Global Health Economics and Outcomes Research (HEOR) Market to Grow at a CAGR of 12.50% During 2024-2032, Driven by Rising Research and Development Expenditure by End Users

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.

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Market Analysis by Drug, Service, Offering, End-Use, and Regions:

• The types of drugs for HEOR services are developing drugs and branded drugs.

• The HEOR services include real world evidence, payer evidence, pricing and reimbursement, epidemiology studies and market access, among others.

• The types of offering in market are outsourced and in-house.

• The end uses for the industry are healthcare provider, government organizations, pharma and biotech companies and healthcare payers, among others.

• The regional markets for HEOR include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing pharmaceutical industry is driving the demand for the industry.

• The increasing clinical trials is providing impetus to the growth of market.

• The increasing R&D activities for new drug development is accelerating the market growth.

• The rising population and prevalence of chronic diseases will boost the demand for HEOR services.

• The growing outsourcing of research activities by healthcare organizations like cost effectiveness of pharma product is driving the growth of industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global health economics and outcomes research (HEOR) industry for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the drugs, service, offering, end use and major regions of health economics and outcomes research (HEOR) industry. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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