HEOR Services Market Forecast, Share, and Trends 2031

The HEOR services market size is projected to reach US$ 3.2 billion by 2031 from US$ 1.50 billion in 2022. The market is expected to register a CAGR of 13.01% during 2023–2031. The increasing focus of pharmaceutical and biotechnology companies on novel drug development is likely to remain a key trend in the HEOR services market.

HEOR Services Market Analysis

Health economics and outcomes research (HEOR) provides valuable data to pharmaceutical firms; healthcare providers, payers, policymakers; and other stakeholders to help them select suitable services as per their requirements. The evaluation of treatment options must be done to assign suitable healthcare resources as there is a rise in complexities and overall healthcare costs. Many studies have been conducted through HEOR services with the aim of supporting healthcare facilities to achieve better patient outcomes with the incorporation of cost-effective therapy interventions and techniques.

HEOR Services Market Overview

North America is the largest market for HEOR services, with the US holding the major market share in the region, followed by Canada. The growth in North America is characterized by the rising demand for HEOR services, the growing significance of real-world evidence and health technology assessments, and the increasing importance of these services in healthcare-related decision-making. Moreover, the market for HEOR services is anticipated to have a significant impact on the delivery of healthcare services and the development of policies. Several organizations are providing HEOR services to help healthcare institutions in the optimization of their systems, which contributes to the rapid growth of the HEOR services market in North America.

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Health Economics and Outcome Research (HEOR) Services Market: Strategic Insights

Health Economics and Outcome Research (HEOR) Services Market

• 
  CAGR (2023 - 2031)

  13.01%
• Market Size 2022
  US$ 1.50 Billion
• Market Size 2031
  US$ 3.2 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing demand of HOER services for informed decision making in healthcare

FUTURE TRENDS

• Increasing use of HOER services for drug approval and reimbursemnt with payers

OPPORTUNITIES

• Adoption of Real World Evidence (RWE) for HOER Services

Key Players

• Cardinal Health
• Meckesson Coroporation
• Syneos Health
• IQVIA
• Icon plc
• RTI Health Solutions

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Services

• Modelling/Evaluation
• Real-World Data Analysis and Information System
• Market Access Solution and Reimbursement

Service Provider

• Consultancy and Contract Research Organization

End User

• Healthcare Providers
• Healthcare Payers
• Biotech/Pharma Companies
• Government Organization

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HEOR Services Market Drivers and Opportunities

Rising Adoption of HEOR Services for Informed Decision-Making

Health economics and its outcomes based on the research and health economics together provide important information and tools to healthcare decision-makers from the intervention level to the healthcare system level. While both these parameters can be carried out independently, their collaboration ensures that even complex healthcare issues can be analyzed by fusing the appropriate data (from outcomes research) with careful (health) economic analysis based on multiple stakeholders and their perceptions. Additionally, HEOR experts can investigate deeply into their area of expertise along with appreciating the value of including the opinions and results from related fields. HEOR experts work closely to bridge the gap between data and economic analysis by implementing a data plan so that all relevant results can be applied or gathered from various data sources and analyzed from different viewpoints.

The HEOR services are also important in budget-constrained situations in healthcare and offer a solid evidence base to help select the most economical option. For instance, Organizations such as the Institute for Clinical and Economic Review (ICER) in the US, the National Institute for Health and Care Excellence (NICE) in the UK, and the Health Insurance Review and Assessment Service (HIRA) in South Korea are additional examples of organizations that rely on health technology assessment (HTA).

Adoption of Analytical Tools in Healthcare IT

Big data analytics has gained substantial attention among companies due to its innovative contribution to decision-making. These tools also help in providing strategic development across the healthcare domain. HEOR data is being used for defining drug dosage, patient analysis, guiding healthcare outcomes, marketing product positioning, etc. Further, HEOR helps generate real-world evidence (RWE) that has proven to be a foundation to analyze and understand the way treatment for a patient works. RWE also guides healthcare providers, pharmaceutical companies, and payers for improved health systems and patient outcomes.

HEOR Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the HEOR services market analysis are services, service providers, and end users.

• Based on services, the HEOR services market is segmented into economic modeling/evaluation, real-world data analysis and information systems, clinical outcome, and market access solutions and reimbursement. The clinical outcome segment held the largest market share in 2023.
• By service provider, the market is divided into consultancy and contract research organizations. The contract research organization segment held a larger share of the market in 2023.
• By end user, the market is segmented into healthcare providers, healthcare payers, biotech/pharma companies, and government organizations. The biotech/pharma companies segment held the largest share of the market in 2023.

HEOR Services Market Share Analysis by Geography

The geographic scope of the HEOR services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the HEOR services market. The market growth can be attributed to increasing R&D spending by the government and market players and the rising adoption of HEOR services by biotechnology and pharmaceutical companies. In addition, the growing demand for real-world evidence (RWE) and outcome data for reimbursement is one of the major factors contributing to the growth of the HEOR services market. With an increasing number of pharmaceutical and biotech companies worldwide, coupled with the rise of novel drugs and increasing clinical trials, the market is anticipated to witness lucrative growth in the coming years.

HEOR Services Market Report Scope

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HEOR Services Market News and Recent Developments

The HEOR services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the HEOR services market are listed below:

• Curavit Clinical Research, a virtual contract research organization (VCRO) that specializes in decentralized clinical trials (DCTs) for digital therapeutics (DTx), launched a new Health Economics and Outcomes Research (HEOR) Practice. Curavit will incorporate HEOR services in clinical trials to capture evidence of the health economics value of novel pharmaceutical products, especially digital therapeutics, which are striving to accelerate market momentum. (Source: Curavit Clinical Research, Press Release/Company Website/Newsletter, October 2023)
• PharmaLex Group, a leading provider of specialized services for the pharma, biotech, and medtech industries worldwide, completed the merger with Oblique Consulting. (Source: PharmaLex Group, Press Release/Company Website/Newsletter, June 2021)
• Cytel Inc., a provider of quantitative insights and health data analytics to leaders in life sciences, acquired stève consultants, specialists in market access, real-world evidence (RWE), and health economics and outcomes research (HEOR). The acquisition further expands Cytel’s real-world & advanced analytics (RWAA) capabilities, giving sponsors an expanded global offering with access to additional specialists and localized expertise.

HEOR Services Market Report Coverage and Deliverables

The “HEOR Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• HEOR services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• HEOR services market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• HEOR services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the HEOR services market
• Detailed company profiles