Market Size of Global Health Economics and Outcomes Research (HEOR) Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 11.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Health Economics & Outcomes Research (HEOR) Services Market Analysis
The health economics and outcomes research (HEOR) services market is expected to register a CAGR of 11.2% over the forecast period, 2022-2027.
When COVID-19 struck, economies around the world began to struggle. Governments around the world have imposed travel restrictions and lockdowns. Many industries began to struggle because they were close. However, Health Economics and Outcomes Research (HEOR) has proven to be of great help during the pandemic. Pharmaceutical and biotech market players around the world have started investing in research and development (R&D) activities and engaged in vaccine or therapeutic treatment innovations to support the Covid-19 infection. HEOR has played a major role in this context, as it can help pharmaceutical and biologics companies evaluate their spending on an upcoming product or treatment. An article published in September 2021 titled 'Effect of COVID-19 on demand for healthcare in Togo' stated that developing countries focused on reducing the risk of health care utilization during Covid-19 and ensured basic health care services as an important policy that can improve health outcomes. Hence, the Covid-19 pandemic had a positive impact on the studied market.
The growth of the HEOR services market is attributed to increasing R&D spending by the government and market players and increasing adoption of HEOR services by biotech and pharmaceutical companies. In addition, the growing demand for real-world evidence and outcome data for reimbursement is also one of the major factors influencing the researched market.
Moreover, due to the increasing number of pharmaceutical and biotech companies worldwide coupled with the rise of new drugs and increasing clinical trials, the market under study is poised for lucrative growth in the near future. Data provided by the World Health Organization (WHO) published in February 2022 shows that the number of new clinical trials registered on the WHO International Clinical Trials Registry Platform (ICTRP) increased steadily in 2021 in most WHO regions. The source said that in Europe, the Americas, and the Western Pacific regions, the number of registered studies increased much faster than in other regions. For example, the number of trials registered in the Western Pacific was 16,860, which was about 20 times more than the 851 in Africa in 2021. Therefore, the increase in the number of clinical trials is expected to demand better HEOR services worldwide, the studied market growth.
In addition, in May 2022, Trinity Life Sciences launched a project to explore the implications of significant developments and growth in the field of Health Economics and Outcomes Research (HEOR) in the United States over the past decade. Much of the change has been driven by payers, regulators, and clinicians who are increasingly looking to HEOR and Real-World Evidence (RWE) as a valuable source of patient-level data. The positive results of such studies will also have a positive impact on the market under study.
Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the forecast period. However, a lack of skilled healthcare professionals and restrictions on access to real-world data (RWD) may hinder the market growth over time (2022-2027).
