Report : North America 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 North America Health Economics and Outcomes Research (HEOR) Services Market during 2020–2027
According to a new market research study on “North America 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$ 1,253.4 million by 2027 from US$ 548.8 million in 2020. The market is estimated to grow at a CAGR of 12.5% from 2020 to 2027. The report provides trends prevailing in the North America 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 outbreak has highly affected the North American region. At present, the majority of the pharmaceutical companies and research institutes are engaged in the development of COVID-19 vaccines. The COVID-19 crisis has highlighted the use of real-world evidence (RWE) in the pharmaceutical industry. The FDA also acknowledge value of using RWD to understand COVID-19 and to assess potential re-purposed treatments being used in practice. A prominent example of RWE-data is Pfizer’s Ibrance, which is used for breast cancer and had undergone trials only for women. The HEOR services help governments to provide economic data on the burden of disease, the cost effectiveness of vaccines and the projected implementation costs of immunization programs to reach universal health coverage. Evidence on evaluating infectious disease and economic impact of vaccination is critical in informing national decision makers on the allocation of limited resources and in prioritizing interventions in the health sector. Thus, the demand of HEOR services is expected to remain high in the region.
The market for 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, MEDLIOR, PHARMALEX GMBH, Analysis Group, ICON PLC, IQVIA Inc., McKESSON CORPORATION, Syneos Health, and Optum, Inc. are among the leading companies in the North America 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 North America (the US, Canada, and Mexico).
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