The expenses for the research and development by the healthcare industry has been increasing recently. There has been a rise in demand for real world evidence regarding the usage of medical products and technologies. The health economics and outcomes research (HEOR) services provide efficient and better-quality solutions for these problems. The healthcare sector is increasing the outsourcing for research and development fields which is boosting the market growth. The increase in chronic diseases in the rising population and healthcare awareness has led to growing drug expenditure by healthcare payers. The HEOR services are able to provide more cost-effective pricing suitable for the market which is leading to rapid growth of HEOR industry.
In the service segment, real world evidence has one of the largest market shares because of the importance of real-world data for better decision making regarding the pricing and observations of the pharma products and patients. The adoption of electronic medical records has eased the convenience of collecting data that is further fuelling the demand for this segment. In the drug segment of HEOR, developing drugs is expected to witness substantial growth in the coming years owing to the rising R&D activities by pharmaceutical companies to research new drugs and treatment therapies.
The growing collaborations between HEOR and pharmaceutical companies is fuelling the market growth. On December 2020, IQVIA IC (NYSE: IQV), a leading market player in HEOR industry announced the partnership with pharmaceutical company servicer to revamp its R&D clinical development process and help making their R&D activities successful in long term. This will accelerate the demand for its HEOR services in the near future.
Market Analysis by Drug, Service, Offering, End-Use, and Regions:
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The major players in the global health economics and outcomes research (HEOR) market are IQVIA Inc., Medpace, Inc., Certara, Inc., Syneos Health, McKesson Corporation, and Optum, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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