The global real world evidence market size was US$ 1.5 billion in 2021. The global real world evidence market is forecast to grow to US$ 4.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 14.9% during the forecast period from 2022 to 2030. 
Real-world data comes from a variety of sources related to the results of a diverse patient population in real-world situations. It is the clinical verification of the use of a medicinal product and any possible hazards or advantages. Real-world data sets are widely used for a variety of purposes, including clinical decision-making for real-world evidence and market expansion, medication development, medical device development and approval, and market access and reimbursement/coverage decisions.

Factors Influencing the Market
The high risk associated with the development of a new pharmaceutical drug will primarily dirve the growth of the market. In addition, the process is extremely time-consuming and costly. Thus, the demand for real world evidence is expected to rise in the healthcare sector to combat these challenges. Apart from that, various companies are looking for possible ways to deduct the cost of clinical trials and evade barriers, which will be opportunistic for the real world evidence market during the study period. 
Mobile devices, laptops, wearables, and other biosensors are increasingly being used to collect and retain a significant amount of health-related data. The data gathered from these devices can be further used to conduct and arrange clinical trials. Apart from that, data analysis and application of the findings to the development and approval of medical products will fuel the growth of the real world evidence market during the analysis period. 
On the flip side, stringent government regulations may limit the growth of the real world evidence market during the study period.

COVID-19 Impact Analysis
The contagious coronavirus disease brought untapped potential opportunities for the entire pharmaceutical sector. In response to this global emergency, governments have exceeded their investments in this sector. These investments are thoroughly focused on the development of effective and rapid diagnostic technologies, which will significantly boost the growth of the real world evidence market. 
Apart from that, companies have also inked agreements to extract precise information. For instance, two healthcare data science companies, Aetion and HealthVerity, inked a partnership in 2020 to gather health records and report to drug makers and regulators on COVID-19 treatments.

Regional Analysis
North America is forecast to dominate the real world evidence market during the study period. The growth of this regional market will be due to the presence of a well-established pharmaceutical industry in the region. In addition, a favorable regulatory environment and continuously growing investments in research & development activities are expected to benefit the real world evidence market during the study period.

Competitors in the Market
• IQVIA
• IBM Corporation
• Cognizant
• Oracle Corporation
• Syneos Health
• Pharmaceutical Product Development
• Clinigen Group plc
• PAREXEL International Corporation
• Palantir Technologies
• SAS
• Other Prominent Players

Market Segmentation
The global real world evidence market segmentation focuses on Component, End-User, Therapeutic Area, and Region. 
By Component
• Claims Data
• Clinical Settings Data
• Patient-Powered Data
• Pharmacy Data
• Others
By End-User
• Healthcare Payers
• Healthcare Providers
• Pharmaceutical & Medical Device Companies
• Others
By Therapeutic Area
• Oncology
• Immunology
• Neurology
• Cardiovascular Disease
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America