How Will the Health Economics and Outcomes Research (HEOR) Services Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How has the health economics and outcomes research (heor) services market grown in recent years?
The market size of health economics and outcomes research (HEOR) services has been expanding swiftly over the last few years. The growth is projected to escalate from $1.57 billion in 2024 to $1.76 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.4%. The expansion seen during the historical period can be linked to the rise of evidence-based medicine, modifications and improvements in healthcare policy, innovations in the pharmaceutical sector, the growing older population, and the rise in chronic diseases.
How is the health economics and outcomes research (heor) services market size expected to evolve during the forecast period?
In the near future, we are likely to see a swift expansion in the size of the health economics and outcomes research (HEOR) services market, with expectations to reach a value of $2.79 billion by 2029, rising at a compound annual growth rate of 12.2%. The anticipated growth during the forecast period can be accredited to several factors: the optimization of the healthcare supply chain, concentration on health inequities, the increase in value-based agreements, advancements in digital health and telemedicine, and a shift towards personalized medicine. Additionally, the forecast period will likely witness significant trends such as the inclusion of social determinants of health, the application of HEOR in rare diseases and orphan drugs, a focus on patient-oriented outcomes assessment, standardization of value framework, and speedy generation of real-world evidence.
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Which key drivers are propelling the health economics and outcomes research (heor) services market’s growth?
The increasing number of clinical trials is predicted to foster the expansion of the market for health economics and outcomes research services. Clinical trials, the research studies carried out with human subjects to assess the safety and efficacy of innovative medical treatments, interventions, or diagnostic measures, utilize health economics and outcomes research (HEOR) services to measure the economic effect, cost-efficacy, and real-world results of medical interventions. This offers crucial data for decision-making processes and remuneration strategies. For example, data from the United States National Library of Medicine indicated that the count of registered clinical trial studies soared from 399,499 in 2022 to 437,533 across all 50 states and in 221 countries by May 2023. It was also revealed that 140,492 studies (31%) were registered exclusively in the U.S., while 241,498 studies (53%) were documented in areas outside the U.S. Hence, the escalating count of clinical trials is fueling the expansion of the health economics and outcomes research services market.
What are the market segments in the health economics and outcomes research (heor) services industry?
The health economics and outcomes research (HEOR) services market covered in this report is segmented –
1) By Service: Real World Evidence, Payer Evidence, Pricing And Reimbursement, Epidemiology Studies, market Access, Other Services
2) By Offering: Outsourced, In-House
3) By Service Provider: Consultancy, Contract Research Organizations (CRO)
4) By End-Use: Healthcare Provider, Healthcare Payers, Biotechnology And Pharmaceutical Companies, Government Organization, Other End-Users
Subsegments:
1) By Real World Evidence: Data Analysis And Interpretation, Patient Registries, Observational Studies
2) By Payer Evidence: Health Technology Assessments (HTAs): Value Dossier Development, Payer Engagement Strategies
3) By Pricing And Reimbursement: Pricing Strategy Development: Reimbursement Submission Support, Economic Modeling
4) By Epidemiology Studies: Disease Burden Analysis: Prevalence And Incidence Studies, Natural History Studies
5) By market Access: market Assessment, Stakeholder Engagement, Health Economic Models
6) By Other Services: Clinical Outcomes Assessment, Patient Reported Outcomes (PRO) Studies, Health Economic Consulting
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Which leading companies are shaping the growth of the health economics and outcomes research (heor) services market?
Major companies operating in the health economics and outcomes research (HEOR) services market include McKesson Corporation, Optum Inc., Cardinal Health, IQVIA Inc., ICON PLC, PPD Inc., Syneos Health, Medlior Health Outcomes Research Ltd., Axtria Inc., Parexel International, RTI Health Solutions, Wellth Inc., Westat, SidekickHealth, Analysis Group, Carelon Research, Precision Health Economics, Avalon Health Economics LLC, Lumanity Inc., Pharmerit BV, Epistemix Inc., Bohn Epidemiology LLC
What key trends are currently impacting the health economics and outcomes research (heor) services market’s development?
The trend of implementing improvements in real-world evidence platforms is growing in the health economics and outcomes research (HEOR) services market. Major businesses in the health economics and outcomes research services sector are embracing groundbreaking technologies, transforming healthcare decision-making, drug development, and patient care. They utilize real-world data to create evidence-based insights and maintain their market position. For example, Komodo Health, a US-based healthcare technology firm specializing in real-world evidence (RWE) and data analytics, introduced MapEnhance in April 2023. MapEnhance is an integration of specialty data associates into their RWE technology platform. This new platform escalates the analytical abilities of Komodo’s Healthcare Map by integrating exclusive and highly informative data from its network of partners. MapEnhance provides clients with a comprehensive and detailed real-world view of clinical events and patient populations, enabling unparalleled insights.
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Which geographic areas are influencing the growth of the health economics and outcomes research (heor) services market?
North America was the largest region in the health economics and outcomes research (HEOR) services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the health economics and outcomes research (HEOR) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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