North America 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 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.

Market Overview and Dynamics

The health economics and outcomes research (HEOR) services market in North America is expected to grow from US$ 548.8 million in 2020 to US$ 1,253.4 million by 2027; it is estimated to grow at a CAGR of 12.5% from 2020 to 2027. Precision medicine is an emerging segment in the healthcare industry. Various research and developments and progress are made, which have shown promises for betterment of people and improving their quality of life. However, despite various developments and improvements, there is a lack of evidence, thresholds, and reimbursement scenarios. Various researchers, payers, healthcare service providers, and market players are working to deploy the new insights of personalized or precision medicines applications in early drug development and their consequences for health technology assessment. Thus, considering the above-mentioned factors, there are broader growth opportunities for HEOR service providers to enhance their services for strategy and consulting, real-world evidence, modeling and microsimulation, and evidence synthesis associated with precision medicine. Thus, emergence of precision medicine is expected to provide vital growth opportunities for the market during the forecast period.

Key Market Segments

In terms of service, the clinical outcome segment accounted for the largest share of the North America 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 North America 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 North America 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, MEDLIOR, PHARMALEX GMBH, Analysis Group, ICON PLC, IQVIA Inc., McKESSON CORPORATION, Syneos Health, and Optum, Inc.

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NORTH AMERICA 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

• North America
  • US
  • Canada
  • Mexico

Companies Mentioned

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

North America Health Economics and Outcomes Research (HEOR) Services Market Strategic Insights

North America Health Economics and Outcomes Research (HEOR) Services Market Segmentation Analysis

North America Health Economics and Outcomes Research (HEOR) Services Market Report Highlights

North America Health Economics and Outcomes Research (HEOR) Services Report Scope

North America Health Economics and Outcomes Research (HEOR) Services Market Country and Regional Insights