Market Overview
The global health economics & outcomes research (HEOR) services market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 3.9 Billion by 2031, at a CAGR of 17.1% during the forecast period.
Health economics & outcomes research (HEOR) services is a discipline that helps to guide healthcare providers to examine and select from multiple treatment options. The convergence of health economics and outcomes research services provide significant data and insights for healthcare decision makers.
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Market Trends and Drivers
Health economics & outcomes research (HEOR) services complement clinical development by helping decision makers as well as healthcare payers to determine services, patient access for specific drugs and reimbursement policies. Surging demand for health economics and outcomes research services by several worldwide reimbursement agencies along with increasingly complex legislative environment will thus, accelerate the overall industry progression.
In addition, several European countries, notably UK and Netherlands have a greater success rate in launching new drugs as these economies are heavily reliant on reimbursement decision of different government agencies. Therefore, surge in the number of clinical trials will boost the demand for health economics & outcomes research (HEOR) services thereby augment industry progression. However, lack of professional healthcare specialists in developing economies may also avert market opportunities over the forecast period.
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Market Restraints and Challenges
Lack of professional healthcare specialists in developing economies may also avert market opportunities over the forecast period. One of the key restraints is the lack of standardization in HEOR methodology and reporting. This lack of standardization makes it difficult to compare and contrast the results of different HEOR studies, making it difficult to make informed decisions about which services to use. Additionally, the high cost of HEOR services can be a barrier to entry for some organizations. Finally, the ever-changing healthcare landscape and the need for ever-higher levels of evidence can make it difficult for HEOR teams to keep up with the latest developments.
Global Health Economics & Outcomes Research (HEOR) Services Market Segmental Overview
By Product
- Real World Data Analysis & Information System
- Economic Modelling/Evaluation
- Market Access Solutions & Reimbursement
- Clinical Outcome
- Others
By Type
- Contract Research Organizations
- Consultancy
By End-user
- Healthcare Providers
- Healthcare Payers
- Biotech/Pharma Companies
- Government Organizations
- Others
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Global Health Economics & Outcomes Research (HEOR) Services Market by Service
Based on the service, the health economics & outcomes research (HEOR) services market is classified into real-world data analysis & information systems, economic modeling/evaluation, market access solutions & reimbursement, and clinical outcome among others. Real-world data analysis & information systems segment accounted significant market share in 2021 owing to rising demand for real-world data (RWD) to generate insights, prudence, and exploratory insights on service providers, diseases, and patient populations. Similarly, advent of technology and electronic medical records have made real world data increasingly accessible and useful for outcomes research & regulatory purposes, thus, increases demand for health economic & outcome research services and proving beneficial for the market expansion.
Global Health Economics & Outcomes Research (HEOR) Services Market by Service Provider
By service providers, the health economics & outcomes research services market is segmented into contract research organizations and consultancy. Among them, the contract research organizations segment accounted for lucrative market share in 2021, and the trend will continue to rise in the near future as well. Several organizations including Syneos Health, IQVIA, and Covance are involved in offering contract-based research services. Growing culture of contract research organization services in developed as well as developing countries will also prove beneficial for the health economics & outcome research industry progression. Increasing demand for secured services including clinical and preclinical testing along with regulatory approvals will improve the overall market forecasts.
Global Health Economics & Outcomes Research (HEOR) Services Market by End-user
Based on end-user, the health economics & outcomes research (HEOR) services market is categorized into Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations, and Others. The healthcare providers segment accounted for significant market share in 2021 and is set to register significant market growth during the forecast period. This is due to the increasing emphasis on cost containment and value-based care prompts healthcare providers to seek HEOR services for evidence-based decision-making. Additionally, the growing complexity of healthcare interventions demands comprehensive assessments of economic and clinical outcomes, driving the demand for HEOR expertise.
Geographical Analysis of Global Health Economics & Outcomes Research (HEOR) Services Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America health economics & outcomes research (HEOR) services market revenue is poised to grow significant CAGR during the forthcoming years. This can be attributed to the high regional growth is attributed to transformed value-based care in the region. The regional market is filled with skillful service providers with proven records within the healthcare business. Existence of major market players in the U.S. and rising focus on drug development favors the HEOR Services market growth in the U.S.
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Major Players in the Global Health Economics & Outcomes Research (HEOR) Services Market
The key players in the health economics & outcomes research (HEOR) services market Axtria, Cardinal Health, Pharmaceutical Product Development (PPD), Avalon Health Economics, Optum, McKesson, IQVIA, PharmaLex, MEDLIOR, and Icon plc among others.
COVID-19 Impact
The COVID-19 pandemic has significantly influenced the landscape of Health Economics & Outcomes Research (HEOR) services, reshaping priorities, methodologies, and demand within the sector. As healthcare systems worldwide grapple with the unprecedented challenges posed by the pandemic, there has been a heightened emphasis on assessing the value, efficacy, and cost-effectiveness of healthcare interventions. HEOR has thus emerged as a critical tool for decision-makers, guiding resource allocation, policy formulation, and treatment strategies in the face of evolving clinical and economic uncertainties.
Moreover, the pandemic has accelerated the adoption of innovative HEOR methodologies, such as real-world evidence generation and health technology assessments, to provide timely insights into the effectiveness and economic implications of interventions related to COVID-19 and other health conditions. Despite facing disruptions such as delays in data collection and challenges in conducting traditional research methodologies due to social distancing measures, the HEOR services market has adapted by leveraging digital technologies, remote data collection methods, and collaborative platforms to ensure continuity in research activities. Looking ahead, the COVID-19 pandemic is expected to catalyze further growth and innovation in the HEOR services market as stakeholders increasingly recognize the pivotal role of evidence-based decision-making in navigating the complex healthcare landscape and building resilient health systems for the future.
Recent Developments
- In Apr-2020, Axtria, Inc. announced expansion of its delivery centre in Bengaluru, India. The new centre is especially dedicated for big data analytics and development of cloud software in order to meet extensively increasing demand for healthcare analytics and information services.
- In Dec-2020, Syneos Health announced strategic collaboration with ConcertAI, one of the considerable players in real world evidence technology. The partnership is planning to implement novel oncology clinical trial research solutions with the help of artificial intelligence technologies.
- In Sep-2019, IQVIA Inc. joined DATA-CAN HDR, a UK based health digital data initiative. During this campaign, the company will deliver data-based solutions to improve the outcomes of cancer patients in NHS.
- In Dec-2019, PharmaLex entered into strategic partnership with Vintura. The new partnership will enable the company to consolidate its strategic consulting services for life science industry in Europe.
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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