May 22, 2024

Health Economics and Outcomes Research Services Market Size Report By 2033

The global health economics and outcomes research  services market size was valued at USD 1.24 billion in 2023 and is predicted to reach around USD 4.63 billion by 2033, expanding at a CAGR of 14.05% from 2023 to 2033.

Key Points

  • North America led the market with the largest share in 2023.
  • By region, Asia Pacific is observed to experience a notable rate of growth during the forecast period.
  • By service, the market access solution and reimbursement segment dominated the health economics and outcomes research (HEOR) services market.
  • By service provider, the contract research organizations segment led the market in 2023.
  • By service provider, the consultancy segment is anticipated to grow at a notable rate in the market during the forecast period.
  • By end user, the pharma and biotech companies segment led the market in 2023.
  • By end user, the healthcare payers segment is observed to witness a significant growth rate during the forecast period.

Health Economics and Outcomes Research (HEOR) Services Market Size 2024 to 2033

The global Health Economics and Outcomes Research (HEOR) services market is experiencing significant growth driven by the increasing emphasis on evidence-based healthcare decision-making. HEOR services play a crucial role in assessing the clinical, economic, and humanistic outcomes of healthcare interventions, aiding stakeholders in making informed decisions regarding treatment options, resource allocation, and reimbursement strategies. This market encompasses a diverse range of services offered by specialized consulting firms, academic institutions, and healthcare organizations to support healthcare stakeholders in demonstrating the value of medical products and interventions.

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Growth Factors

The growth of the HEOR services market is propelled by several factors. One key driver is the rising demand for real-world evidence to support healthcare policy and reimbursement decisions. As healthcare systems worldwide seek to optimize resource allocation and improve patient outcomes, the need for robust HEOR studies has increased. Additionally, the growing complexity of healthcare interventions and therapies, particularly in areas such as precision medicine and biotechnology, necessitates comprehensive economic evaluations and outcomes research to demonstrate value and facilitate market access.

Region Insights

Regionally, the demand for HEOR services varies based on healthcare infrastructure, regulatory frameworks, and market maturity. Developed regions like North America and Europe lead the market, driven by established healthcare systems and a strong emphasis on value-based care. Emerging markets in Asia-Pacific and Latin America are witnessing rapid growth due to expanding healthcare access and increasing adoption of evidence-based decision-making by policymakers and healthcare providers.

Health Economics and Outcomes Research Services Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 14.05%
Global Market Size in 2023 USD 1.24 Billion
Global Market Size in 2024 USD 1.42 Billion
Global Market Size by 2033 USD 4.63 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Service, By Service Provider, and By End user
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Health Economics and Outcomes Research Services Market Dynamics

Drivers

Key drivers of the HEOR services market include the shift towards value-based healthcare models, where reimbursement decisions are tied to demonstrated clinical and economic outcomes. Pharmaceutical companies and medical device manufacturers are increasingly investing in HEOR studies to navigate pricing and market access challenges. Moreover, advancements in data analytics and health informatics have enhanced the capability to generate and analyze real-world evidence, further driving demand for HEOR services.

Opportunities

The HEOR services market presents significant opportunities for providers and stakeholders. Collaborations between academia, industry, and healthcare organizations can foster innovation and promote the development of advanced HEOR methodologies. Expanding into emerging markets presents growth opportunities, given the increasing recognition of the importance of health economics in healthcare decision-making. Furthermore, diversification of services to include patient-reported outcomes and health technology assessment can broaden market reach and cater to evolving client needs.

Challenges

Despite the positive outlook, the HEOR services market faces challenges such as resource constraints, particularly in data availability and skilled personnel. Methodological complexities in conducting HEOR studies, especially in emerging therapy areas, pose challenges to standardization and comparability of results. Additionally, navigating the evolving regulatory landscape and demonstrating the value of HEOR services amid budget constraints remain key challenges for market players.

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Health Economics and Outcomes Research (HEOR) Services Market Recent Developments:

  • In May 2022, Trinity Life Sciences launched a project to explore the implications of significant developments and growth in Health Economics and Outcomes Research  (HEOR) in the United States.
  • In May 2022, Cigna, an American multinational managed health and insurance company, launched a new oncology consultation service to improve health outcomes for members.
  • In April 2022, Snowflake Inc., a cloud computing data storage company, launched healthcare and life sciences cloud consulting services that enable organizations to centralize, integrate, and exchange essential and sensitive data securely at scale.
  • In January 2024, the Professional Society for Health Economics and Outcomes Research announced the expansion of its editorial scope and its plan to transition to a gold open access journal.

Health Economics and Outcomes Research (HEOR) Services Market Companies

  • Cardinal Health
  • Axtria
  • McKesson Corp.
  • MEDLIOR
  • IQVIA
  • PharmaLex GmbH
  • ICON plc.
  • PPD Inc.
  • RTI Health Solutions
  • Syneos Health

Segments Covered in the Report

By Service

  • Economic evaluation
  • Real world data analysis and information
  • Clinical outcome
  • Market access solution and reimbursement
  • Others

By Service Provider 

  • Contract Research Organizations (CROs)
  • Consultancy

By End user

  • Government Organizations
  • Healthcare Providers
  • Health Care Payers
  • Pharma and Biotech Companies
  • Others

By Geography

  •  North America
  •  Europe
  •  Asia Pacific
  •  Latin America
  •  Middle East and Africa

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