June 01, 2020
As per the report titled ‘Health Economics & Outcomes Research (HEOR) Services Market Size By Service, By Service Provider, By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global health economics and outcomes research services market is expected to record substantial growth through 2026.
Inclination towards making informed and effective decisions among healthcare payers, pharma companies, and government organizations is driving the growth of global health economics and outcomes research (HEOR) services market.
Based on the service terrain, market access solutions and reimbursement segment is expected to register a CAGR of 13.4% through 2026. The growth is attributable to the role of these services in shaping the market access strategy throughout the product lifecycle. The service is exceptionally helpful in decision-making. Planning the market access strategy needs to start as early as possible in the product’s lifecycle as this allows companies to design clinical trials, which provides valuable data to the players and the regulators. Moreover, continuous efforts by providers and payers to reduce healthcare costs and improve patient outcomes require more data on the product’s safety and efficacy throughout the product lifecycle. For manufacturers, lack of such data can lead to decreased formulary access and even lower reimbursement by providers and payers, hence, is encouraging the use of market access solutions and reimbursement services.
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Elaborating on the service provider, contract research organization (CRO) segment accounted for USD 500 million in 2019 and is anticipated to see considerable gains over the forecast period. A CRO provides outsourced pharmaceutical research services with respect to drugs and medical devices to biotechnology and pharmaceutical companies. Secured services offered by CRO are augmenting the market outlook.
Speaking of the end-user spectrum, HEOR services market share from healthcare providers segment is estimated to expand with a CAGR of 12.7% over the projection period. Healthcare providers largely rely on HEOR services to interpret and evaluate the patient’s data which further enables them in better decision making.
As per the regional analysis, HEOR services market in Asia Pacific accounted for 15.5% share in 2019 and is slated to grow considerably over the estimated timeframe. Comparatively lower healthcare cost, rapid economic growth, robust pharmaceutical & healthcare infrastructure, and growing awareness regarding HEOR services across the region are the key factors supporting the industry expansion in Asia Pacific.
Latin America HEOR services market is estimated to record a CAGR of 13.1% through 2026, driven by rising importance of clinical research concerning early stages of drug development, a well-established regulatory environment, and growing presence of CROs across the region.
Meanwhile, MEA HEOR services market is expected to garner USD 20 million by the year 2026, owing to rising investment in R&D activities and strong outlook for new product development in pipeline across the region.
Major players operating in global health economics and outcomes research services market are Axtria, Cardinal Health, Avalon Health Economics, McKesson Corporation, IQVIA, MEDLIOR, Pharma Lex GmbH, Optum, Inc., Pharmaceutical Product Development, LLC. (PPD), and Syneos Health among others.