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.
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.
Market Overview and Dynamics
The health economics and outcomes research (HEOR) services market in Middle East and Africa is expected to grow from US$ 26.8 million in 2020 to US$ 37.8 million by 2027; it is estimated to grow at a CAGR of 5.0% from 2020 to 2027. The HEOR plays a vital role in providing comparative evidence for choosing products and services. Selecting the appropriate product or service would assist in improving patients' health outcomes with justified healthcare spending. It provides the most valued insights that lead to reduced waste of products, services, and money. Such evidence is essential to identify the best deployment policies for healthcare budgets that would benefit patients. The HEOR services would also help healthcare service providers to pay attention to uncertain spending on unnecessary surgeries and clinical procedures. The consultation by HEOR is likely to encourage the use of generic drugs, increase focus on updating nursing skills of nurses to manage chronic conditions of patients, and ensure no hospital stays for patients who do not require hospital care and can be treated with fewer resources as primary care. Thus, growing healthcare expenditure is likely to influence the HEOR service market's growth during the forecast period.
Key Market Segments
In terms of service, the clinical outcome segment accounted for the largest share of the Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health.
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MIDDLE EAST AND AFRICA 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
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Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Companies Mentioned
- Axtria, Inc.
- Avalon Health Economics LLC
- PHARMALEX GMBH
- ICON PLC
- IQVIA Inc.
- McKESSON CORPORATION
- Syneos Health
Middle East and Africa Health Economics and Outcomes Research (HEOR) Services Market Strategic Insights
Middle East and Africa Health Economics and Outcomes Research (HEOR) Services Market Report Highlights
| Report Attribute | Details |
| Market size in 2020 | US$ 26.8 Million |
| Market Size by 2027 | US$ 37.8 Million |
| CAGR (2020 - 2027) | 5.0% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Service
|
|
Regions and Countries Covered
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| Middle East and Africa | South Africa, Saudi Arabia, UAE, Rest of Middle East and Africa |
| Market leaders and key company profiles |
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Middle East and Africa Health Economics and Outcomes Research (HEOR) Services Market Country and Regional Insights
