The health economics and outcomes research (HEOR) services market has seen rapid growth in recent years, rising from $1.57 billion in 2024 to an expected $1.76 billion in 2025, marking a compound annual growth rate (CAGR) of 12.4%. This significant growth in the historic period can be attributed to the emergence of evidence-based medicine, healthcare policy and reforms, pharmaceutical innovations, an aging population, and increased chronic diseases.
The HEOR services market is predicted to grow quickly over the next few years, reaching an impressive $2.79 billion in 2029 with a CAGR of 12.2%. The forecasted growth can be attributed to healthcare supply chain optimization, an increased focus on health inequities, a rise in value-based agreements, digital health and telemedicine, and a shift towards personalized medicine. Key trends during this forecast period include the incorporation of social determinants of health, HEOR in rare diseases and orphan drugs, patient-centric outcomes assessment, value framework standardization, and rapid real-world evidence generation.
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What are the Key Drivers for the Health Economics and Outcomes Research (HEOR) Services Market?
The surge in the number of clinical trials is expected to fuel the growth of the health economics and outcomes research services market. Clinical trials are research studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. Health economics and outcomes research (HEOR) services are utilized in clinical trials to evaluate the economic impact, cost-effectiveness, and real-world outcomes of medical interventions. These services provide valuable insights that help shape decision-making processes and reimbursement strategies.
For instance, in May 2023, according to the United States National Library of Medicine, the number of registered studies rose from 399,499 in 2022 to 437,533 across all 50 states and in 221 countries. It was reported that 140,492 studies (31%) were registered in the U.S. alone, with an additional 241,498 studies (53%) registered in non-U.S. locations. As such, the surge in the number of clinical trials is driving the growth of the health economics and outcomes research services market.
What are the Major Segments of the Health Economics and Outcomes Research (HEOR) Services Market?
– By Service: Real World Evidence, Payer Evidence, Pricing And Reimbursement, Epidemiology Studies, market Access, Other Services
– By Offering: Outsourced, In-House
– By Service Provider: Consultancy, Contract Research Organizations (CRO)
– By End-Use: Healthcare Provider, Healthcare Payers, Biotechnology And Pharmaceutical Companies, Government Organization, Other End-Users
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Who are the Key Players in the Health Economics and Outcomes Research (HEOR) Services Market?
Key players in the health economics and outcomes research (HEOR) services market include McKesson Corporation, Optum Inc., Cardinal Health, IQVIA Inc., ICON PLC, PPD Inc., Syneos Health, Medlior Health Outcomes Research Ltd., Axtria Inc., Parexel International, RTI Health Solutions, Wellth Inc., Westat, SidekickHealth, Analysis Group, Carelon Research, Precision Health Economics, Avalon Health Economics LLC, Lumanity Inc., Pharmerit BV, Epistemix Inc., and Bohn Epidemiology LLC.
What Are the Latest Trends in the Health Economics and Outcomes Research (HEOR) Services Market?
Advancements in real-world evidence platforms are a key trend gaining popularity in the health economics and outcomes research (HEOR) services market. Major companies operating in the HEOR services market are adopting innovative technologies to transform healthcare decision-making, drug development, and patient care through the leveraging of real-world data in order to generate evidence-based insights and solidify their market position.
For instance, in April 2023, Komodo Health, a U.S.-based healthcare technology company specializing in real-world evidence (RWE) and data analytics, launched MapEnhance. This platform augments the analytical capabilities of Komodo’s existing Healthcare Map by incorporating invaluable data curated from its partner network. The MapEnhance platform provides customers with a detailed real-world view on clinical events and patient populations, enabling unprecedented insights into the field.
Which Regions are Leading and Growing in the Health Economics and Outcomes Research (HEOR) Services Market?
In 2024, North America held the largest share of the global health economics and outcomes research (HEOR) services market. However, Asia-Pacific is expecting to see the fastest growth during the forecast period.
What does the Health Economics and Outcomes Research (HEOR) Services Global Market Report 2024 Offer?
Health economics and outcomes research (HEOR) services are elements of a specialized field within healthcare that applies economic and epidemiological methods to the assessment of clinical and financial outcomes of healthcare interventions. HEOR services evaluate the cost-effectiveness, safety, and real-world impacts of medical treatments, interventions, and healthcare policies. The Health Economics and Outcomes Research (HEOR) Services Global Market Report 2024 research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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