Report : Middle East and Africa Health Economics and Outcomes Research (HEOR) Services Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Service (Economic Modelling/Evaluation, Real-world Data Analysis and Information Systems, Clinical Outcome, and
Clinical Outcome Segment has the Largest Share of Service in the Middle East and Africa Health Economics and Outcomes Research (HEOR) Services Market during 2020–2027
According to a new market research study on “Middle East and Africa 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$ 37.8 million by 2027 from US$ 26.8 million in 2020. The market is estimated to grow at a CAGR of 5.0% from 2020 to 2027. The report provides trends prevailing in the Middle East and Africa 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).
Economic uncertainties and ongoing conflicts are worsening the condition in the region. For instance, countries such as Syria, Libya, and Yemen are suffering violent conflict and cannot implement any public health measures. Iran was in deep economic recession due to the US sanctions. Also, the major source of economic stabilization in Middle East countries is oil production and export. However, the recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products, especially crude oil, and halted production due to labor shortage, are major impacts observed in the region. Additionally, tightened financial condition is also decreasing the economic activities in the region. Since the beginning of 2020, the COVID-19 pandemic has caused enormous health, social and economic impacts, which is likely to continue in 2021. Even after some of these impacts have been mitigated or contained, there will be medium- and longer-term consequences. With many laboratory and research services under acute pressure, the market for HEOR services is expected to grow at a steady rate in the region.
The market for Middle East and Africa 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, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health are among the leading companies in the Middle East and Africa 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 Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of MEA).
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