Health Economics & Outcomes Research (HEOR) Services Market Analysis And Forecast To 2031: By Service (Economic Modelling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Contract Research Organizations [CROs], Consultancy), By End-user (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), And Region
The global health economics & outcomes research (HEOR) services market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 3.9 Billion by 2031, at a CAGR of 17.1% during the forecast period.
Health economics & outcomes research (HEOR) services is a discipline that helps to guide healthcare providers to examine and select from multiple treatment options. The convergence of health economics and outcomes research services provide significant data and insights for healthcare decision makers.
Market Trends and Drivers
Health economics & outcomes research (HEOR) services complement clinical development by helping decision makers as well as healthcare payers to determine services, patient access for specific drugs and reimbursement policies. Surging demand for health economics and outcomes research services by several worldwide reimbursement agencies along with increasingly complex legislative environment will thus, accelerate the overall industry progression.
In addition, several European countries, notably UK and Netherlands have a greater success rate in launching new drugs as these economies are heavily reliant on reimbursement decision of different government agencies. Therefore, surge in the number of clinical trials will boost the demand for health economics & outcomes research (HEOR) services thereby augment industry progression. However, lack of professional healthcare specialists in developing economies may also avert market opportunities over the forecast period.
Market Restraints and Challenges
Lack of professional healthcare specialists in developing economies may also avert market opportunities over the forecast period. One of the key restraints is the lack of standardization in HEOR methodology and reporting. This lack of standardization makes it difficult to compare and contrast the results of different HEOR studies, making it difficult to make informed decisions about which services to use. Additionally, the high cost of HEOR services can be a barrier to entry for some organizations. Finally, the ever-changing healthcare landscape and the need for ever-higher levels of evidence can make it difficult for HEOR teams to keep up with the latest developments.
Global Health Economics & Outcomes Research (HEOR) Services Market Segmental Overview
The report analyses the global health economics & outcomes research (HEOR) services market based on Service, Service Provider, End-user and Region
Global Health Economics & Outcomes Research (HEOR) Services Market by Service
Based on the service, the health economics & outcomes research (HEOR) services market is classified into real-world data analysis & information systems, economic modeling/evaluation, market access solutions & reimbursement, and clinical outcome among others. Real-world data analysis & information systems segment accounted significant market share in 2021 owing to rising demand for real-world data (RWD) to generate insights, prudence, and exploratory insights on service providers, diseases, and patient populations. Similarly, advent of technology and electronic medical records have made real world data increasingly accessible and useful for outcomes research & regulatory purposes, thus, increases demand for health economic & outcome research services and proving beneficial for the market expansion.
Global Health Economics & Outcomes Research (HEOR) Services Market by Service Provider
By service providers, the health economics & outcomes research services market is segmented into contract research organizations and consultancy. Among them, the contract research organizations segment accounted for lucrative market share in 2021, and the trend will continue to rise in the near future as well. Several organizations including Syneos Health, IQVIA, and Covance are involved in offering contract-based research services. Growing culture of contract research organization services in developed as well as developing countries will also prove beneficial for the health economics & outcome research industry progression. Increasing demand for secured services including clinical and preclinical testing along with regulatory approvals will improve the overall market forecasts.
Global Health Economics & Outcomes Research (HEOR) Services Market by End-user
Based on end-user, the health economics & outcomes research (HEOR) services market is categorized into biotech and Pharma companies, healthcare providers, healthcare payers, government organizations and others. The healthcare payers segment accounted for significant market share in 2021 and is set to register a significant CAGR till 2028. Healthcare payers largely rely on health economics & outcomes research (HEOR) services due to shift to value-based reimbursement, increasing consumer driven healthcare along with increasing use of specialty medicines and targeted therapies. Furthermore, driving operational efficiencies with reduced costs and adapting digital healthcare payer solutions with increasing IT and analytical tools allows healthcare systems to align across different platforms thus benefiting the health economics & outcomes research services market trends.
Geographical Analysis of Global Health Economics & Outcomes Research (HEOR) Services Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America health economics & outcomes research (HEOR) services market revenue is poised to grow significant CAGR during the forthcoming years. This can be attributed to the high regional growth is attributed to transformed value-based care in the region. The regional market is filled with skillful service providers with proven records within the healthcare business. Existence of major market players in the U.S. and rising focus on drug development favors the HEOR Services market growth in the U.S.
Major Players in the Global Health Economics & Outcomes Research (HEOR) Services Market
The key players in the health economics & outcomes research (HEOR) services market
COVID-19 Impact
COVID-19 pandemic has moderate impact on the market. The pandemic is increasing globally creating a burden on the overall healthcare industry. Several countries are facing lockdown and travel restrictions that slowed down the operations of health economics & outcomes research services industry to some extent
Recent Developments
- 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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- Chapter 1. Health Economics & Outcomes Research (HEOR) Services Market Overview
- 1.1. Objectives of the Study
- 1.2. Market Definition and Research & Scope
- 1.3. Research Limitations
- 1.4. Research Methodologies
- 1.4.1. Secondary Research
- 1.4.2. Market Size Estimation Technique
- 1.4.3. Forecasting
- 1.4.4. Primary Research and Data Validation
- Chapter 2. Executive Summary
- 2.1. Summary
- 2.2. Key Highlights of the Market
- Chapter 3. Premium Insights on the Market
- 3.1. Market Attractiveness Analysis, by Region
- 3.2. Market Attractiveness Analysis, by Service
- 3.3. Market Attractiveness Analysis, by Service Provider
- 3.4. Market Attractiveness Analysis, by End-user
- Chapter 4. Health Economics & Outcomes Research (HEOR) Services Market Outlook
- 4.1. Health Economics & Outcomes Research (HEOR) Services Market Segmentation
- 4.2. Market Dynamics
- 4.2.1. Market Drivers
- 4.2.1.1. Driver 1
- 4.2.1.2. Driver 2
- 4.2.1.3. Driver 3
- 4.2.2. Market Restraints
- 4.2.2.1. Restraint 1
- 4.2.2.2. Restraint 2
- 4.2.3. Market Opportunities
- 4.2.3.1. Opportunity 1
- 4.2.3.2. Opportunity 2
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Threat of New Entrants
- 4.3.2. Threat of Substitutes
- 4.3.3. Bargaining Power of Buyers
- 4.3.4. Bargaining Power of Supplier
- 4.3.5. Competitive Rivalry
- 4.4. PESTLE Analysis
- 4.5. Value Chain Analysis
- 4.5.1. Raw Industry Vertical Suppliers
- 4.5.2. Manufacturers
- 4.5.3. Wholesalers and/or Retailers
- 4.6. Impact of COVID-19 on the Flexible Endoscope Market
- 4.7. Impact of the Russia and Ukraine War on the Flexible Endoscope Market
- Chapter 5. Health Economics & Outcomes Research (HEOR) Services Market by Service
- 5.1. Market Overview
- 5.2. Real World Data Analysis & Information System
- 5.2.1. Key Market Trends & Opportunity Analysis
- 5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.3. Economic Modelling/Evaluation
- 5.3.1. Key Market Trends & Opportunity Analysis
- 5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.4. Market Access Solutions & Reimbursement
- 5.4.1. Key Market Trends & Opportunity Analysis
- 5.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.5. Clinical Outcome
- 5.5.1. Key Market Trends & Opportunity Analysis
- 5.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.6. Others
- 5.6.1. Key Market Trends & Opportunity Analysis
- 5.6.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 6. Health Economics & Outcomes Research (HEOR) Services Market by Service Provider
- 6.1. Market Overview
- 6.2. Contract Research Organizations
- 6.2.1. Market Trends & Opportunity Analysis
- 6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.3. Consultancy
- 6.3.1. Market Trends & Opportunity Analysis
- 6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 7. Health Economics & Outcomes Research (HEOR) Services Market by End-user
- 7.1. Market Overview
- 7.2. Healthcare Providers
- 7.2.1. Key Market Trends & Opportunity Analysis
- 7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 7.3. Healthcare Payers
- 7.3.1. Key Market Trends & Opportunity Analysis
- 7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 7.4. Biotech/Pharma Companies
- 7.4.1. Key Market Trends & Opportunity Analysis
- 7.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 7.5. Government Organizations
- 7.5.1. Key Market Trends & Opportunity Analysis
- 7.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 7.6. Others
- 7.6.1. Key Market Trends & Opportunity Analysis
- 7.6.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 8. Flexible Endoscope Market, by Region
- 8.1. Overview
- 8.2. North America
- 8.2.1. Key Market Trends & Opportunity Analysis
- 8.2.2. North America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.2.3. North America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.2.4. North America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.2.5. North America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Country, 2021-2031, ($Million)
- 8.2.6. The U.S.
- 8.2.6.1. The U.S. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.2.6.2. The U.S. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.2.6.3. The U.S. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.2.7. Canada
- 8.2.7.1. Canada Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.2.7.2. Canada Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.2.7.3. Canada Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.2.8. Mexico
- 8.2.8.1. Mexico Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.2.8.2. Mexico Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.2.8.3. Mexico Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3. Europe
- 8.3.1. Key Market Trends & Opportunity Analysis
- 8.3.2. Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.3. Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.4. Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.5. Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Country, 2021-2031, ($Million)
- 8.3.6. Germany
- 8.3.6.1. Germany Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.6.2. Germany Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.6.3. Germany Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.7. France
- 8.3.7.1. France Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.7.2. France Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.7.3. France Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.8. U.K.
- 8.3.8.1. U.K. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.8.2. U.K. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.8.3. U.K. Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.9. Spain
- 8.3.9.1. Spain Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.9.2. Spain Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.9.3. Spain Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.10. Italy
- 8.3.10.1. Italy Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.10.2. Italy Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.10.3. Italy Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.3.11. Rest of Europe
- 8.3.11.1. Rest of Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.3.11.2. Rest of Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.3.11.3. Rest of Europe Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4. Asia-Pacific
- 8.4.1. Key Market Trends & Opportunity Analysis
- 8.4.2. Asia-Pacific Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Country, 2021-2031, ($Million)
- 8.4.3. Asia-Pacific Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.4. Asia-Pacific Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.5. Asia-Pacific Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4.6. China
- 8.4.6.1. China Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.6.2. China Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.6.3. China Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4.7. India
- 8.4.7.1. India Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.7.2. India Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.7.3. India Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4.8. Japan
- 8.4.8.1. Japan Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.8.2. Japan Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.8.3. Japan Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4.9. South Korea
- 8.4.9.1. South Korea Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.9.2. South Korea Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.9.3. South Korea Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.4.10. Rest of APAC
- 8.4.10.1. Rest of APAC Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.4.10.2. Rest of APAC Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.4.10.3. Rest of APAC Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.5. Rest of the World
- 8.5.1. Key Market Trends & Opportunity Analysis
- 8.5.2. Rest of the World Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.5.3. Rest of the World Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.5.4. Rest of the World Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.5.5. Rest of the World Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Country, 2021-2031, ($Million)
- 8.5.6. Latin America
- 8.5.6.1. Latin America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.5.6.2. Latin America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.5.6.3. Latin America Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.5.7. Middle East
- 8.5.7.1. Middle East Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.5.7.2. Middle East Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.5.7.3. Middle East Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- 8.5.8. Africa
- 8.5.8.1. Africa Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service, 2021-2031, ($Million)
- 8.5.8.2. Africa Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by Service Provider, 2021-2031, ($Million)
- 8.5.8.3. Africa Health Economics & Outcomes Research (HEOR) Services Market Size and Forecast by End-user, 2021-2031, ($Million)
- Chapter 9. Competitive Landscape
- 9.1. Market Overview
- 9.2. Market Share Analysis/Key Player Positioning
- 9.3. Vendor Benchmarking
- 9.4. Developmental Strategy Benchmarking
- 9.4.1. New Product Development
- 9.4.2. Product Launches
- 9.4.3. Business Expansions
- 9.4.4. Partnerships, Joint Ventures, and Collaborations
- 9.4.5. Mergers and Acquisitions
- Chapter 10. Company Profiles
- 10.1. Axtria
- 10.1.1. Company Snapshot
- 10.1.2. Financial Performance
- 10.1.3. Product Offerings
- 10.1.4. Key Strategic Initiatives
- 10.1.5. SWOT Analysis
- 10.2. Cardinal Health
- 10.2.1. Company Snapshot
- 10.2.2. Financial Performance
- 10.2.3. Product Offerings
- 10.2.4. Key Strategic Initiatives
- 10.2.5. SWOT Analysis
- 10.3. Pharmaceutical Product Development (PPD)
- 10.3.1. Company Snapshot
- 10.3.2. Financial Performance
- 10.3.3. Product Offerings
- 10.3.4. Key Strategic Initiatives
- 10.3.5. SWOT Analysis
- 10.4. Avalon Health Economics
- 10.4.1. Company Snapshot
- 10.4.2. Financial Performance
- 10.4.3. Product Offerings
- 10.4.4. Key Strategic Initiatives
- 10.4.5. SWOT Analysis
- 10.5. Optum
- 10.5.1. Company Snapshot
- 10.5.2. Financial Performance
- 10.5.3. Product Offerings
- 10.5.4. Key Strategic Initiatives
- 10.5.5. SWOT Analysis
- 10.6. McKesson
- 10.6.1. Company Snapshot
- 10.6.2. Financial Performance
- 10.6.3. Product Offerings
- 10.6.4. Key Strategic Initiatives
- 10.6.5. SWOT Analysis
- 10.7. IQVIA
- 10.7.1. Company Snapshot
- 10.7.2. Financial Performance
- 10.7.3. Product Offerings
- 10.7.4. Key Strategic Initiatives
- 10.7.5. SWOT Analysis
- 10.8. PharmaLex
- 10.8.1. Company Snapshot
- 10.8.2. Financial Performance
- 10.8.3. Product Offerings
- 10.8.4. Key Strategic Initiatives
- 10.8.5. SWOT Analysis
- 10.9. MEDLIOR
- 10.9.1. Company Snapshot
- 10.9.2. Financial Performance
- 10.9.3. Product Offerings
- 10.9.4. Key Strategic Initiatives
- 10.9.5. SWOT Analysis
- 10.10. Icon plc
- 10.10.1. Company Snapshot
- 10.10.2. Financial Performance
- 10.10.3. Product Offerings
- 10.10.4. Key Strategic Initiatives
- 10.10.5. SWOT Analysis
- *The list of company is subject to change during the final compilation of the report
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