The health economics and outcomes research (HEOR) services market in South and Central America is projected to reach US$ 89.1 million by 2027 from US$ 49.2 million in 2020; it is estimated to grow at a CAGR of 8.8% from 2020 to 2027. The healthcare industry has significantly evolved since there is an integration of information technology, artificial intelligence, and digital technology. There have been positive impacts of digital technology in the healthcare industry, which have touched virtually every healthcare segment. Healthcare digitalization has attracted several technology giants, such as Apple, Inc.; Amazon.com, Inc.; Alphabet Inc., and Microsoft Corporation, to enter the healthcare segments. For instance, Alphabet Inc.’s venture Google is dedicatedly involved in life sciences, and its other ventures are investing in the healthcare industry. These companies have utilized their capability with technological development and have provided various wearable devices, digital apps, diagnostics technologies, and therapies that keep track of people’s health and fitness conditions across the world.
Likewise, electronic medical records, telemedicine, and big data are a few of healthcare digitalization results.Microsoft Corporation has entered artificial intelligence, and it is exploring the possibilities of transforming healthcare, genomics, telehealth, cloud computing, and cybersecurity for the healthcare industry.
On the other hand, there have been constant developments done by the core healthcare companies, contributing to the growth of the HEOR services market.Thus, such instances are expected to completely transform healthcare and serve the HEOR service with an essential role in guiding decision-makers to choose the best technologies.
It would also help healthcare providers to improve health results in cost-effective ways.
The market for South and Central America health economics and outcomes research (HEOR) services market is segmented into service, service provider, and end user.Based on the service, in 2019, the clinical outcome segment held the largest share of the market whereas the real-world data analysis and information systems segment is expected to dominate the market share with the fastest CAGR during the forecast period.
The growth of market is estimated to be driven by extensively increasing awareness of real-world data analysis and information systems. In addition, the companies are also engaged in the implementation of various strategies to prove their existence in the markets, which is generating a significant market potential.
Healthcare systems in countries in South and Central America are already overburdened and underfunded, and the COVID? 19 pandemic has added to their challenges.State-run hospitals and clinics are overstressed due to the prevalence of vector?borne diseases and community?acquired infections as well as due to the high rates of noncommunicable diseases (NCDs).
As per the Pan American Health Organization (PAHO), the prevention and treatment of NCDs have been critically affected since the onset of COVID-19 in the region.In the pre-pandemic period, NCDs were the cause of ~81% of total deaths in the region.
An estimated 62 million people live with diabetes and 1.2 million live with cancer in South and Central America. Moreover, the Gross Domestic Product (GDP) and central government healthcare expenditure are significantly lower in South and Central American countries than those in developed countries. According to the United Nations’ Economic Commission for Latin America (CEPAL), 16 South American countries invested less than 4% of their GDP into healthcare in 2018. Thus, the countries suffered the consequences of low investments in public healthcare systems during the pandemic. Thus, the factors mentioned above are negatively impacting the growth of the HEOR services market in the region.
The overall South and Central America Health economics and outcomes research (HEOR) services market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the South and Central America Health economics and outcomes research (HEOR) services market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South and Central America Health economics and outcomes research (HEOR) services market. Axtria, Inc., Avalon Health Economics LLC, PHARMALEX GMBH, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health are among a few players operating in the South and Central America Health economics and outcomes research (HEOR) services market.
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