Health Economics & Outcomes Research Services Market size is estimated to exceed USD 3.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The swelling number of clinical trials and increase in outsourcing of R&D projects as the chief drivers of the HEOR services industry. Notably, R&D continues to be at the forefront of innovation, driving the progress for HEOR services. This is encouraging businesses to invest heavily in R&D operations due to the escalating need for novel drugs to cure varied diseases.
Rising adoption of electronic medical records to increase demand for real-world data analytics
Health economics & outcomes research (HEOR) services industry into economic modeling/evaluation, clinical outcome, real-world data analysis & information systems, market access solutions & reimbursement, and others. The real-world data analysis & information systems segment was valued at over USD 154 million in 2022.
Browse key industry insights spread across 151 pages with 159 market data tables & 12 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-use (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
The expansion is attributed to the significant emphasis on real-world data (RWD), often used to produce insights, predictions, and exploratory findings about products, illnesses, and patient populations. Real-world data are readily available and effective for outcomes research and regulatory purposes due to technological advancements and adoption of electronic medical records.
Increasing emphasis of businesses to outsource data analytics services to push CRO segment gains
Contract research organizations (CRO) service providers are thriving owing to the shifting focus to secured services. Regulatory clearances and secured services like clinical and preclinical testing are expected to promote the expansion of HEOR services. Moreover, to concentrate on core business operations, excel in the competitive system, and be adaptable in the face of emerging technology, pharmaceutical & biotech companies are also outsourcing research efforts. Thus, the health economics & outcomes research (HEOR) services market revenue from the CRO segment was more than USD 688 million in 2022.
Booming healthcare expenditure to augment the use of HEOR services by government organizations
HEOR services market size from government organizations is foreseen to exhibit more than 11.5% CAGR by 2032. The substantial need for HEOR services is being driven by booming development for sophisticated healthcare services and rising healthcare expenditure. These services aid in the efficient planning and distribution of available healthcare resources. Thus, ongoing efforts of these government organizations to deliver the best health results at reasonable costs are boosting consumer interest in HEOR services.
Growing progression for novel drugs to promote HEOR services industry in LATAM region
The health economics & outcomes research (HEOR) services market in Latin America is projected to depict over 14.5% CAGR by 2032. The region is set to become a primary hub for the HEOR services industry owing to rising awareness regarding health economics and outcomes research services. Moreover, several initiatives taken by pharma & biotech companies in the LATAM region to develop and launch new drugs are further pushing the regional market revenue and accelerating the overall demand for HEOR services.
Introduction of new service features to remain a key growth strategy
HEOR services market players profiled in the report include McKesson Corporation, Axtria, Cardinal Health, Avalon Health Economics, MEDLIOR, IQVIA, PharmaLex GmbH, and more.