The health economics and outcome research (HEOR) services market size is expected to grow from US$ 1.68 billion in 2024 to US$ 3.79 billion by 2031; it is projected to register a CAGR of 12.3% during 2024-2031. The increasing product development, growing healthcare spending, and a surge in clinical trials are noteworthy factors contributing to the expansion of health economics and outcome research (HEOR) services market size. However, restrictions on access to real-world data hinder the health economics and outcome research (HEOR) services market growth.
The healthcare industry has significantly evolved since there is an integration of information technology, artificial intelligence, and digital technology. Healthcare digitalization has attracted several technology giants, such as Apple, Inc.; Amazon.com, Inc.; Alphabet Inc., and Microsoft Corporation, to enter the healthcare segments. For instance, Alphabet Inc.'s venture, Google, is dedicatedly involved in life sciences, and its other ventures are investing in the healthcare industry. These companies have utilized their capability with technological development and have provided various wearable devices, digital apps, diagnostics technologies, and therapies that keep track of health and fitness.
Electronic medical records, telemedicine, and big data are a few of the healthcare digitalization results. Microsoft Corporation has entered into artificial intelligence, and it is exploring the possibilities of transforming healthcare, genomics, telehealth, cloud computing, and cybersecurity for the healthcare industry. Constant developments are made by the core healthcare companies, contributing to the growth of the HEOR services market. For instance, In October 2023, Curavit Clinical Research, a virtual contract research organization (VCRO) specializing in decentralized clinical trials for digital therapeutics, launched a new Health Economics and Outcomes Research Practice.
Curavit will integrate HEOR services into clinical trials to gather evidence on the health economic value of novel pharmaceutical products, particularly digital therapeutics, with the aim of accelerating market momentum. Furthermore, Curavit will evaluate the impact and effectiveness of DTx interventions on both individual and population healthcare levels. Thus, digitalization in healthcare is likely to bring new trends in the health economics and outcome research (HEOR) services market in the coming years.
End User-Based Insights
Based on end user, the health economics and outcome research (HEOR) services market is segmented into biotech/pharma companies, healthcare payers, government organizations, and healthcare providers. The biotech/pharma companies segment held the largest health economics and outcome research (HEOR) services market share in 2024. Biotechnology and pharmaceutical companies extensively adopt HEOR services to improve product development, market access, and economic outcomes. In addition, investments of the companies in terms of product and market optimization are growing substantially.
In August 2024, ADVI Health announced the acquisition of the Partnership for Health Analytic Research (PHAR), a global consultancy specializing in health technology assessment and health economics and outcomes research. PHAR is known for providing high-impact, data-driven insights to some of the most prominent biopharmaceutical sponsors and clients. This acquisition enhances ADVI's Strategic Analytics, Value, and Economics (SAVEs) team, increasing their data analysis and value strategy capabilities with substantial HEOR expertise. The PHAR team brings 20 years of experience in primary and secondary real-world data research, patient registries, expert panels, and literature reviews, thereby fueling the health economics and outcome research (HEOR) services market.
The Canadian Center for Health Economics, the World Health Organization, and Organization for Economic Co-operation and Development are among the primary and secondary sources referred to while preparing the health economics and outcome research (HEOR) services market report.
The healthcare industry has significantly evolved since there is an integration of information technology, artificial intelligence, and digital technology. Healthcare digitalization has attracted several technology giants, such as Apple, Inc.; Amazon.com, Inc.; Alphabet Inc., and Microsoft Corporation, to enter the healthcare segments. For instance, Alphabet Inc.'s venture, Google, is dedicatedly involved in life sciences, and its other ventures are investing in the healthcare industry. These companies have utilized their capability with technological development and have provided various wearable devices, digital apps, diagnostics technologies, and therapies that keep track of health and fitness.
Electronic medical records, telemedicine, and big data are a few of the healthcare digitalization results. Microsoft Corporation has entered into artificial intelligence, and it is exploring the possibilities of transforming healthcare, genomics, telehealth, cloud computing, and cybersecurity for the healthcare industry. Constant developments are made by the core healthcare companies, contributing to the growth of the HEOR services market. For instance, In October 2023, Curavit Clinical Research, a virtual contract research organization (VCRO) specializing in decentralized clinical trials for digital therapeutics, launched a new Health Economics and Outcomes Research Practice.
Curavit will integrate HEOR services into clinical trials to gather evidence on the health economic value of novel pharmaceutical products, particularly digital therapeutics, with the aim of accelerating market momentum. Furthermore, Curavit will evaluate the impact and effectiveness of DTx interventions on both individual and population healthcare levels. Thus, digitalization in healthcare is likely to bring new trends in the health economics and outcome research (HEOR) services market in the coming years.
End User-Based Insights
Based on end user, the health economics and outcome research (HEOR) services market is segmented into biotech/pharma companies, healthcare payers, government organizations, and healthcare providers. The biotech/pharma companies segment held the largest health economics and outcome research (HEOR) services market share in 2024. Biotechnology and pharmaceutical companies extensively adopt HEOR services to improve product development, market access, and economic outcomes. In addition, investments of the companies in terms of product and market optimization are growing substantially.
In August 2024, ADVI Health announced the acquisition of the Partnership for Health Analytic Research (PHAR), a global consultancy specializing in health technology assessment and health economics and outcomes research. PHAR is known for providing high-impact, data-driven insights to some of the most prominent biopharmaceutical sponsors and clients. This acquisition enhances ADVI's Strategic Analytics, Value, and Economics (SAVEs) team, increasing their data analysis and value strategy capabilities with substantial HEOR expertise. The PHAR team brings 20 years of experience in primary and secondary real-world data research, patient registries, expert panels, and literature reviews, thereby fueling the health economics and outcome research (HEOR) services market.
The Canadian Center for Health Economics, the World Health Organization, and Organization for Economic Co-operation and Development are among the primary and secondary sources referred to while preparing the health economics and outcome research (HEOR) services market report.
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- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the health economics and outcome research (HEOR) services market.
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- The key findings and recommendations highlight crucial progressive industry trends in health economics and outcome research (HEOR) services market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Health Economics and Outcomes Research (HEOR) Services Market Landscape
5. Health Economics and Outcomes Research (HEOR) Services Market - Key Market Dynamics
6. Health Economics and Outcomes Research (HEOR) Services Market - Global Market Analysis
7. Health Economics and Outcomes Research (HEOR) Services Market Analysis - by Service
8. Health Economics and Outcomes Research (HEOR) Services Market Analysis - by Service Provider
9. Health Economics and Outcomes Research (HEOR) Services Market Analysis - by End User
10. Health Economics and Outcomes Research (HEOR) Services Market - Geographical Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Health Economics and Outcome Research (HEOR) Services Market include:- PharmaLex GmbH
- ICON Plc
- IQVIA Holdings Inc
- Syneos Health Inc
- Optum Inc
- Certara Inc.
- ExlService Holdings, Inc.
- Avalon Health Economics LLC
- Axtria, Inc.
- McKesson Corp.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 168 |
| Published | February 2025 |
| Forecast Period | 2024 - 2031 |
| Estimated Market Value ( USD | $ 1.68 Billion |
| Forecasted Market Value ( USD | $ 3.79 billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
