Australia Real World Evidence Solutions Market Size & Outlook
Australia real world evidence solutions market, 2018-2030 (US$M)
Related Markets
Australia real world evidence solutions market highlights
- The Australia real world evidence solutions market generated a revenue of USD 31.1 million in 2023 and is expected to reach USD 66.0 million by 2030.
- The Australia market is expected to grow at a CAGR of 11.3% from 2024 to 2030.
- In terms of segment, services was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Real world evidence solutions market data book summary
| Market revenue in 2023 | USD 31.1 million |
| Market revenue in 2030 | USD 66.0 million |
| Growth rate | 11.3% (CAGR from 2023 to 2030) |
| Largest segment | Services |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Services, Data Sets |
| Key market players worldwide | IQVIA Holdings Inc, International Business Machines Corp, Thermo Fisher Scientific Inc, PAREXEL, PerkinElmer, Icon PLC, Oracle Corp, Syneos Health, Medpace Holdings Inc |
Other key industry trends
- In terms of revenue, Australia accounted for 1.2% of the global real world evidence solutions market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan real world evidence solutions market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 92.9 million by 2030.
Services was the largest segment with a revenue share of 57.56% in 2023. Horizon Databook has segmented the Australia real world evidence solutions market based on services, data sets covering the revenue growth of each sub-segment from 2018 to 2030.
The rising awareness regarding RWE solutions in the country is expected to boost the market in the coming years. In Australia, RWE is essential in the Health Technology Assessment (HTA) decision making process.
Acknowledging that pharmaceutical companies invest in early access initiatives while considering the current limitations in Australia's RWD ecosystem, it is worth assessing what could be done to leverage the opportunities for data collection & analysis to support timely delivery of informative RWE to support tangible, near-term benefits.
However, other countries such as Denmark, Sweden, and the U.S. Sentinel System demonstrated the potential of linked data infrastructure to improve the utility of healthcare data. In Australia, the Strategic Agreement between the Government of Australia and Medicines Australia is established to review HTA policy and methods for the first time in 30 years.
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Real World Evidence Solutions Market Scope
Real World Evidence Solutions Market Companies
| Name | Profile | # Employees | HQ | Website |
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Australia real world evidence solutions market size, by component, 2018-2030 (US$M)
Australia Real World Evidence Solutions Market Outlook Share, 2023 & 2030 (US$M)
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