Selbyville, Delaware, Jan. 27, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on health economics and outcomes research services market which estimates the global market valuation for HEOR services will cross US$ 1.7 billion by 2026. The market growth is attributed to increasing prevalence of chronic diseases and growing burden on the healthcare economy globally.
Growing disease burden worldwide will serve to be one of the major factors driving the health economics and outcomes research services market growth. Pharma and biotech industries are rigorously investing in R&D activities for development of new drugs, therapeutic procedures and clinical trials for the betterment of healthcare. Increasing burden of drug spending on payer’s healthcare budget is a major hurdle in several regions. Thus, focus of health economics and outcomes research service providers on offering optimal health outcomes for patients without bankrupting patient or healthcare system will increase its demand over the analysis timeframe, thereby fostering the overall industry growth.
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Some of the industry growth drivers are,
- Surge in number of clinical trials globally.
- Focus of pharma & biotech companies on new drug development.
- Increasing R&D expenditure worldwide.
- Growing outsourcing of R&D activities.
Health economics and outcomes research services are bifurcated into economic modelling/evaluation, real-world data analysis & information systems, clinical outcome, market access solutions & reimbursement and others. The clinical outcome segment was valued around USD 250 million in 2019 and is estimated to witness lucrative growth over the analysis period. Clinical outcomes include tools for evaluating impact of healthcare interventions on patient related clinical outcomes. These web-based software hold information/data provided by patients, validated by clinicians and estimate the patient’s individual healthcare expenditure. Availability of various clinical outcome software such as the clinical reported outcomes and the observer reported outcomes will help the healthcare industry to monitor the clinical impact on a broader level, thus proving beneficial for the segmental growth.
The consultancy segment captured over 30% revenue share in 2019. Segment growth is attributed to reliance of companies on consultancies offering effective commercial solutions for increasing revenue generation and establishing its global footprint in the market. Consultancies help companies with product portfolio strategies, value-based marketing, product launching, customer & digital engagement, business impact, sales strategies, patient solutions and customer reach among others. Thus, inclination of companies towards consultancies to align systems across distinct platforms will further increase the demand for health economics and outcomes research services.
The government organization segment is estimated to show around 10.5% CAGR by 2026. The government organizations work on pre-approvals of products, pharmaco-economics as well as payer’s investments. Organizations such as ISPOR, ISOQOL and AMCP work towards development and promotion of HEOR services to increase its adoption in the healthcare industry. Usage of HEOR services to monitor drug pricing, healthcare spending, price transparency, digital advancements, healthcare coverage and value-based payment models among others will accelerate the government organizations segment growth.
Browse key industry insights spread across 135 pages with 161 market data tables & 17 figures & charts from the report, “Health Economics & Outcomes Research (HEOR) Services Market Share & Forecast, 2020–2026” in detail along with the table of contents:
Europe health economics and outcomes research services market accounted for revenue of more than USD 250 million in 2019. European countries have a higher adoption of advanced drugs, therapies and treatments that will serve to be a major impact rendering factor in the regional business growth. Awareness among pharmaceutical companies regarding HEOR services has led to alterations in the drug and treatment regulatory laws in Europe. These alterations to make healthcare services accessible will provide several growth opportunities for Europe HEOR services industry growth.
Some major findings of the HEOR services market report include:
- Focus of pharma and biotech companies on new drug development and increase in the number of clinical trials will primarily upsurge the demand for HEOR services.
- According to the National Institute of Health, in 2018, the government invested USD 13,870 in clinical research and USD 5,207 million in clinical trials and its supporting activities.
- Healthcare payers rely on HEOR services due to growing preference for value-based reimbursement and increasing use of drugs and therapies in developed countries.
- European market has seen considerable growth in HEOR services market due to stringent drug pricing regulations and regular advances in the pharmaceutical industries.
- Several industry players such as Syneos Health, Cardinal Health, IQVIA and Medlior are adopting different organic and inorganic growth strategies to capitalize on market opportunities.
Some of the notable business players operating in the health economics and outcomes research services market include Axtria, Cardinal Health, McKesson Corporation, Optum, Pharmaceutical Product Development, ICON, RTI Health Solutions and Syneos Health. These industry players are implementing various organic and inorganic growth strategies to stay ahead in the market competition. For instance, in May 2019, ICON introduced advanced web-based patient engagement platform to support enrollment in clinical trials and improve patient’s experience. This advancement enabled the company to diversify its service portfolio and garner more revenue.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. HEOR services industry 360° synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Service trends
2.1.3. Service provider trends
2.1.4. End-user trends
2.1.5. Regional trends
Chapter 3. HEOR Services Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.3.2.1. Lack of skilled healthcare professionals in developing and underdeveloped economies
3.4. Growth potential analysis
3.4.1. By service
3.4.2. By service provider
3.4.3. By end-user
3.5. Health technology assessment (HTA) overview
3.6. Porter’s analysis
3.7. Competitive landscape, 2018
3.7.1. Competitive matrix analysis, 2018
3.8. PESTEL analysis
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/health-economics-and-outcomes-research-heor-services-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.