The Health Economics and Outcomes Research (HEOR) Services Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Service, Service Provider, and End User,” the market is expected to reach US$ 2,699.56 million by 2027 from US$ 1,116.38 million in 2019; it is estimated to grow at a CAGR of 11.9% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. 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.
Health economics and outcomes research (HEOR) services play a significant role in drug approval and reimbursement with payers. The HEOR services allow to evaluate the economics of treatment and quantify the associated results. Likewise, in the healthcare industry, decision-makers experience the pressure to opt for therapeutic ‘interventions’ from various treatment options made available by pharmaceuticals, medical devices, and biotechnology companies. Also, there is constant pressure to control rising healthcare cost. Therefore, HEOR services help decision-makers to adequately compare and understand the appropriate option among all the available options.
Based on service provider, the health economics and outcomes research (HEOR) services market is segmented into consultancy and contract research organizations. In 2019, the contract research organization segment held larger share of the market. Also, the same segment is estimated to register higher CAGR of 12.2% during the forecast period.
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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.
Health economics and outcomes research (HEOR) services play a significant role in drug approval and reimbursement with payers. The HEOR services allow to evaluate the economics of treatment and quantify the associated results. Likewise, in the healthcare industry, decision-makers experience the pressure to opt for therapeutic ‘interventions’ from various treatment options made available by pharmaceuticals, medical devices, and biotechnology companies. Also, there is constant pressure to control the rising healthcare cost. Therefore, HEOR services help decision-makers to adequately compare and understand the appropriate option among all the available options.
Market leaders operating in the market have undertaken various organic growth strategies in the health economics and outcomes research (HEOR) services market. amongst others. Several organic approaches, such as product launches, and expansion in the Health Economics and Outcomes Research (HEOR) Services Market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.
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.
the leading companies operating in the healthcare economics and outcomes research (HEOR) services market are:-
The report segments healthcare economics and outcomes research (HEOR) services market as follows:
By Service
- Economic Modelling/Evaluation
- Real-World Data Analysis and Information Systems
- Clinical Outcome
- Market Access Solutions and Reimbursement
By Service Provider
- Consultancy
- Contract Research Organization
By End User
- Healthcare Providers
- Healthcare Payers
- Biotech/Pharma Companies
- Government Organizations
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