DUBLIN--(BUSINESS WIRE)--The "North America Health Economics and Outcomes Research Services Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Service; Service Provider; End-user" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is expected to reach US$ 1,253.4 million by 2027 from US$ 548.8 million in 2020. The market is estimated to grow at a CAGR of 12.5% from 2020 to 2027.
The growth of this market is being driven by factors such as increasing product developments and growing healthcare spending. However, the market is expected to experience slow growth during the forecast period owing to the restrictions on access to real-world data (RWD).
Impact of COVID-19
The outbreak has highly affected the North American region. At present, the majority of the pharmaceutical companies and research institutes are engaged in the development of COVID-19 vaccines. The COVID-19 crisis has highlighted the use of real-world evidence (RWE) in the pharmaceutical industry. The FDA also acknowledge value of using RWD to understand COVID-19 and to assess potential re-purposed treatments being used in practice. A prominent example of RWE-data is Pfizer's Ibrance, which is used for breast cancer and had undergone trials only for women.
The HEOR services help governments to provide economic data on the burden of disease, the cost effectiveness of vaccines and the projected implementation costs of immunization programs to reach universal health coverage. Evidence on evaluating infectious disease and economic impact of vaccination is critical in informing national decision makers on the allocation of limited resources and in prioritizing interventions in the health sector. Thus, the demand of HEOR services is expected to remain high in the region.
Clinical Outcome Segment, the Largest Share of Services during 2020-2027
The market for Health economics and outcomes research (HEOR) services market is segmented into service, service provider, and End-user. Based on the service, in 2019, the clinical outcome segment held the largest share of the market whereas the real-world data analysis and information systems segment is expected to dominate the market share with the fastest CAGR during the forecast period. The growth of market is estimated to be driven by extensively increasing awareness of real-world data analysis and information systems. In addition, the companies are also engaged in the implementation of various strategies to prove their existence in the markets, which is generating a significant market potential.
Companies Profiled
- Axtria, Inc.
- Avalon Health Economics LLC
- MEDLIOR
- PHARMALEX GmbH
- Analysis Group
- ICON PLC
- IQVIA Inc.
- McKesson Corporation
- Syneos Health
- Optum, Inc.
These leading companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in December 2020, Syneos Health announced strategic collaboration with ConcertAI, one of the considerable players in real world evidence technology. The partnership is planning to implement novel oncology clinical trial research solutions with the help of artificial intelligence technologies.
Reasons to buy this report:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Health economics and outcomes research (HEOR) services market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America Health economics and outcomes 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 North America market trends and outlook coupled with the factors driving the Health economics and outcomes research (HEOR) services market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
For more information about this report visit https://www.researchandmarkets.com/r/jah0m1
