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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Health Economics and Outcomes Research Market Analysis
The COVID-19 outbreak has propelled significant demand for pharmaceuticals and vaccines in the market. As a result, the pharmaceutical industry has witnessed rapid growth in recent years. With the rising demand, prominent companies have started outsourcing drug development and approval services with a vision to reduce the scope of error, expediate the development process and combat the shortage of skilled professionals. This has contributed significantly to the health economics and outcomes research market growth.
With development of new drugs in the pharmaceutical industry, there has been a surge in the number of clinical trials required. Health economics and outcomes research help the clinical development by providing valuable information regarding specific drugs such as accessibility to the population and comparative pricing of rival drugs. The price for a new drug developed and revision of prices of existing drugs is done with the aid of HEOR services, which is providing impetus to the growth of industry.
The market growth is further driven by the rising number of mergers and acquisitions occurring amongst companies. In April 2023, Kaiser Permanente and Geisinger joined forces to launch a non-profit organization called Risant Health to expand access to value-based care. This organization aims at offering multipayer, multi-provider services, along with community-based health system environments. Such partnerships are expected to cater to the health economics and outcomes research market demand.
Health Economics and Outcomes Research (HEOR) Market Report Snapshots
Health Economics and Outcomes Research (HEOR) Market Size
Health Economics and Outcomes Research (HEOR) Market Analysis
Health Economics and Outcomes Research (HEOR) Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about USD 1.56 billion in 2023, driven by increasing emphasis on drug development and clinical trials across the globe.
The market is anticipated to grow at a CAGR of 12.50% during the forecast period of 2024-2032, likely to reach a market value of USD 4.50 billion by 2032.
The market demand is driven by the increasing number of clinical trials for effective drug development and the rising focus of prominent companies to outsources services to as to expediate the drug development process, along with making it cost effective.
The current market trend includes the increasing mergers and acquisitions among several key companies. For instance, Kaiser Permanente and Geisinger announced their merger in April 2023, which aims at offering community-based healthcare services.
Major services include health economic services and outcomes research services.
The research finds wide applications in oncology, cardiovascular diseases, infectious diseases, and neurology, among others.
Major end users include healthcare providers, pharmaceutical and biotech companies, and healthcare payers.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Key players involved in the market are Pharmerit International, ICON plc, IQVIA, Optum, Inc., Precision Xtract, Cornerstone Research Group, Xcenda, Analysis Group, Creativ-Ceutical, HERON Group, Oxford PharmaGenesis, Cornerstone Research, Evidera, PRMA Consulting and CHEORS.
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