HEOR Services Market

Global HEOR Services Market Research Report: By Service (Economic Modelling/Evaluation, Real-World Data Analysis and Information Systems, Clinical Outcome, and Market Access Solutions and Reimbursement), By Service Provider (Consultancy and Contract Research Organizations), By End User (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, and Government Organizations), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Pharma & Healthcare | December 2023 | Report ID: EMR00327 | Pages: 301

The global HEOR services market was valued at USD 1.98 billion in 2023 and is estimated to reach approximately USD 6.58 billion by 2032, at a CAGR of 14.2% from 2024 to 2032.

 

When assessing the financial effect and clinical results of healthcare initiatives, the market for health economics and outcomes research (HEOR) services is essential. A wide range of tasks are included in HEOR services, such as market access plans, economic modeling, real-world evidence generation, and health technology assessments. Its main goal is to give stakeholders including legislators, payers, healthcare providers, and pharmaceutical companies evidence-based information to help them make decisions about healthcare. The need for evidence-based healthcare decisions is growing in this market at a time when treatment options are changing and healthcare prices are rising. The HEOR sector evaluates new therapies' comparative efficacy, cost-effectiveness, and wider societal impact before promoting their development and commercialization. Furthermore, HEOR services play a crucial role in proving the worth of medical advancements and maximizing budget allocation as healthcare systems work toward increased efficiency and value-based treatment. The market for HEOR services is dominated by academic institutions, healthcare organizations, contract research organizations (CROs), and specialized consulting firms. Improvements in data analytics, real-world evidence methodologies, and a more thorough integration of patient-centric results characterize the market's evolution. HEOR services will continue to be crucial in guiding well-informed healthcare decisions, maximizing resource allocation, and eventually enhancing patient outcomes as the healthcare landscape changes.

 

 

 

HEOR SERVICES MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

1.98 Bn

Projected Market Value (2032)

6.58 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Service, By Service Provider, By End User, & Region

Segments Covered

By Service, By Service Provider, By End User, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global HEOR Services Market Dynamics

The market is expanding because to the increased complexity of healthcare systems and the growing need for evidence-based decision making. The need for HEOR services is driven by the desire of healthcare stakeholders, such as payers and regulatory agencies, for thorough assessments of treatment results, cost-effectiveness, and wider societal impact. Furthermore, the aging of the population, the rise in chronic illnesses, and the development of novel therapies call for thorough evaluations of the value of treatments. This influences market growth by increasing the need for HEOR knowledge to evaluate comparative effectiveness and show the financial advantages of novel therapies. Moreover, advances in HEOR techniques are driven by changing regulatory requirements and the availability of large amounts of real-world data. In order to improve the precision and breadth of analysis carried out, the industry is adjusting to make use of big data analytics, artificial intelligence, and real-world evidence generation approaches. Moreover, measures to expand market access in emerging economies and globalization open up new markets for HEOR services. Businesses are finding it more and more difficult to negotiate the many healthcare environments, thus they need localized data to support their market entry plans. These forces propel innovation, rivalry, and cooperation in the HEOR services sector, establishing it as a key actor in global healthcare decision-making.

 

Global HEOR Services Market Drivers

  • Demand for Evidence-Based Healthcare

With so many treatment options available and medical developments occurring at a rapid pace, decision-making processes among stakeholders are aided by verifiable evidence. All stakeholders in the healthcare ecosystem payers, providers, regulators, and patients are calling for interventions that are backed by strong data regarding their clinical efficacy, safety, and financial worth. In order to meet this demand, HEOR services provide thorough assessments that provide an in-depth knowledge of treatment results, comparative efficacy, and economic impact. Health economics, epidemiology, and real-world evidence are just a few of the approaches that HEOR research employ to provide important new insights into the benefits and drawbacks of medical interventions. By assisting stakeholders in making well-informed decisions on the distribution of resources, choice of treatments, and policy, these studies help to maximize healthcare outcomes while minimizing costs and matching interventions to patient requirements. The need for HEOR services as essential tools for generating evidence and making well-informed decisions is expected to grow as the emphasis on evidence-based practices in healthcare continues to grow. The need for HEOR services as essential tools for generating evidence and making well-informed decisions is expected to grow as the emphasis on evidence-based practices in healthcare continues to grow.

  • Globalization and Market Access Expansion

Healthcare organizations meet a variety of healthcare landscapes, regulatory frameworks, and payer preferences when they aim to grow into broad worldwide markets. To successfully traverse these complications, this trend of globalization requires customized market access strategies and evidence that is specific to the local context. In this case, HEOR services are essential since they provide data and insights that are relevant to certain markets or locations. They carry out thorough evaluations taking into account regional healthcare practices, patient demographics, and financial considerations—essential for proving the worth of interventions to a variety of stakeholders. These services facilitate smoother market entrance and optimal pricing strategies by helping to establish the relevance and efficacy of treatments in various healthcare contexts. Furthermore, as nations work toward providing all patients with access to cutting-edge medications, HEOR assessments are crucial instruments for showcasing the benefits of these therapies and supporting discussions with payers and regulatory bodies.

 

Restraints:

  • Methodological Challenges

The intricate nature of developing and implementing strong techniques for evaluating healthcare interventions poses challenges to guaranteeing the validity, reliability, and comparability of research findings. HEOR research sometimes entail complex analyses including a range of data sources, each with specific biases and limits, such as clinical trials and real-world evidence. It is still very difficult to standardize methods across various research and geographical areas, which has an impact on the dependability and consistency of results. Furthermore, as technology advances and healthcare environments change, approaches must also constantly adapt to meet new demands from patients and developing trends. This means that HEOR approaches must be continuously improved, which might take a lot of time and resources. Further complicating matters is the need to safeguard patient privacy while guaranteeing that procedures comply with ethical and legal requirements. It becomes increasingly difficult to strike a balance between the ethical issues and the requirement for data access, particularly in the age of growing reliance on real-world data.

  • Complex Regulatory Environment

Globally, healthcare systems are subject to a variety of dynamic laws, guidelines, and compliance demands. For HEOR service providers, navigating this complex terrain presents difficulties in carrying out studies that satisfy different regulatory requirements while maintaining methodological validity and rigor. The diverse regulatory frameworks found in many nations and areas necessitate a sophisticated comprehension of local compliance requirements. This intricacy adds levels of administrative burden and expenditures, especially when conducting multinational investigations, in addition to extending study deadlines. Furthermore, because rules are always changing, methods and study designs must frequently be adjusted to suit new compliance requirements. This can lead to uncertainty and possible delays in the research process. HEOR research are made more difficult by the need to maintain compliance with ethical standards and patient privacy within the legal framework. Another level of complication arises from finding a balance between protecting patient confidentiality and allowing access to data for research purposes. Reducing these obstacles requires being proactive, keeping up with regulatory changes, collaborating with regulatory organizations, and utilizing flexible methods that can be adjusted to meet changing compliance requirements.

 

Opportunities:

  • Rising Importance of Health Technology Assessments (HTA)

In order to guide decision-making processes for market access, reimbursement, and the creation of healthcare policies, HTA has become essential in assessing the clinical, financial, and societal effects of healthcare interventions. The fact that HTA is becoming more and more important shows that strong evidence is required to evaluate the efficacy of medical treatments and technology. This trend offers HEOR service providers a significant chance to supply specialist knowledge in carrying out thorough HTA studies. There is an increasing need for comprehensive evaluations that integrate several approaches, such as comparative effectiveness analysis, economic modeling, and real-world evidence synthesis, as HTA gains greater sway over healthcare choices. Stakeholders can use HEOR services designed to satisfy HTA's unique requirements to make evidence-based decisions on the adoption, cost, and payment of healthcare innovations. Furthermore, the need for HEOR services with a focus on HTA techniques is increased by the global spread of HTA activities across different healthcare systems and geographical areas.

  • Value-Based Care Initiatives

By linking payment to patient outcomes, VBC models optimize costs while placing a premium on the provision of high-quality treatment. HEOR services are essential in this context since the transition from volume-based to value-based reimbursement structures highlights the significance of proving the value proposition of healthcare interventions. HEOR services provide a special chance to assist VBC projects by supplying data that measures how therapies actually affect patient outcomes, total healthcare system value, and cost-effectiveness. HEOR facilitates informed decision-making by conducting thorough assessments that cover clinical effectiveness, economic value, and patient-reported outcomes in line with the objectives of VBC models. Furthermore, there is a rising need for HEOR services that are specifically designed to evaluate and prove value as healthcare systems move more and more toward outcome-based payment models. The development and implementation of strategies that successfully manage costs and optimize patient outcomes in line with the fundamental tenets of VBC require the expertise of HEOR.

 

Segment Overview

By Service

Based on service, the global HEOR services market is divided into economic modelling/evaluation, real-world data analysis and information systems, clinical outcome, and market access solutions and reimbursement. The clinical outcome category dominates the market with the largest revenue share in 2023. HEOR services in this segment concentrate on evaluating clinical outcomes and patient-reported outcomes (PROs). This involves designing and conducting studies to measure the impact of interventions on patients' quality of life, symptom improvement, functional status, and overall health outcomes. Assessing these outcomes provides a holistic understanding of the treatment's efficacy and its real-world impact on patients' lives. Economic modeling/evaluation, segment involves the creation of economic models to assess the cost-effectiveness, budget impact, and broader economic implications of healthcare interventions. HEOR experts use various modeling techniques, such as cost-effectiveness analysis (CEA) and budget impact analysis (BIA), to quantify the economic value of treatments compared to standard care or alternative therapies. Real-world data analysis and information systems segment focuses on leveraging real-world evidence (RWE) derived from diverse sources like electronic health records (EHRs), claims data, and patient registries. HEOR professionals analyze this data to generate insights into treatment effectiveness, safety profiles, patient outcomes, and healthcare utilization patterns in real-world settings.

 

By Service Provider

Based on the service provider, the global HEOR services market is categorized into consultancy and contract research organizations. The contract research organizations category leads the global HEOR services market with the largest revenue share in 2023. HEOR-focused CROs specialize in providing comprehensive research services to the healthcare industry. These organizations conduct HEOR studies, economic modeling, real-world data analyses, and outcomes research on behalf of their clients. CROs offer a range of services encompassing study design, data collection, statistical analysis, and reporting, catering to the diverse needs of pharmaceutical companies, medical device manufacturers, and healthcare providers. They often have extensive experience in managing large-scale research projects, accessing diverse data sources, and adhering to regulatory standards. HEOR consultancy firms provide specialized advisory services to a wide range of clients within the healthcare industry. These firms offer strategic guidance, expertise, and tailored solutions to pharmaceutical companies, medical device manufacturers, biotechnology firms, healthcare providers, payers, and regulatory bodies. HEOR consultancies assist clients in designing research methodologies, conducting studies, analyzing data, and interpreting findings to make informed decisions. They provide insights into market access strategies, pricing and reimbursement, health technology assessments, and evidence generation for regulatory submissions.

 

By End-User

Based on end-user, the global HEOR services market is segmented into healthcare providers, healthcare payers, biotech/pharma companies, and government organizations. The biotech/pharma companies segment dominates the HEOR services market. Pharmaceutical and biotechnology firms heavily utilize HEOR services in the development, commercialization, and market access of new drugs, therapies, and medical devices. These companies conduct HEOR studies to demonstrate the clinical efficacy, safety, and cost-effectiveness of their products, supporting regulatory submissions, pricing strategies, and market access negotiations. Healthcare providers segment includes hospitals, clinics, physician groups, and other healthcare delivery organizations. Healthcare providers engage HEOR services to evaluate the value and outcomes of different treatment modalities, medical devices, or interventions. HEOR studies help providers in making informed decisions regarding treatment selection, resource allocation, and improving patient outcomes while considering cost-effectiveness. Payers such as insurance companies, managed care organizations, and government health programs rely on HEOR services to assess the value of healthcare interventions in terms of cost, effectiveness, and patient outcomes. Payers use this information to make coverage and reimbursement decisions, negotiate pricing with pharmaceutical and medical device companies, and develop formularies that align with the principles of value-based care. Government bodies, including health departments, regulatory agencies, and health technology assessment (HTA) agencies, rely on HEOR services for evidence-based policy-making, regulatory decision-making, and healthcare resource allocation. HEOR studies assist governments in assessing the value and impact of healthcare interventions, formulating health policies, and determining the inclusion of interventions in public health programs or reimbursement schemes.

 

Global HEOR Services Market Overview by Region

The global HEOR services market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. The region's strong emphasis on evidence-based decision-making, sophisticated healthcare infrastructure, and excellent research skills are all contributing factors to its dominance. Particularly the United States and Canada have developed healthcare systems with a wide range of participants, including payers, pharmaceutical corporations, healthcare providers, and governmental organizations. As the region's healthcare expenditures continue to rise and as a means of navigating complicated regulatory environments, these stakeholders are placing an increased emphasis on the evaluation of healthcare solutions through HEOR research. The need for HEOR services is also fueled by North America's leadership in medical innovation. Numerous biopharmaceutical and medical technology businesses are based in the area, and they are always creating and launching new treatments and gadgets. The value and uniqueness of these innovations are being shown through HEOR studies, which have a significant impact on market access, reimbursement choices, and regulatory approvals. The demand for HEOR services is further supported by the region's embrace of value-based care models and the incorporation of real-world evidence into healthcare decision-making. The expansion of HEOR activities is also facilitated by partnerships between academics, business, and healthcare providers, which create an atmosphere that is favorable to research and the production of evidence. Due in large part to its robust healthcare system, innovative environment, and requirement for evidence-based methods in healthcare decision-making, North America continues to dominate the world in HEOR services.

 

 

 

Global HEOR Services Market Competitive Landscape

In the global HEOR services market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global HEOR services market include McKesson Corporation, Axtria, Cardinal Health, Avalon Health Economics, MEDLIOR, IQVIA, PharmaLex GmbH, and various other key players.

 

Global HEOR Services Market Recent Developments

  • In January 2023, With great pleasure, the international healthcare communications firm SCIRIS announces the purchase of Source Health Economics, a UK-based organization that specializes in health economics and outcomes research (HEOR). SCIRIS has been rapidly expanding over the past two years, acquiring six agencies with significant scientific and commercial competence on both sides of the Atlantic. This development is the most recent in this trend.

 

HEOR Services Market Report Segmentation

ATTRIBUTE

DETAILS

By Service

  • Economic Modelling/Evaluation
  • Real-World Data Analysis and Information Systems
  • Clinical Outcome
  • Market Access Solutions and Reimbursement

By Service Provider

  • Consultancy
  • Contract Research Organizations

 

By End-User

  • Healthcare Providers
  • Healthcare Payers
  • Biotech/Pharma Companies
  • Government Organizations

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global HEOR Services Market Size and Forecast:

To identify and estimate the market size for the global HEOR services market segmented by service, by service provider, by end user, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of HEOR services between 2019 and 2032.

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global HEOR services market

  • Market Influencing Factors:

To find out the factors which are affecting the sales of HEOR services among consumers

  • Impact of COVID-19:

To identify and understand the various factors involved in the global HEOR services market affected by the pandemic

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Healthcare Providers
  • Healthcare Payers
  • Pharmaceutical and Biotech Companies
  • Health Technology Assessment (HTA) Agencies
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, The HEOR services market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to HEOR services market research, the market is expected to grow at a CAGR of ~14.2% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032.
North America held the largest share in 2023.
The major players operating in the global HEOR services market include McKesson Corporation, Axtria, Cardinal Health, Avalon Health Economics, MEDLIOR, IQVIA, PharmaLex GmbH ,and various others.