Market Research Report
Health Economics & Outcomes Research Services Market Size By Service, By Service Provider, By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
|Health Economics & Outcomes Research Services Market Size By Service, By Service Provider, By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026|
Published: January 17, 2020
Global Market Insights Inc.
Content info: 135 Pages
Delivery time: 2-3 business days
Health Economics & Outcomes Research (HEOR) Services Market Size By Service (Economic Modelling/Evaluation, Real-world Data Analysis & Information Systems, Clinical Outcome, Market Access Solutions & Reimbursement), By Service Provider (Consultancy, Contract Research Organizations), By End-user (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026 .
The global health economics and outcomes research (HEOR) services market is anticipated to witness a commendable growth rate over 2020-2026. This can be attributed to the increasing demand for HEOR services from healthcare payers, government organizations, and pharma companies.
With respect to the service landscape, the market access solutions and reimbursement segment is expected to record a CAGR of 13.4% through 2026. This can be credited to the fact that these services help in shaping the market access strategy throughout the lifecycle of the product and also aid in exceptional decision-making resources.
Planning the market access strategy needs to begin as early as possible in the product's lifecycle, as this permits companies to design clinical trials which can give the data that both the players and regulators need.
The process of planning also needs to consider the needs right from patent expiry, since payers can change payment models in response to changes in the industry landscape, the threat posed by generics, as well as the entry into the market of new and innovative drugs.
As providers and payers continue to discover different ways to cut healthcare spending and to enhance patient outcomes, there is a rising trend to require more data of product safety and effectiveness throughout the lifecycle of the product. For manufacturers, the failure to obtain such data can result in decreased formulary access as well as lower reimbursement by providers and payers.
With regards to the service provider landscape, the Contract Research Organization (CRO) segment is anticipated to register a lucrative growth rate in the coming years. A CRO is a service organization that provides support to the biotechnology and pharmaceutical industries in the form of outsourced pharmaceutical research services, usually for both drugs and medical devices.
These organization range from large, international full-service organizations to small niche specialty groups.
CRO segment recorded a market value of $500 million in 2019 owing to the advantages provided by these organizations, which includes secured services, and pharma companies.
Health economics and outcomes research (HEOR) services is a growing field which provides crucial information for making healthcare access and coverage decision making to healthcare payers. HEOR services also help healthcare providers in interpreting and evaluating the patient's data and helping in decision-making as a result.
As a result, when it comes to the end-user segment, the healthcare providers segment is projected to record a CAGR of approximately 12.7% over the aforementioned analysis period.
From a regional frame of reference, the Asia-Pacific is an important region in the global industry landscape, having the fastest growth among economies and housing a robust pharmaceutical and healthcare market.
It is noted that healthcare systems in the region are very dynamic and diverse. APAC accounted for a share of 15.5% in HEOR services market in 2019, primarily due to cost advantage and increasing awareness among the population when it comes to HEORs services.
Pharmaceutical regulation play an important and often critical role in the healthcare systems of the APAC region. Countries like Thailand, China and Pakistan have exceptional high drug spending as a percentage of total health spending leading to drug cost control often as a main target when reforming policy.
Clinical research in Latin American region has become one of the emerging markets, with an increasing importance in the field of clinical research involving early stages of drug development. The market likely to record a CAGR of 13.1% owing to an established regulatory environment with an increasing concentration of CROs throughout the region.
The MEA HEOR services market is set to reach a valuation of more than $20 million by 2026 owing to increasing investment in research and development activities. The growth is also likely to be seen due to rising number of potential new products that have entered development pipeline.