Health Economics & Outcomes Research (HEOR) Services Market Size By Service (Economic Modeling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Consultancy, Contra

Health Economics & Outcomes Research (HEOR) Services Market Size By Service (Economic Modeling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Consultancy, Contract Research Organizations), By End-use (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Health Economics and Outcomes Research (HEOR) Services Market is set to exhibit significant growth between 2023 and 2032, primarily on account of the emerging R&D outsourcing trends across both developed and developing countries. Pharma companies are increasingly outsourcing their research activities to remain flexible and competitive. Since outsourcing drug safety processes from a third party let companies curb costs and focus on their primary objectives, the HEOR services industry is likely to gain momentum throughout the estimated timeframe.

Overall, the health economics and outcomes research (HEOR) services market is segregated in terms of service, service provider, end-user, and region.

In terms of service, the clinical outcome segment is likely to gain significant momentum during the study timespan. Clinical outcomes are crucial to tracking the patients’ historical data and making healthcare-related decisions easy while ensuring better public transparency and accountability. The expansive application spectrum of clinical outcomes research will stimulate segment gains through 2032.

Based on service provider, the health economics and outcomes research (HEOR) services market bifurcates into contract research organizations and consultancy services. The contract research organizations segment is booming, as there is a gradual shift in the role of CROs toward secured services, such as preclinical and clinical testing, as well as regulatory approvals.

Based on end-user, the market is likely to be characterized by the healthcare provider sector, which contributed more than $85 million in revenues in 2022. The visible rise in the burden of chronic health disorders, resulting in the introduction of novel preventive therapies, will fuel the usage of HEOR services between 2023 and 2032.

Additionally, the biotech/pharma companies segment is also expected to expand at an appreciable CAGR during 2023-2032, owing to the increasing adoption of HEOR services by pharmaceuticals and biotechnology companies for approval and development of novel products. Besides, the proliferation of numerous biotech and pharma companies, in covalence with the remarkable surge in drug trials, will positively influence the industry landscape over the next ten years.

In the regional context, the North America HEOR service market is set to gain significant traction through 2032. The growth of this segment can be attributed to the increasing adoption and awareness of HEOR services, the presence of outcome-based specialists and experienced market researchers within the healthcare sector.

In addition, the increasing R&D funding for trials and clinical research in this region will further spur industry revenues. Besides, the growing focus on developing novel and advanced products and drug therapies by the key industry players is likely to foster regional market expansion between 2023 and 2032.