Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market

Market Introduction

Health economics and outcomes research (HEOR) services play a significant role in drug approval and reimbursement with payers. The HEOR services allow to evaluate the economics of treatment and quantify the associated results. Likewise, in the healthcare industry, decision-makers experience the pressure to opt for therapeutic ‘interventions’ from various treatment options made available by pharmaceuticals, medical devices, and biotechnology companies. Also, there is constant pressure to control the rising healthcare cost. Therefore, HEOR services help decision-makers to adequately compare and understand the appropriate option among all the available options.

Thus, the increasing product development is expected to create a significant demand for Health economics and outcomes research (HEOR) services in the coming years, which is further anticipated to drive the health economics and outcomes research (HEOR) services market.

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.

Market Overview and Dynamics

The health economics and outcomes research (HEOR) services market in Asia Pacific is expected to grow from US$ 110.0 million in 2020 to US$ 212.2 million by 2027; it is estimated to grow at a CAGR of 9.8% from 2020 to 2027. The primary focus of the manufacturer is to offer cost-effective and efficient products in the market. The other main objective of the product development is to develop products to lead to better communication between the healthcare provider and patients. This would result in increased awareness and knowledge, which would eventually lead to the growth of the company and industry. However, to drive the better business there is a need much understanding the health economics and their outcomes. Hence, it becomes difficult for a market player to design a product and its lifecycle throughout the developmental process. Various companies outsource HEOR services to understand the regulations, healthcare coverage, and access decisions and identify the intervention that would benefit the specific populations of patients. The HEOR's most essential service is helping players fill the gap between clinical trials and actual health outcomes.

Key Market Segments

In terms of service, the clinical outcome segment accounted for the largest share of the Asia Pacific Health economics and outcomes research (HEOR) services market in 2020. In terms of service providers, the contract research organizations segment accounted for the largest share of the Asia Pacific Health economics and outcomes research (HEOR) services market in 2020. In terms of end user, the biotech/pharma companies segment held a larger market share of the health economics and outcomes research (HEOR) services market in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the health economics and outcomes research (HEOR) services market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Axtria, Inc., Avalon Health Economics LLC, PHARMALEX GMBH, Analysis Group, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health.

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ASIA PACIFIC HEALTH ECONOMICS AND OUTCOMES RESEARCH (HEOR) SERVICES MARKET SEGMENTATION

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 Country

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

Companies Mentioned

1. Axtria, Inc.
2. Avalon Health Economics LLC
3. PHARMALEX GMBH
4. Analysis Group
5. ICON PLC
6. IQVIA Inc.
7. McKESSON CORPORATION
8. Syneos Health

Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market Strategic Insights

Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market Report Highlights

Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market Country and Regional Insights