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 disruption in non-COVID-19 trails and ongoing vaccination is expected to slow down the growth of the HEOR market. However, the trails are slowly restarting in the region, as of 9 September 2020, the NIHR Clinical Research Network has shown that non-COVID studies are restarting, with 45% of studies open to recruitment. Also, since the roll out of the vaccine, the government authorities have become engaged in the vaccination drives. As per the Our World in Data, as of 13 February 2021, around 15 million, 3.5 million, 2.7 million, 2.2 million of doses have been administered in the UK, Germany, Italy, and France respectively. Increase in the number of drugs to target the unmet medical needs of patients are the key factors increasing the demand to study the market for potential and effective pricing of the product.
Market Overview and Dynamics
The health economics and outcomes research (HEOR) services market in Europe is expected to grow from US$ 493.2 million in 2020 to US$ 1,107.1 million by 2027; it is estimated to grow at a CAGR of 12.2% from 2020 to 2027. There is an increase in number of start-ups in the developed and developing regions. For instance, countries in Europe have registered various start-ups in the past two years, and during the COVID-19 pandemic, the number has risen significantly, resulting in increasing product developments. As these players are new to the market, they require proper guidance and understanding of the market; also, they need to outsource HEOR services. To save the cost of production, various well-established companies also outsource HEOR services. The HEOR service providers help pharmaceutical, biotechnology, and medical device companies explain the value of their innovations to their respective stakeholders, such as physicians, payers, and patients. Thus, due to increasing product development, there is growth in the demand for HEOR services, which is likely to continue in the coming future.
Key Market Segments
In terms of service, the clinical outcome segment accounted for the largest share of the Europe 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 Europe 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 Europe 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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EUROPE 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
-
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Companies Mentioned
- Axtria, Inc.
- Avalon Health Economics LLC
- PHARMALEX GMBH
- Analysis Group
- ICON PLC
- IQVIA Inc.
- McKESSON CORPORATION
- Syneos Health
Europe Health Economics and Outcomes Research (HEOR) Services Market Strategic Insights
Europe Health Economics and Outcomes Research (HEOR) Services Market Report Highlights
| Report Attribute | Details |
| Market size in 2020 | US$ 493.2 Million |
| Market Size by 2027 | US$ 1,107.1 Million |
| CAGR (2020 - 2027) | 12.2% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Service
|
|
Regions and Countries Covered
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| Europe | UK, Germany, France, Russia, Italy, Rest of Europe |
| Market leaders and key company profiles |
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Europe Health Economics and Outcomes Research (HEOR) Services Market Country and Regional Insights
