Clinical Outcome Segment has the Largest Share of Service in the Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market during 2020–2027

According to a new market research study on “Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Service, Service Provider, and End User” is expected to reach US$ 212.2 million by 2027 from US$ 110.0 million in 2020. The market is estimated to grow at a CAGR of 9.8% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific Health economics and outcomes research (HEOR) services market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the increasing product development and growing healthcare spending. However, the market is expected experiencing slow growth during the forecast period owing to the restrictions on access to real-world data (RWD).

The COVID-19 pandemic has put a major strain on the health systems of many countries around the world. Testing capacity in many countries of Asia Pacific was limited and of low quality in the initial days of the pandemic, which led to a surge in the COVID-19 cases. However, many countries, such as South Korea, Japan, and Singapore, were efficiently contained the situation through robust tracking and testing. Also, India has the second-highest number of cases in the world after the US. Treating patients of COVID-19 has dominated the healthcare system’s attention and resources. India is increasing its testing capacity to control the increasing number of COVID-19 cases. Also, the COVID-19 vaccination has started in the country. As per the Our World in Data, as of 13 February 2021, around 8.2 million doses have been administered in the country. This is increasing demand for HEOR services in the region for better outcome analysis.

The market for Asia Pacific Health economics and outcomes research (HEOR) services market is segmented into service, service provider, and end user. Based on the service, in 2019, the clinical outcome segment held the largest share of the market whereas the real-world data analysis and information systems segment is expected to dominate the market share with the fastest CAGR during the forecast period. The growth of market is estimated to be driven by extensively increasing awareness of real-world data analysis and information systems. In addition, the companies are also engaged in the implementation of various strategies to prove their existence in the markets, which is generating a significant market potential.

Axtria, Inc., Avalon Health Economics LLC, PHARMALEX GMBH, Analysis Group, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health are among the leading companies in the Asia Pacific Health economics and outcomes research (HEOR) services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in December 2020, Syneos Health announced strategic collaboration with ConcertAI, one of the considerable players in real world evidence technology. The partnership is planning to implement novel oncology clinical trial research solutions with the help of artificial intelligence technologies. 

The market for Health economics and outcomes research (HEOR) services market is segmented into service, service provider, and end user. Based on Service (Economic Modelling/Evaluation, Real-world Data Analysis and Information Systems, Clinical Outcome, and Market Access Solutions and Reimbursement). Based on Service Provider (Consultancy, and Contract Research Organizations). Based on End User (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, and Government Organizations). Geographically, the Health economics and outcomes research (HEOR) services market is segmented into Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of APAC).

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