains factors of market 
  • Major key players in market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent development/news of market 
  • Opportunities & Challenges of Market 

Report scope:

Attribute Details
Base year for estimation 2023
Forecast period 2024 – 2034
Market representation Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation By Component – Services and Dataset.

By Therapeutic Area – Oncology, Immunology, and Cardiovascular.

By End-Users – Pharmaceuticals, Medical Devices, Payers, and Providers.

Regional scope North America – U.S., Canada

Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America – Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends

Top Leading Players in New World Evidence Data Market:

  • Oracle Corporation
  • IQVIA Holdings, Inc.
  • International Business Machines Corporation
  • Syneos Health, Inc.
  • ICON Public Limited Company
  • Pharmaceutical Product Development LLC.
  • Optum, Inc.
  • Cognizant Technology Solutions Corp.
  • SAS Institute, Inc.
  • Flatiron Health, Inc.

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Emerging Trends and Opportunities in New World Evidence Data Market:

  • The healthcare industry continues to embrace RWE to complement traditional clinical trial data. Opportunities lie in leveraging diverse data sources, including electronic health records, wearable, and patient-generated data for a more holistic understanding of treatment outcomes.
  • Blockchain technology is increasingly explored to enhance the integrity and transparency of data in various industries. In the New World Evidence Data Market, blockchain can be used to secure and validate data, addressing concerns related to data reliability.
  • The integration of advanced analytics and AI tools is a growing trend, offering opportunities for more sophisticated data analysis, predictive modeling, and pattern recognition. Machine learning algorithms can uncover insights from large and complex datasets.
  • The rise of remote patient monitoring and telehealth services presents opportunities for collecting real-time patient data outside of traditional healthcare settings. This data can contribute to a more comprehensive understanding of patient health and treatment effectiveness.
  • Opportunities exist in fostering collaboration between industries to share data and insights. Cross-industry partnerships can lead to more comprehensive datasets, offering a broader perspective on various phenomena.
  • A trend toward patient-centricity involves actively involving patients in data collection and decision-making processes. Opportunities exist for platforms that facilitate patient engagement, feedback, and the ethical use of personal health data.

Challenges of New World Evidence Data Market:

  • The increased collection and sharing of sensitive data raise privacy concerns. Ensuring the security of data to prevent breaches and unauthorized access is a significant challenge.
  • Adhering to evolving and complex regulatory frameworks, especially in industries like healthcare, can be challenging. Different regions may have distinct regulations, adding to the complexity.
  • Lack of standardized formats and interoperability between different data sources and systems can hinder the seamless exchange and integration of data, limiting its utility.
  • Ethical considerations surrounding the use of personal and sensitive data, especially in healthcare, can lead to dilemmas. Balancing the potential benefits with privacy and consent concerns is crucial.
  • In some regions or industries, the lack of robust data infrastructure and connectivity can hinder the efficient collection, storage, and analysis of large datasets.
  • Determining legal responsibilities and liabilities regarding data use and potential consequences of decision-making based on that data poses challenges in the absence of clear legal frameworks.

Detailed Segmentation:

New World Evidence Market, By Component:

  • Datasets (Claims, Clinical, Pharmacy, Patients)
  • Services

New World Evidence Market, By Therapeutic Area:

  • Oncology
  • Immunology
  • Cardiovascular

New World Evidence Market, By End-Users:

  • Pharmaceuticals
  • Medical Devices
  • Payers
  • Providers

New World Evidence Market, By Region:

  • North America
        • U.S.
        • Canada
  • Europe
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
  • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
  • Latin America
        • Brazil
        • Mexico
        • Rest of Latin America
  • Middle East & Africa
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

Key highlights of the New World Evidence Data Market:

  • The healthcare industry, in particular, has been increasingly adopting real-world evidence to complement traditional clinical trial data. This trend is driven by the need for more comprehensive insights into treatment outcomes in real-world settings.
  • With the rising awareness of data privacy concerns, there is an increased focus on implementing robust security measures and adhering to privacy regulations, especially in industries dealing with sensitive information like healthcare.
  • Ongoing technological advancements, including edge computing, blockchain, and the Internet of Things (IoT), are contributing to the innovation in data collection, analysis, and storage, opening up new possibilities for evidence generation.
  • Collaboration between industries and stakeholders to share data and insights is on the rise. This collaborative approach aims to create more comprehensive datasets and foster a holistic understanding of various phenomena.
  • There is a growing emphasis on involving patients in the data generation process. Platforms and initiatives that encourage patient engagement, feedback, and the ethical use of personal health data are gaining attention.
  • Organizations are placing a strong emphasis on ensuring the quality and reliability of data. Efforts are being made to address challenges related to data accuracy and integrity.
  • The overall digital transformation across industries is accelerating the adoption of new evidence data practices. Companies are leveraging digital technologies to optimize processes and gain actionable insights.
  • The Asia Pacific market is expected to dominate the growth of the target market over the forecast period, owing to factors such as rising population, rising prevalence of chronic disorders, rapid growth in urbanization and healthcare industry, increasing government initiatives and improved research and development programs.

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