HEOR Services Market Size

HEOR Services Market Size

Health Economics & Outcomes Research Services Market size was valued at over USD 1 billion in 2022. The industry is estimated to grow at more than 14% CAGR from 2023 to 2032 driven by growing healthcare concerns in the post-pandemic.

One of the primary factors driving the expansion of the health economics and outcomes research services industry is the increasing focus of pharmaceutical and biotechnology companies on the development of novel drugs for the treatment of different chronic conditions. For instance, the Center for Drug Evaluation and Research (CDER) approved 50 new drugs in 2021. Additionally, the number of businesses gaining drug approvals has increased over time, which has been advantageous for the expansion of the overall industry.
 

The strong growth of clinical trials is also contributing to the HEOR services market growth. Health economics and outcomes research supplement clinical drug trials by giving crucial information and research data, assisting decision-makers and healthcare payers in determining patient access to specific medication trials. The success rate of new drugs in some European nations, such as the Netherlands, the UK, and others is very high. Infact, each year, approximately 4,000 clinical trials are approved in Europe.