Health Economics & Outcomes Research Services Market worth $1.7Bn by 2026

Health Economics & Outcomes Research (HEOR) Services Market size is set to exceed USD 1.7 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Health economics & outcomes research (HEOR) services market size is mainly attributable to growing disease burden worldwide and increasing focus of drug manufacturers on development of innovative drugs for the treatment of various chronic and infectious diseases. Moreover, shift of pharmaceutical and biotech companies on outsourcing research activities will escalate the adoption of HEOR services over the forecast period.

 

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Focus of pharma & biotech companies on novel drug development to increase the demand for HEOR services

Increasing investment by pharma and biotech companies in R&D activities, for development of novel drugs is one of the key factors driving health economics and outcomes research industry growth. Growing prevalence of various diseases across the globe has increased the demand for potential and novel drugs along with drug delivery advancements. The pharma and biotech firms are gradually outsourcing their research activities to private contract research organizations (CROs). The paradigm shift of outsourcing clinical trials and other related activities due to cost concerns will thus, foster the HEOR services market progression.
 

However, dearth in availability of skilled healthcare professionals operating in health economics & outcomes research services market may impede the industry growth in developing and underdeveloped economies.
 

Global HEOR Services Market By End User

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Usage of economic modelling/evaluation to effectively manage company’s finances will favor market progress

Economic modelling/evaluation service segment held around 25% revenue share in 2019. Segment growth is attributed to growing demand for various economic modelling/evaluation services including cost-effectiveness analysis, budget impact analysis and comparative effectiveness analysis. Ability of this model to help companies manage their finances in a cost-effective manner, will thus, increase its demand over the forthcoming years.
 

Browse key industry insights spread across 135 pages with 161 market data tables & 17 figures & charts from the report, “Health Economics & Outcomes Research (HEOR) Services Market Size By Service (Economic Modeling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Consultancy, Contract Research Organizations), By End-user (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/health-economics-and-outcomes-research-heor-services-market
 

Customized, high-quality and efficient commercial solutions offered by consultancies assist client companies in decision-making

Consultancy service provider segment is anticipated to witness over 13% CAGR across the forecast timeframe. Consultancies help companies to tackle challenges pertaining to commercialization within a complicated environment and risky R&D landscape by conducting retrospective and prospective database studies, statistical analysis and literature reviews. Growing preference towards consultancies that offer appropriate commercial solutions and aid in decision making will offer several opportunities for market expansion.
 

Customized, high-quality and efficient commercial solutions offered by consultancies assist client companies in decision-making

Biotech/pharma companies segment held significant revenue share in 2019 and is poised to exceed USD 650 million by 2026. Market growth is attributed to dependency of the pharmaceutical and biotechnology companies on HEOR services for comparative effectiveness research and patient-reported outcomes research. Growing adoption of HEOR services to ensure cost-effectiveness and maximize chances of drug approval with different customized and analytical models will further spur the market size.
 

North America HEOR services market is set to proceed swiftly due to increasing R&D funding in clinical research & trials

North America held more than 40% revenue share in 2019 and will show similar trend over the analysis timeframe. Regional industry growth is attributed to increasing awareness and adoption rate of HEOR services, availability of experienced market researchers and outcome based specialists within the healthcare sector and rising R&D funding for clinical studies in North America. Moreover, strong foothold of key industry players focusing on novel drug/product development will further accelerate the regional market expansion.
 

Emphasis of market players on novel drug development products will pave way for HEOR services industry growth

Some of the notable players operating in the health economics & outcomes research services market share include Cardinal Health, Axtria, IQVIA, McKesson, Optum, MEDLIOR, Avalon Health Economics, PharmaLex, Pharmaceutical Product Development (PPD) and Syneos Health. Industry players primarily focus on strategic alliances including acquisitions, mergers, collaborations and novel product launches to broaden its product portfolio and capitalize on market opportunities. For instance, in May 2018, ICON partnered with DuPage Medical Group for clinical research to extend its ability to help customers improve patient enrolment timelines, enhance clinical trial feasibility as well as ensure patients access to a broader range of care options through clinical trials.
 

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