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Health Economics & Outcomes Research (HEOR) Services Market Size By Service (Economic Modelling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Contract Research Organizations [CROs], Consultancy), By End-user (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022– 2028

  • Report ID: GMI3145
  • Published Date: Feb 2022
  • Report Format: PDF

Industry Overview

Health Economics & Outcomes Research Services Market size surpassed USD 905 million in 2021 and is expected to witness over 12.8% CAGR from 2022 to 2028. Rising demand for medical interventions such as surgical procedures, radiological procedures, behavioral treatments, and devices for clinical trials will positively impact the market expansion.
 

Health Economics & Outcomes Research Services Market

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Moreover, COVID-19 pandemic has moderate impact on the market. The pandemic is increasing globally creating a burden on the overall healthcare industry. Several countries are facing lockdown and travel restrictions that slowed down the operations of health economics & outcomes research services industry to some extent.
 

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. Growing demand for health economics & outcomes research (HEOR) services in pharmaceutical and biotech industry will spur overall market statistics.
 

A surge in the number of clinical trials being conducted around the world is expected to accelerate HEOR services market size

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.
 

Surging demand for real-world data across the healthcare sector will provide numerous growth opportunities

Health Economics & Outcomes Research (HEOR) Services Market, By Service

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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 for around 15% 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.
 

Increasing contract research organizations will drive the market statistics over the forecast timeframe

Health Economics & Outcomes Research (HEOR) Services Market, By Service Providers

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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 around USD 625 million 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.
 

Health economics & outcomes research services empowers payers to provide timely analytical decisions

Based on end-user, the health economics & outcomes research (HEOR) services market is categorized into biotech and Pharma companies, healthcare providers, healthcare payers, government organizations and others. The healthcare payers segment accounted for over 29% market share in 2021 and is set to register a significant CAGR till 2028. Healthcare payers largely rely on health economics & outcomes research (HEOR) services due to shift to value-based reimbursement, increasing consumer driven healthcare along with increasing use of specialty medicines and targeted therapies.
 

Furthermore, driving operational efficiencies with reduced costs and adapting digital healthcare payer solutions with increasing IT and analytical tools allows healthcare systems to align across different platforms thus benefiting the health economics & outcomes research services market trends.
 

Companionship of experienced and skilled researchers in North America proves favorable for the HEOR services market demand

North America Health Economics & Outcomes Research (HEOR) Services Market, By Country

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North America HEOR services market captured around 43% market share in 2021 and is poised to grow substantially during the forthcoming years. 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.
 

Innovative approach by key market players will upraise growth opportunities in health economics & outcomes research services market

Some of the key market players operating in the health economics & outcomes research services industry include Axtria, Cardinal Health, Pharmaceutical Product Development (PPD), Avalon Health Economics, Optum, McKesson, IQVIA, PharmaLex, MEDLIOR, Icon plc and RTI Health Solutions among others. These market participants are formulating various growth strategies with continued innovations and technology improvements to sustain market competition in the health economics & outcomes research services industry.
 

Some of the recent industry developments:

  • In December 2020, McKesson partnered with Ontada for clinical trials. This enabled the firm to gather data from clinical trials for researchers to evaluate the benefits of much-needed cancer drugs for the development.
     
  • In April 2020, RTI International acquired Medical Data Analytics for providing real-world evidence to the pharmaceutical and biotechnology market. This acquisition improved in providing retrospective, interventional, prospective, medical chart reviews, and patient-reported outcome studies.
     

The HEOR services market report include an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, for the following segments:

By Service

  • Real World Data Analysis & Information System
  • Economic Modelling/Evaluation
  • Market Access Solutions & Reimbursement
  • Clinical Outcome
  • Others

By Service Provider

  • Contract Research Organizations
  • Consultancy

By End-user

  • Healthcare Providers
  • Healthcare Payers
  • Biotech/Pharma Companies
  • Government Organizations
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe 
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific 
    • Japan
    • China
    • India
  • Latin America 
    • Brazil
    • Mexico
  • Middle East & Africa 
    • South Africa
    • Saudi Arabia 

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

The global Health Economics & Outcomes Research (HEOR) services market size exceeded $905 million in 2021 and is anticipated to observe more than 12.8% CAGR over 2022-2028.

The real-world data analytics & information systems accounted for nearly 15% share of the global HEOR services market in 2021 as the demand for real-world data to generate prudence and exploratory insights on diseases, service providers, and patient populations is rising at a notable rate.

Contract Research Organizations (CROs) accounted for $625 million in the overall industry in 2021 as there is a growing need for reliable services, such as pre-clinical and clinical testing and the trend of CROs is growing across the developed and developing regions.

The healthcare payers segment occupied more than 29% share of the global HEOR services market in 2021 as these payers heavily rely on HEOR services given that the healthcare system is increasingly becoming patient-driven with the use of specialty medicines and targeted therapies.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 12
  • Tables & Figures: 174
  • Countries covered: 14
  • Pages: 136

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