The HEOR services industry is projected to register 14% CAGR between 2023 and 2032 due to increasing R&D spending worldwide.
Selbyville, Delaware, Jan. 24, 2023 (GLOBE NEWSWIRE) —
Health economics and outcomes research services market value is projected to cross $3.5 billion by 2032, according to a recent research report announced by Global Market Insights Inc.
Increasing the number of clinical trials and increasing the outsourcing of R&D projects as the main drivers of the HEOR services industry. In particular, Research and Development continues to be at the forefront of innovation, driving progress for HEOR services. This is encouraging businesses to invest heavily in R&D operations due to the growing need for new drugs to cure various diseases.
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Growing adoption of electronic medical records to increase demand for real-world data analytics
The real-world data analytics and information systems segment is estimated to be over USD 154 million in 2022. The expansion is attributed to significant emphasis on real-world data (RWD), often used to produce insights, predictions and exploratory findings about products. diseases and patient populations. Real-world data are readily available and effective for outcome research and regulatory purposes due to technological advances and the adoption of electronic medical records.
Browse key industry insights spread across 151 pages of 159 market data tables and 12 figures and charts from the report, “Health Economics Research Services and Outcomes Market Size by Service (Economic Modeling/Evaluation, Real-World Data Analysis and Information Systems, Clinical Outcome, Market Access Solutions and Reimbursement), by Service Provider ( consulting, contract research organizations), by end-use (Healthcare providers, healthcare payers, biotech / pharmaceutical companies, government organizations), COVID-19 Impact Analysis, Industry Analysis Report, regional outlook, potential market growth, segmentation and competitive forecast, 2023 – 2032” In detail along with the table of contents:
Increasing emphasis of businesses to outsource data analytics services to drive CRO segment benefits
The health economics research services market revenue and results from the CRO segment was more than USD 688 million in 2022. Contract research organization (CRO) service providers are booming due to the shift in focus to insured services. Regulatory certifications and services provided such as clinical and preclinical testing are expected to drive the expansion of HEOR services. Additionally, to focus on core business operations, excel in the competitive system, and be adaptable in the face of evolving technology, pharmaceutical and biotech companies are also outsourcing research efforts.
Rising health care costs to increase the use of HEOR services by government organizations
The market size of health economics and outcomes research services by government organizations is projected to exhibit more than 11.5% CAGR by 2032. The essential need for HEOR services is being driven by the growing development for sophisticated healthcare services and increasing health care costs. These services help in the efficient planning and allocation of available health care resources. Thus, the continuous efforts of these government organizations to provide the best health outcomes at reasonable costs are increasing consumer interest in HEOR services.
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Growing progress for new drugs to promote HEOR services industry in the LATAM region
Latin America’s health economics and outcomes research services market is projected to describe over 14.5% CAGR through 2032. The region is set to become a major hub for the HEOR services industry due to increasing awareness regarding health economics and results of search services. Additionally, several initiatives undertaken by pharmaceutical and biotech companies in the LATAM region to develop and launch new drugs are further driving regional market revenue and accelerating the overall demand for HEOR services.
Introducing new service features to remain a key growth strategy
Health economics and outcomes research services market players profiled in the report include McKesson Corporation, Axtria, Cardinal Health, Avalon Health Economics, MEDLIOR, IQVIA, PharmaLex GmbH and more.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a provider of global market research and advisory services, offering shared and customized research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specifically designed and presented to aid strategic decision-making. These comprehensive reports are created through a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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