The rising geriatric population (and the subsequent increase in the prevalence of chronic diseases) is a key factor driving the growth of this market. The shift from volume- to value-based care, delays in drug development (and the subsequent increase in development costs), growth in R&D spending, and support from regulatory bodies for the use of RWE solutions are some of the other major factors that are driving the growth of this market. 

The New Real-world data and real-world evidence are used to monitor the post-market safety and adverse events of drugs. The monitoring of this data assists in making regulatory decisions. 

In this regard, RWE solutions have proven to be very helpful, as they allow industrial and academic researchers to monitor patients using digitally connected platforms while helping to organize and evaluate clinical data for regulatory submissions. 

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RWE can provide valuable insights to better understand, monitor, and prepare for the challenges caused by outbreaks such as the COVID-19 pandemic. The utilization of RWE in infectious disease control is not a new concept. 

Government-backed apps analyzed personal data to group individuals into color-coded categories corresponding to their health status and level of risk to contract COVID-19. Following success in China, an increasing number of countries have started to look for ways to implement similar measures. 

Addressing health and healthcare disparities requires the full involvement of organizations that have an existing infrastructure for data quality measurement and improvement. The foremost limitation is a real shortage of digitalized and interoperable patient data, especially in the rural parts of a country. The lack of a standard platform for data collection and sharing is thus considered a threat to the growth of the RWE solutions market. 

The global RWE solutions market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 60.8% of the global market.