The health economics and outcomes research (HEOR) services market was valued at US$ 1,116.38 million in 2019 and it is projected to reach US$ 2,699.56 million by 2027; it is expected to grow at a CAGR of 11.9% during 2020–2027. The growth of the overall healthcare economics and outcomes research (HEOR) services market is attributed to increasing product development and growing healthcare spending. However, restrictions on access to real-world data (RWD) is the major factor hindering the market growth.
The healthcare industry has a never-ending demand from its end users and consumers.It is a broad industry, which comprises pharmaceuticals, medical devices, and biotechnology.
Therefore, there is a constant process of product development activities to provide quality products and improve lives worldwide.The other factors responsible for increasing product development are rising incidence of acute and chronic diseases, growing demand for minimally invasive treatments, rising healthcare expenditure, and evolving technologies.
Advancing healthcare systems and increasing technological development have offered technologies, such as genomics, artificial intelligence, minimally invasive services, point-of-care services, and robotics treatments. Various factors, including regulation, cost, market-entry, profit/loss, and acceptance by end users and consumers, are associated with product development.
Therefore, the main focus of the manufacturer is to offer cost-effective and efficient products in the market.The other main objective of the product development is to develop products to lead to better communication between the healthcare provider and patients.
This would result in increased awareness and knowledge, which would eventually lead to the growth of the company and industry.Hence, it becomes difficult for a market player to design a product and its lifecycle throughout the developmental process.
Various companies outsource HEOR services to understand the regulations, healthcare coverage, and access decisions and identify the intervention that would benefit the specific populations of patients. The HEOR’s most essential service is helping players fill the gap between clinical trials and actual health outcomes.
Also, there is an increase in number of startups in the developed and developing regions.For instance, countries in North America, Europe, and Asia Pacific have registered various startups in the past two years, and during the COVID-19 pandemic, the number has risen significantly, resulting in increasing product developments.
As these players are new to the market, they require proper guidance and understanding of the market; also, they need to outsource HEOR services.To save the cost of production, various well-established companies also outsource HEOR services.
The HEOR service providers help pharmaceutical, biotechnology, and medical device companies explain the value of their innovations to their respective stakeholders, such as physicians, payers, and patients. Thus, due to increasing product development, there is growth in the demand for HEOR services, which is likely to continue in the coming future.
The healthcare economics and outcomes research (HEOR) services market is expected to witness substantial growth post-pandemic.The global healthcare infrastructure observed limitations and capabilities during the sudden emergence of coronavirus.
In order to deal with such situations in years to come, healthcare organizations as well as governments are expected to increase the utilization of HEOR services, which would eventually drive the market. Moreover, increase in demand for advanced data analysis technologies is anticipated to drive the market.
Based on service, the healthcare economics and outcomes research (HEOR) services market is segmented into economic modelling/evaluation, real-world data analysis and information systems, clinical outcome, and market access solutions and reimbursement. The clinical outcome segment held largest market share in 2019, and the real-world data analysis and information systems segment is estimated to register the highest CAGR during the forecast period.
In terms of service provider, the health economics and outcomes research (HEOR) services market is segmented into consultancy and contract research organization. In 2019, the contract research organization segment held larger share of the market, also, the same segment is estimated to register higher CAGR during 2020-2027.
Based on end user, the health economics and outcomes research (HEOR) services market is segmented into healthcare providers, healthcare payers, biotech/pharma companies, and government organizations. The biotech/pharma companies segment held the largest share of the market in 2019, and it is further estimated to register the highest CAGR during the forecast period.
The World Health Organization, Food and Drug Administration, National Health Service, and Centers for Disease Control and Prevention are among the major primary and secondary sources referred to while preparing this report.
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• Mar 2021
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