PUBLISHER: The Business Research Company | PRODUCT CODE: 1427841
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427841
Health economics and outcomes research (HEOR) services constitute a specialized domain in healthcare that employs economic and epidemiological methodologies to evaluate the clinical and financial outcomes of healthcare interventions. These services are designed to assess the cost-effectiveness, safety, and real-world impact of medical treatments, interventions, and healthcare policies.
The primary categories of health economics and outcomes research (HEOR) services encompass real-world evidence, payer evidence, pricing and reimbursement, epidemiology studies, market access, and other related services. Real-world evidence (RWE) involves the utilization of data collected from real-world settings, such as electronic health records, claims databases, and patient registries, to derive insights into the effectiveness, safety, and outcomes of treatments. These HEOR services can be either outsourced or provided in-house by service providers, including consultancies and contract research organizations (CROs), catering to a diverse range of end-users such as healthcare providers, healthcare payers, biotechnology and pharmaceutical companies, government organizations, and others.
The health economics and outcomes research (HEOR) services market research report is one of a series of new reports from The Business Research Company that provides health economics and outcomes research (HEOR) services market statistics, including the health economics and outcomes research (HEOR) services industry's global market size, regional shares, competitors with a health economics and outcomes research (HEOR) services market share, detailed health economics and outcomes research (HEOR) services market segments, health economics and outcomes research (HEOR) services market trends and opportunities, and any further data you may need to thrive in the health economics and outcomes research (HEOR) services industry. This health economics and outcomes research (HEOR) services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The health economics and outcomes research (heor) services market size has grown rapidly in recent years. It will grow from $1.38 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The expansion observed in the historical period can be ascribed to the rise of evidence-based medicine, healthcare policy adjustments and reforms, advancements in pharmaceuticals, a growing aging population, and the heightened prevalence of chronic diseases.
The health economics and outcomes research (heor) services market size is expected to see rapid growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the upcoming period can be linked to the optimization of healthcare supply chains, a heightened emphasis on addressing health inequities, the increase in value-based agreements, the expansion of digital health and telemedicine, and a shift toward personalized medicine. Key trends expected in the forecast period comprise the incorporation of social determinants of health, the application of health economics and outcomes research (HEOR) in rare diseases and orphan drugs, the assessment of patient-centric outcomes, the standardization of value framework, and the rapid generation of real-world evidence.
The expected increase in the number of clinical trials is poised to drive the growth of the market for health economics and outcomes research (HEOR) services. Clinical trials, which involve research studies with human participants to assess the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures, utilize HEOR services to evaluate the economic impact, cost-effectiveness, and real-world outcomes of medical interventions. This evaluation provides valuable insights for decision-making and reimbursement strategies. As of May 2023, the United States National Library of Medicine reported an increase in the number of registered clinical trial studies from 399,499 in 2022 to 437,533, encompassing all 50 states and 221 countries. Notably, 140,492 studies (31%) are registered in the U.S., while 241,498 studies (53%) are recorded in non-U.S. locations. Consequently, the upswing in clinical trials is fostering the expansion of the health economics and outcomes research services market.
The substantial globalization of healthcare markets is a key factor contributing to the growth of the health economics and outcomes research (HEOR) services market. This globalization necessitates the adaptation of HEOR services to diverse healthcare systems. According to a report by the United Nations Conference on Trade and Development, the healthcare and medication sectors are rapidly globalizing, and medical education is also becoming more globalized with continued migration for undergraduate and graduate medical education. Therefore, the globalization of healthcare markets is expected to propel the health economics and outcomes research (HEOR) services market forward.
Advancements in real-world evidence platforms are emerging as a prominent trend in the health economics and outcomes research (HEOR) services market. Major companies in this market are embracing innovative technologies to revolutionize healthcare decision-making, drug development, and patient care. By leveraging real-world data, these companies aim to generate evidence-based insights. One example is Komodo Health, a U.S.-based healthcare technology company specializing in real-world evidence and data analytics. In April 2023, Komodo Health launched MapEnhance, an integrated network of specialty data partners within its real-world evidence technology platform. This platform enhances the analytical capabilities of Komodo's Healthcare Map by incorporating exclusive and highly informative data from its partner network. MapEnhance provides customers with a comprehensive and detailed real-world perspective on clinical events and patient populations, offering unprecedented insights.
Major players in the health economics and outcomes research (HEOR) services market are also concentrating on developing services specifically tailored for digital therapeutics providers. Companies are expanding the application of HEOR services to broader sectors, such as digital therapeutics, to provide vendors with enhanced market analysis. For instance, Curavit, a U.S.-based research organization, launched Health Economics and Outcomes Research (HEOR) for digital therapeutic trials in November 2023. These services focus on evaluating the health economics value of digital therapeutics, both at the individual patient and population levels of care. HEOR will be incorporated into clinical trials to quantify the financial impact of digital therapeutics and will be analyzed at the study's close-out.
In January 2023, SCIRIS, a UK-based company specializing in healthcare communications and compliance solutions, acquired Source Health Economics for an undisclosed amount. This acquisition enhances SCIRIS's capabilities in providing comprehensive health economics and outcomes research (HEOR) services to global clients, enabling success across all stages of brand development. Source Health Economics, a UK-based HEOR consulting company, is engaged in health technology assessment, statistics, health economics, and medical writing.
Major companies operating in the health economics and outcomes research (heor) services market report are McKesson Corporation, Optum Inc., Cardinal Health, IQVIA Inc., ICON PLC, PPD Inc., Syneos Health, Medlior Health Outcomes Research Ltd., Axtria Inc., Parexel International, RTI Health Solutions, Wellth Inc., Westat, SidekickHealth, Analysis Group, Carelon Research, Precision Health Economics, Avalon Health Economics LLC, Lumanity Inc., Pharmerit BV, Epistemix Inc., Crowdcuring, DocME, Bohn Epidemiology LLC
North America was the largest region in the health economics and outcomes research (HEOR) services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the health economics and outcomes research (heor) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the health economics and outcomes research (heor) services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The health economics and outcomes research (HEOR) services market includes revenues earned by entities by providing economic modeling, health outcomes assessment, and comparative effectiveness research services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Health Economics and Outcomes Research (HEOR) Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on health economics and outcomes research (heor) services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for health economics and outcomes research (heor) services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The health economics and outcomes research (heor) services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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