During the Olympics analysed - Vancouver 2010, London 2012, Sochi 2014, Rio de Janeiro 2016 and Pyeongchang 2018 - WADA said athletes competed with a TUE in 0.9% of athlete competitions and won 21 medals.
The risk ratio for winning a medal with a TUE, according to WADA, was 1.13.
WADA Medical Director Alan Vernec, who conducted the study along with the anti-doping body's TUE Manager David Healy, said the data suggests "no meaningful association" between competing with a TUE and the likelihood of winning a medal.
Classic highlights, Brazil v Nigeria at the 1996 Olympics - ft Ronaldo, Kanu, Okocha, Roberto Carlos
Vernec called the TUE program a necessary part of sport that allows athletes with legitimate medical conditions to compete on a level playing field and said it has overwhelming acceptance from athletes, physicians and anti-doping stakeholders.
"The percentage of athletes with TUEs competing in elite sport and the association with winning medals has been a matter of speculation in the absence of validated competitor data," Vernec said in a news release.
"The Olympic Games provides a unique opportunity to analyze sport at the highest level with a clearly defined group of competing athletes.
"The data showed that the number of athletes competing with valid TUEs (in individual competitions) at the selected Games was less than 1%.
"Furthermore, the analysis suggests that there is no meaningful association between competing with a TUE and the likelihood of winning a medal."