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Global Health Economics and Outcomes Research (HEOR) Market: By Service Type: Health Economic Services, Outcomes Research Services; By Applications: Oncology, Cardiovascular Diseases, Infectious Diseases, Neurology, Others; By End User: Pharmaceutical Companies, Others; Regional Analysis; Supplier Landscape: 2024-2032
Global Health Economics and Outcomes Research Market Outlook
The global health economics and outcomes research market size was valued at USD 1.56 billion in 2023, driven by the rising drug development and clinical trials across the globe. The market is expected to grow at a CAGR of 12.50% during the forecast period of 2024-2032, with the values likely to attain a value of USD 4.50 billion by 2032.
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Health Economics and Outcomes Research: Introduction
Health economics and outcomes research (HEOR) refers to the services utilized by healthcare and pharma companies to find the value and cost-effectiveness of the products or techniques that may be applied in research and development. HEORs help by providing observational data, price comparison, and other market indicators to prominent companies, helping them make more informed and strategic decisions for their products, equipment, or services.
Global Health Economics and Outcomes Research Market Analysis
The COVID-19 outbreak has propelled significant demand for pharmaceuticals and vaccines in the market. As a result, the pharmaceutical industry has witnessed rapid growth in recent years. With the rising demand, prominent companies have started outsourcing drug development and approval services with a vision to reduce the scope of error, expediate the development process and combat the shortage of skilled professionals. This has contributed significantly to the health economics and outcomes research market growth.
With development of new drugs in the pharmaceutical industry, there has been a surge in the number of clinical trials required. Health economics and outcomes research help the clinical development by providing valuable information regarding specific drugs such as accessibility to the population and comparative pricing of rival drugs. The price for a new drug developed and revision of prices of existing drugs is done with the aid of HEOR services, which is providing impetus to the growth of industry.
The market growth is further driven by the rising number of mergers and acquisitions occurring amongst companies. In April 2023, Kaiser Permanente and Geisinger joined forces to launch a non-profit organization called Risant Health to expand access to value-based care. This organization aims at offering multipayer, multi-provider services, along with community-based health system environments. Such partnerships are expected to cater to the health economics and outcomes research market demand.
Global Health Economics and Outcomes Research Market Segmentation
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Market Breakup by Service Type
- Health Economic Services
- Outcomes Research Services
Market Breakup by Applications
- Oncology
- Cardiovascular Diseases
- Infectious Diseases
- Neurology
- Others
Market Breakup by End User
- Pharmaceutical Companies
- Biotechnology Companies
- Healthcare Payers
- Healthcare Providers
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Global Health Economics and Outcomes Research Market Overview
North America, especially the United States, has been laying significant emphasis on value-based care and pharmaceutical research. This can be accredited to the region having an active presence of many key players who are involved in pharmaceutical and healthcare research. Moreover, the region has also been facing expanding demand for new drugs and therapies owing to the high prevalence of cardiovascular diseases and diabetes among others. Such conditions have encouraged key companies to adopt external services to maximize profits and improve the quality of services. Hence, the region has held a substantial portion of the health economics and outcomes research market share.
Europe, with its robust healthcare infrastructure and strong economy, is increasingly adopting HEOR services. However, it is the Asia Pacific region that is expected to witness maximum growth during the forecast period. The region has been witnessing a high influx of capital from international players with a vision to utilize the region’s resources to the best potential. Countries like China and India, with a huge youth population, are increasingly inviting foreign investors to the region. Therefore, with such factors, we can anticipate the health economics and outcomes research market value to expediate in the upcoming years.
Global Health Economics and Outcomes Research Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- Pharmerit International
- ICON plc
- IQVIA
- Optum, Inc.
- Precision Xtract
- Cornerstone Research Group
- Xcenda
- Analysis Group
- Creativ-Ceutical
- HERON Group
- Oxford PharmaGenesis
- Cornerstone Research
- Evidera
- PRMA Consulting
- CHEORS
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Service Type |
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| Breakup by Applications |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Health Economics and Outcomes Research (HEOR) Market Overview
3.1 Global Health Economics and Outcomes Research (HEOR) Market Historical Value (2017-2024)
3.2 Global Health Economics and Outcomes Research (HEOR) Market Forecast Value (2024-2032)
4 Global Health Economics and Outcomes Research (HEOR) Market Landscape
4.1 Global Health Economics and Outcomes Research (HEOR) Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Health Economics and Outcomes Research (HEOR) Product Landscape
4.2.1 Analysis by Type
4.2.2 Analysis by Applications
5 Global Health Economics and Outcomes Research (HEOR) Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Health Economics and Outcomes Research (HEOR) Market Segmentation
6.1 Global Health Economics and Outcomes Research (HEOR) Market by Service Type
6.1.1 Market Overview
6.1.2 Health Economic Services
6.1.3 Outcomes Research Services
6.2 Global Health Economics and Outcomes Research (HEOR) Market by Applications
6.2.1 Market Overview
6.2.2 Oncology
6.2.3 Cardiovascular Diseases
6.2.4 Infectious Diseases
6.2.5 Neurology
6.2.6 Others
6.3 Global Health Economics and Outcomes Research (HEOR) Market by End User
6.3.1 Market Overview
6.3.2 Pharmaceutical Companies
6.3.3 Biotechnology Companies
6.3.4 Healthcare Payers
6.3.5 Healthcare Providers
6.4 Global Health Economics and Outcomes Research (HEOR) Market by Region
6.4.1 Market Overview
6.4.2 North America
6.4.3 Europe
6.4.4 Asia Pacific
6.4.5 Latin America
6.4.6 Middle East and Africa
7 North America Health Economics and Outcomes Research (HEOR) Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Health Economics and Outcomes Research (HEOR) Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Health Economics and Outcomes Research (HEOR) Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Health Economics and Outcomes Research (HEOR) Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Health Economics and Outcomes Research (HEOR) Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Grants Analysis
12.1 Analysis by year
12.2 Analysis by Amount Awarded
12.3 Analysis by Issuing Authority
12.4 Analysis by Grant Application
12.5 Analysis by Funding Institute
12.6 Analysis by NIH Departments
12.7 Analysis by Recipient Organization
13 Funding and Investment Analysis
13.1 Analysis by Funding Instances
13.2 Analysis by Type of Funding
13.3 Analysis by Funding Amount
13.4 Analysis by Leading Players
13.5 Analysis by Leading Investors
13.6 Analysis by Geography
14 Regulatory Framework
14.1 Regulatory Overview
14.1.1 US FDA
14.1.2 EU EMA
14.1.3 INDIA CDSCO
14.1.4 JAPAN PMDA
14.1.5 Others
15 Supplier Landscape
15.1 Pharmerit International
15.1.1 Financial Analysis
15.1.2 Service Portfolio
15.1.3 Demographic Reach and Achievements
15.1.4 Mergers and Acquisition
15.1.5 Certifications
15.2 ICON plc
15.2.1 Financial Analysis
15.2.2 Service Portfolio
15.2.3 Demographic Reach and Achievements
15.2.4 Mergers and Acquisition
15.2.5 Certifications
15.3 IQVIA
15.3.1 Financial Analysis
15.3.2 Service Portfolio
15.3.3 Demographic Reach and Achievements
15.3.4 Mergers and Acquisition
15.3.5 Certifications
15.4 Optum, Inc.
15.4.1 Financial Analysis
15.4.2 Service Portfolio
15.4.3 Demographic Reach and Achievements
15.4.4 Mergers and Acquisition
15.4.5 Certifications
15.5 Precision Xtract
15.5.1 Financial Analysis
15.5.2 Service Portfolio
15.5.3 Demographic Reach and Achievements
15.5.4 Mergers and Acquisition
15.5.5 Certifications
15.6 Cornerstone Research Group
15.6.1 Financial Analysis
15.6.2 Service Portfolio
15.6.3 Demographic Reach and Achievements
15.6.4 Mergers and Acquisition
15.6.5 Certifications
15.7 Xcenda
15.7.1 Financial Analysis
15.7.2 Service Portfolio
15.7.3 Demographic Reach and Achievements
15.7.4 Mergers and Acquisition
15.7.5 Certifications
15.8 Analysis Group
15.8.1 Financial Analysis
15.8.2 Service Portfolio
15.8.3 Demographic Reach and Achievements
15.8.4 Mergers and Acquisition
15.8.5 Certifications
15.9 Creativ-Ceutical
15.9.1 Financial Analysis
15.9.2 Service Portfolio
15.9.3 Demographic Reach and Achievements
15.9.4 Mergers and Acquisition
15.9.5 Certifications
15.10 HERON Group
15.10.1 Financial Analysis
15.10.2 Service Portfolio
15.10.3 Demographic Reach and Achievements
15.10.4 Mergers and Acquisition
15.10.5 Certifications
15.11 Oxford PharmaGenesis
15.11.1 Financial Analysis
15.11.2 Service Portfolio
15.11.3 Demographic Reach and Achievements
15.11.4 Mergers and Acquisition
15.11.5 Certifications
15.12 Cornerstone Research
15.12.1 Financial Analysis
15.12.2 Service Portfolio
15.12.3 Demographic Reach and Achievements
15.12.4 Mergers and Acquisition
15.12.5 Certifications
15.13 Evidera
15.13.1 Financial Analysis
15.13.2 Service Portfolio
15.13.3 Demographic Reach and Achievements
15.13.4 Mergers and Acquisition
15.13.5 Certifications
15.14 PRMA Consulting
15.14.1 Financial Analysis
15.14.2 Service Portfolio
15.14.3 Demographic Reach and Achievements
15.14.4 Mergers and Acquisition
15.14.5 Certifications
15.15 CHEORS
15.15.1 Financial Analysis
15.15.2 Service Portfolio
15.15.3 Demographic Reach and Achievements
15.15.4 Mergers and Acquisition
15.15.5 Certifications
16 Model (Additional Insight)
16.1 Overview
16.2 Potential Distributors
16.3 Key Parameters for Distribution Partner Assessment
17 Key Opinion Leaders (KOL) Insights (Additional Insight)
18 Company Competitiveness Analysis (Additional Insight)
18.1 Very Small Companies
18.2 Small Companies
18.3 Mid-Sized Companies
18.4 Large Companies
18.5 Very Large Companies
19 Payment Methods (Additional Insight)
19.1 Government Funded
19.2 Private Insurance
19.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The market attained a value of about USD 1.56 billion in 2023, driven by increasing emphasis on drug development and clinical trials across the globe.
The market is anticipated to grow at a CAGR of 12.50% during the forecast period of 2024-2032, likely to reach a market value of USD 4.50 billion by 2032.
The market demand is driven by the increasing number of clinical trials for effective drug development and the rising focus of prominent companies to outsources services to as to expediate the drug development process, along with making it cost effective.
The current market trend includes the increasing mergers and acquisitions among several key companies. For instance, Kaiser Permanente and Geisinger announced their merger in April 2023, which aims at offering community-based healthcare services.
Major services include health economic services and outcomes research services.
The research finds wide applications in oncology, cardiovascular diseases, infectious diseases, and neurology, among others.
Major end users include healthcare providers, pharmaceutical and biotech companies, and healthcare payers.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Key players involved in the market are Pharmerit International, ICON plc, IQVIA, Optum, Inc., Precision Xtract, Cornerstone Research Group, Xcenda, Analysis Group, Creativ-Ceutical, HERON Group, Oxford PharmaGenesis, Cornerstone Research, Evidera, PRMA Consulting and CHEORS.
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