New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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 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.
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Health Economics and Outcomes Research (HEOR) Services Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 1.11638 Billion in 2019 |
| Market Size Value by | US$ 2.69956 Billion by 2027 |
| Growth rate | CAGR of 11.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 181 |
| No. Tables | 84 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Service , Service Provider , End User , and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Health Economics and Outcomes Research (HEOR) Services Market: Competitive Landscape and Key Developments
Axtria, Inc.; Avalon Health Economics LLC; MEDLIOR; PHARMALEX GMBH; Analysis Group; ICON PLC; IQVIA Inc.; McKESSON CORPORATION; Syneos Health; and Optum, Inc. are among the leading companies operating in the healthcare economics and outcomes research (HEOR) services market.
- In Apr-2020, Axtria, Inc. announced expansion of its delivery centre in Bengaluru, India. The new centre is especially dedicated for big data analytics and development of cloud software in order to meet extensively increasing demand for healthcare analytics and information services.
- In Dec-2020, Syneos Health announced strategic collaboration with ConcertAI, one of the considerable players in real world evidence technology. The partnership is planning to implement novel oncology clinical trial research solutions with the help of artificial intelligence technologies.
- In Sep-2019, IQVIA Inc. joined DATA-CAN HDR, a UK based health digital data initiative. During this campaign, the company will deliver data-based solutions to improve the outcomes of cancer patients in NHS.
- In Dec-2019, PharmaLex entered into strategic partnership with Vintura. The new partnership will enable the company to consolidate its strategic consulting services for life science industry in Europe.
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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.
Growing Healthcare Spending to Drive Health Economics and Outcomes Research (HEOR) Services Market Growth
Rise in disposable income, increase in awareness regarding technically advanced products and services, surge in demand for excellent healthcare services, and reimbursement policies and healthcare insurances are leading to increasing healthcare expenditure worldwide. According to the World Health Organization (WHO)'s report, “Public Spending on Health: A Closer Look at Global Trends,” published in 2016, ~US$ 7.5 trillion was spent on health. It is nearly 10% of the global gross domestic product (GDP). Similarly, according to WHO's updated report for 2018, “Public Spending on Health: A Closer Look at Global Trends,” the total healthcare spending is growing faster than GDP. It is increasing more rapidly in low and middle-income countries with an average of nearly 6% compared to high-income countries, which is ~4%.
However, this spending can be saved by properly managing the money to avoid more spending on the 'waste domains,' such as failure of care, improper coordination, overtreatment or low-value care, pricing failure, fraud and abuse, and several administrative complexities. Organisation for Economic Co-operation and Development (OECD) is trying to figure out the minimum wastage of healthcare spending. According to an OECD report for 2017, “A significant share of health spending in OECD countries is at best ineffective and at worst, wasteful.” One-fifth of the total health spending can be properly channelized for efficient use. More than 9% of GDP is spent across the OECD countries, among which three quarters are paid for by governments. Such waste weakens the financial sustainability of health systems. Hence, financial sustainability requires proper management, and the money can be used by appropriate diagnosis and treatment planning to reduce the cost of healthcare services.
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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.
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.
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Health Economics and Outcomes Research (HEOR) Services Market: Segmental Overview
In terms of 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 the 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.
Based on 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.
The health economics and outcomes research (HEOR) services market, by service provider, is segmented into consultancy and contract research organization. In 2019, the contract research organization segment held largest share of the market, also, the same segment is estimated to register higher CAGR during 2020-2027.
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