Asia Pacific Health Economics and Outcomes Research (HEOR) Services Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Service (Economic Modelling/Evaluation, Real-world Data Analysis and Information Systems, Clinical Outcome, and Market Access Solutions and Reimbursement); Service Provider (Consultancy, and Contract Research Organizations); End User (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, and Government Organizations)
The health economics and outcomes research (HEOR) services market in Asia Pacific is expected to grow from US$ 110.0 million in 2020 to US$ 212.2 million by 2027; it is estimated to grow at a CAGR of 9.8% from 2020 to 2027. HEOR plays a vital role in providing comparative evidence for choosing products and services. Selecting the appropriate product or service would assist in improving patients' health outcomes with justified healthcare spending. It provides the most valued insights that lead to reduced waste of products, services, and money. Such evidence is essential to identify the best deployment policies for healthcare budgets that would benefit patients. The HEOR services would also help healthcare service providers to pay attention to uncertain spending on unnecessary surgeries and clinical procedures. The consultation by HEOR is likely to encourage the use of generic drugs, increase focus on updating nursing skills of nurses to manage chronic conditions of patients, and ensure no hospital stays for patients who do not require hospital care and can be treated with fewer resources as primary care. Thus, growing healthcare expenditure is likely to influence the HEOR service market's growth during the forecast period.
The market for Asia Pacific 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.
The COVID-19 pandemic has put a major strain on the health systems in many countries in Asia Pacific, mainly due to the limited and of substandard testing facilities in the initial phase of the pandemic, which led to a surge in the COVID-19 cases. However, countries such as South Korea, Japan, and Singapore managed to control the situation through robust tracking and testing. India has the second-highest number of cases in the world after the US. Treating patients of COVID-19 has dominated the healthcare system’s attention and resource allocation since the second quarter of 2020. India is further increasing its testing capacity and focusing its efforts on conducting vaccination drives. As per the Our World in Data, as of 13 February 2021, ~8.2 million doses have been administered in India. This is bolstering the demand for HEOR services in the region for better outcome analysis.
The overall Asia Pacific Health economics and outcomes research (HEOR) services market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific Health economics and outcomes research (HEOR) services market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific Health economics and outcomes research (HEOR) services market. Axtria, Inc., Avalon Health Economics LLC, PHARMALEX GMBH, Analysis Group, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health are among a few players operating in the Asia Pacific Health economics and outcomes research (HEOR) services market.
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