Health economics focuses on measuring and evaluating the outcomes of health interventions. Outcomes research encompasses a range of scientific disciplines that help in evaluating the impact of health interventions on patients. Therefore, health economics and outcomes research (HEOR) combines two fields to provide meaningful data and insights for healthcare decision-makers. Interest in HEOR has grown exponentially as governments and other payers grapple with how to achieve the best possible health outcomes at an affordable cost. HEOR can help healthcare decision-makers, including physicians, governments, payers, ministries of health, patients, and more, appropriately compare and select available options. The growing biotechnology & pharmaceutical companies and drug developments and increasing healthcare spending are driving the MEWA HEOR market. However, the restrictions on access to real-world data (RWD) hinder the market growth.
Drug development activities are being conducted constantly in the MEWA to provide quality drugs and improve lives owing to the rising chronic diseases and aging population. To drive business, there is a need for understanding the health economics and their outcomes. Thus, it becomes difficult for market players to design a product and its lifecycle throughout the developmental process. Various companies outsource health economics and outcomes research (HEOR) services to understand the regulations, healthcare coverage, and access decisions and identify the intervention that would benefit the specific population of patients. Thus, various well-established companies outsource HEOR services to save on production cost. The HEOR service providers help pharmaceutical and biotechnology companies explain the value of their innovations to their respective stakeholders, such as physicians, payers, and patients. Given the potential for economic growth and improved health outcomes, the biotechnology sector in the Middle East is attracting increasing attention and investment. Such partnerships are expected to boost the HEOR services in the Middle East. Chinese pharmaceutical companies are also entering Africa by making multibillion-dollar investments in local drug manufacturing facilities, lured by the unmet health needs of the world's fastest-growing and most developing continent. The investments by the pharmaceutical companies in the region are adding up to the market growth.
Healthcare spending in the Middle East has increased rapidly, leading to a growing demand for new and innovative healthcare solutions. According to a Dubai Chamber of Commerce report, Saudi Arabia and the UAE hold the largest market share in the biotechnology market in the Middle East and is expected to reach US$ 2.6 million by 2028. In the 2023 federal budget, the UAE allocated US$ 1.3 billion for community health care and protection. Further, different demographic characteristics and health outcomes, among others, characterize West Africa. Health systems in sub-Saharan Africa, including West Africa, have long suffered from a dual burden of communicable and noncommunicable diseases. Governments support technological developments in the health sector to improve living standards in West Africa. As a result, policies are implemented to provide quality healthcare by investing in advanced technologies such as sophisticated equipment, diagnostic items, and high-quality medicines for treatments. Investments in the health sector are encouraged as they lead to increased human capital development and well-being of the population, which in turn leads to economic growth in the region. Thus, the growing healthcare expenditure in the MEWA is positively influencing the HEOR service market growth.
The HEOR service is primarily based on analyzing RWD, and the real-world evidence (RWE) is derived. In the healthcare industry, countless research and developments are being conducted, owing to which a huge database is generated during and after the clinical research. Companies cannot store and manage data; hence, they outsource the data maintenance. Due to security and personal reasons, it becomes difficult for HEOR service providers to collect data from third-party companies and generate an RWE. In addition, access to RWD is highly regulated. The owners do not allow access to their data, so generating evidence for any new product launch and development becomes challenging. Sharing the data with payers is also restricted, which further restricts HEOR service providers from gathering vital information on the developing areas of the healthcare industry. Thus, restricted access to RWD restrains the MEWA HEOR service market growth.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 34.47 Million |
| Market Size by 2030 | US$ 57.90 Million |
| Global CAGR (2022 - 2030) | 6.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Service
|
| Regions and Countries Covered | MEWA
|
| Market leaders and key company profiles |
The List of Companies - MEWA Health Economics & Outcomes Research(HEOR) Market
The MEWA health economics & outcomes research (HEOR) services market majorly consists of the players such as PharmaLex GmbH, ICON Plc, IQVIA Holdings Inc, Syneos Health Inc, Optum Inc, Value In Research, ExlService Holdings, Inc, Clarivate Plc, and CCHO among others.
Health economics focuses on measuring and evaluating the outcomes of health interventions. Outcomes research encompasses a range of scientific disciplines that help in evaluating the impact of health interventions on patients. Therefore, health economics and outcomes research (HEOR) combines two fields to provide meaningful data and insights for healthcare decision-makers. Interest in HEOR has grown exponentially as governments and other payers grapple with how to achieve the best possible health outcomes at an affordable cost. HEOR can help healthcare decision-makers, including physicians, governments, payers, ministries of health, patients, and more, appropriately compare and select available options.
The factors that are driving the growing biotechnology & pharmaceutical companies and drug developments and increasing healthcare spending. On the other hand, restrictions on access to real-world data (RWD) is likely to hinder the growth of the market during the forecast period.
The MEWA health economics & outcomes research (HEOR) services market is analyzed in the basis of service, service provider, and end user. Based on service, the MEWA health economics & outcome research (HEOR) services market is segmented into clinical outcome, economic modelling/evaluation, market access solutions and reimbursement, and real-world data analysis and information systems. The clinical outcome segment held the largest market share in 2022. The real-world data analysis and information systems segment is predicted to register the highest CAGR during 2022–2030. The MEWA health economics & outcome research (HEOR) services market, by service provider, is bifurcated into contract research organizations and consultancy. The contract research organizations segment held a larger market share in 2022 and is anticipated to register a higher CAGR during 2022–2030. The MEWA health economics & outcome research (HEOR) services market, by end user, is segmented into biotech/pharma companies, healthcare payers, government organizations, and healthcare providers. The biotech/pharma companies segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030.