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Health Economics & Outcomes Research (HEOR) Services Market Analysis

The Health Economics And Outcomes Research Services Market size is estimated at USD 1.54 billion in 2024, and is expected to reach USD 2.91 billion by 2029, at a CAGR of 13.47% during the forecast period (2024-2029).

The growth of the HEOR services market is attributed to increased R&D spending by the government and market players along with the increasing adoption of HEOR services by biotech and pharmaceutical companies. In addition, the growing demand for real-world evidence and outcome data for reimbursement is also one of the major factors influencing the market.

Moreover, due to the increasing number of pharmaceutical and biotech companies worldwide, coupled with the rise of new drugs and increasing clinical trials, the market under study is poised for lucrative growth in the coming years. As of October 2024, clinicaltrials.gov reports a total of 515,318 clinical trials recorded globally. The anticipated increase in clinical trials is expected to drive the global demand for advanced HEOR services. As these trials produce substantial volumes of clinical, safety, and efficacy data, HEOR services are essential for converting this data into actionable insights, thereby accelerating the growth of the studied market.

The increasing demand for real-world evidence (RWE) is driving the market for Health Economics and Outcomes Research (HEOR) services. Pharmaceutical and biotechnology companies are leveraging RWE to support drug approvals and reimbursement decisions, thereby enhancing the credibility of their products in a competitive market. This shift towards evidence-based medicine enables healthcare providers and payers to make informed decisions, leading to improved patient outcomes. For instance, in October 2023, Curavit Clinical Research launched HEOR services specifically for digital therapeutic trials. This strategic initiative aims to assess the financial impact of digital therapeutics by integrating HEOR evaluations into clinical trials. By analyzing clinical outcomes and economic data, Curavit enables manufacturers to demonstrate product value to payers, thereby facilitating broader insurance coverage and adoption of these innovative therapies.

The strategic activities by the market players such as the implementation of HEOR services in their project are expected to propel the growth of the market. For instance, in May 2024, TKomodo Health published 33 new health economics and outcomes research (HEOR) studies utilizing its Healthcare Map and AI-driven technology platform. These studies, set to be showcased at the 2024 International Society for Pharmacoeconomics and Outcomes Research (ISPOR) Global Conference, illuminate significant disease trends across various domains, including women’s health, oncology, mental health, hypertension, and neurology. Researchers from leading institutions and Life Sciences companies harnessed Komodo’s technology platform and Healthcare Map to uncover insights. These insights centered on patterns in clinical outcomes, healthcare resource utilization (HCRU), disease burden, comparative effectiveness, and potential complications linked to approved treatments for distinct patient populations.

Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the forecast period. However, a lack of skilled healthcare professionals and restrictions on access to real-world data (RWD) may hinder the market's growth over the forecast period.

Health Economics & Outcomes Research (HEOR) Services Industry Segmentation

As per the scope of the report, health economics and outcomes research (HEOR) services guide healthcare providers to examine and select from multiple treatment options. The HEOR services establish and measure the link between treatment and actual outcomes. Therefore, enables evidence-based guidance on how to improve care. The health economics and outcomes research (HEOR) services market is segmented by service, service, providers, end user, and geography. By services, the market is segmented as economic modelling/evaluation, real-world data analysis and information systems, clinical outcome, and market access solutions and reimbursement, among others. By service provider, the market is segmented as consultancy and contract research organizations (CROs). By end-users, the market is segmented as biotech/pharma companies, healthcare providers, government organizations, and healthcare payers. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD) for the above segments.