The global health economics and outcomes research (HEOR) services market size was valued at USD 1.24 billion in 2023 and is expected to rake 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.
The global market for Health Economics and Outcomes Research (HEOR) services is experiencing significant growth driven by the increasing emphasis on value-based healthcare delivery. HEOR services play a critical role in evaluating the clinical and economic outcomes of healthcare interventions, aiding stakeholders in making informed decisions. This market encompasses a broad spectrum of services, including cost-effectiveness analysis, real-world evidence generation, and health technology assessment, among others. Factors such as rising healthcare costs, the demand for evidence-based medicine, and regulatory requirements contribute to the expansion of the HEOR services market.
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Growth Factors
Several factors are fueling the growth of the HEOR services market. Firstly, the shift towards value-based healthcare models worldwide, aimed at optimizing outcomes while controlling costs, drives the demand for rigorous economic evaluations and evidence-based assessments. Additionally, the increasing adoption of healthcare technologies and treatments necessitates comprehensive evaluations of their clinical and economic impact. Furthermore, the growing focus on patient-centered care and personalized medicine underscores the importance of HEOR services in optimizing treatment strategies and resource allocation.
Region Insights
The market for HEOR services exhibits diverse trends across regions. In North America, stringent regulatory frameworks and the prevalence of value-based reimbursement systems propel market growth. Europe, with its established healthcare infrastructure and emphasis on health technology assessment, represents a key region for HEOR service providers. Meanwhile, Asia-Pacific is witnessing rapid market expansion due to healthcare reforms, rising investments in research, and the adoption of evidence-based healthcare policies.
Health Economics and Outcomes Research (HEOR) 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 (HEOR) Services Market Dynamics
Drivers
Key drivers of the HEOR services market include the increasing demand for comparative effectiveness research to inform healthcare decision-making. The need to demonstrate the value of pharmaceuticals and medical devices to payers and providers also stimulates market growth. Moreover, rising chronic disease burden and the imperative to optimize healthcare resource allocation further boost the demand for HEOR services globally.
Opportunities
The HEOR services market presents significant opportunities for providers to expand their offerings and geographic presence. Collaboration with pharmaceutical companies, biotech firms, and healthcare providers to conduct outcomes research and real-world evidence studies can enhance market penetration. Additionally, leveraging big data analytics and digital technologies for real-time data collection and analysis opens new avenues for HEOR service providers to deliver actionable insights.
Challenges
Despite the promising outlook, the HEOR services market faces challenges such as methodological complexities in conducting economic evaluations and outcomes research. Data quality issues, especially in real-world evidence studies, pose hurdles to generating robust evidence. Furthermore, the fragmented nature of healthcare systems across different regions complicates standardization and comparability of HEOR studies, impacting their utility in decision-making.
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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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