MEWA Health Economics & Outcomes Research (HEOR) Services Market is expected to reach US$ 57.90 million by 2030

Clinical Outcomes Held Larger Share of Health Economics & Outcomes Research Services Market

According to our new research study on “MEWA Health Economics & Outcomes Research (HEOR) Services Market Forecast to 2030 – Regional Analysis – by Type Service, Service Provider, End User, and Geography,” the MEWA health economics & outcomes research (HEOR) market size is expected to reach US$ 57.90 million by 2030 from US$ 34.47 million in 2022. The market is estimated to grow at a CAGR of 6.7% from 2022 to 2030.

Based on the services, the health economics & outcomes research 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. Whereas real-world data analysis and information systems segment is anticipated to register the highest CAGR of 7.5% during 2022–2030.A clinical outcome assessment provides a quantitative rating to indicate some aspects of the patient's health status. Moreover, the outcome assessments are used to overview clinical studies comprehensively. In July 2020, Certara launched the COVID-19 clinical outcomes database worldwide to offer real-time information about COVID-19 studies. Further, the database will help determine the feasibility of potential vaccines and therapeutics for viral infection from more than 500 registered studies across the world.

The growing number of clinical trials is one of the important factors driving the segment growth. According to the statistics given by ClinicalTrials.gov, the number of registered clinical trials in 2020 grew by an estimated 11.2% compared to the previous year, 2019. Such a rise in clinical trials is anticipated to offer a positive environment for the growth of the clinical outcome segment during 2022-2023.

PharmaLex GmbH, ICON Plc; IQVIA Holdings Inc; Syneos Health Inc, Optum Inc ; Value In Research ExlService Holdings, Inc; Clarivate Plc; CCHO are among the leading companies operating in the health economics & outcomes research services market.

The health economics & outcomes research services market growth in Saudi Arabia is growing owing to an increase in the number of sponsors developing medical and research teams. A sharp increase in the state health budget is also expected to increase demand for the pharmaceutical industry. In 2019, Saudi Arabia's health budget increased by 8% compared to the previous year, amounting to US$ 46 billion.

The country also has a large number of clinical trials in progress. The successful passing of drug candidates through clinical trials and hitting bulk production will likely create demand for efficient manufacturing procedures such as continuous manufacturing. For instance, according to clinicaltrials.gov, in August 2018, ~121 studies were conducted in Saudi Arabia. Further, the Saudi Arabian Government also encourages the private healthcare sector to develop and deliver innovative models of care. The country is undergoing rapid reforms that enhance country's economic potential under Saudi Vision 2030—the country's ambitious long-term economic and social program. Under this, a National Transformation Program (NTP) was launched; Saudi Arabia's healthcare plan under the NTP has placed the sector on a fast trajectory to privatization and growth over the coming years. Therefore, the factors mentioned above are driving the growth of the market in the country.

In terms of region, the health economics & outcomes research services market is segmented into Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa)

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