According to the business intelligence report titled ‘Health Economics & Outcomes Research (HEOR) Services Market Size By Service, By Service Provider (Consultancy, Contract Research Organizations), By End-user (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, Government Organizations), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’,available with Market Study Report, global health economics and outcomes research services market is projected to witness significant expansion between 2020-2026.
 

Growing number of clinical trials worldwide, increasing focus of pharmaceutical & biotechnology companies towards development of new drugs, and rising expenditure on research activities are key factors driving global health economics and outcomes research services market expansion.
 

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For the unversed, health economics and outcomes research (HEOR) services provide vital information to healthcare providers for making informed decisions. They also help in interpreting patient data accurately and analyzing it to make the correct decision.
 

While increasing trend of outsourcing R&D activities will facilitate the industry outlook, lack of skilled healthcare professionals in developing & underdeveloped economies will act as a challenge for market players.
 

Based on services, market access solutions & reimbursement segment is anticipated to grow at 13.4% CAGR between 2020-2026, due to their importance in making accurate decisions, designing clinical trials, and shaping the market access strategy. Growing trend of acquiring more data regarding product safety & effectiveness amid efforts to cut expenditure is also credited for this growth.
 

As per service providers, global health economics and outcomes research services industry from contract research organization segment amassed USD 500 million in 2019 and is estimated to record significant growth between 2020-2026 due to their secure services and support provided to biotechnology & pharma industries.
 

Moving on to end user spectrum, the healthcare providers segment is projected to witness 12.7% CAGR between 2020-2026.
 

Regionally speaking, Asia Pacific held 15.5% of the industry share between in 2019 owing to low cost and rising awareness among consumers regarding HEOR services. Supportive government regulations are also an important contributor to market expansion in APAC.
 

Meanwhile, Latin America health economics & outcomes research services market is anticipated to register 13.1% CAGR between 2020-2026 due to growing number of contract research organizations and stringent regulations. 
 

Speaking of Middle East & Africa industry, it is speculated to accrue USD 20 million by 2026 due to rising investments in research & development activities, and growing number of potential products. 
 

Key players profiled in global health economics and outcomes research services industry report are TCD, Axtria, Syneos Health, Avalon Health Economics LLC, RTI Health Solutions, Cardinal Health Inc., PPD Inc., IQVIA, PharmaLex GmbH, McKesson Corporation, Optum, and Medlior Health Outcomes Research Ltd.