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Global Health Economics and Outcomes Resource (HEOR) Industry Report: Analysis and Forecast 2022-2027
Health Economics and Outcomes Resource (HEOR) Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices
The global HEOR market reached about USD 1364.3 million in 2021. The market is further projected to grow at a CAGR of nearly 11.14% in the forecast period of 2022-2027 to reach a value of around USD 2779.2 million by 2027. The prices of HEOR in 2021-22 are expected to be affected by the shortage of skilled labour due to the investment in technology and infrastructure. While the key price indicator is manpower, overheads, software, and database, the key demand indicator is the highest category spender by region—North America.
HEOR: Industry Definition and Segmentation
Scope:
The HEOR functionality in a pharmaceutical or life science company is to produce evidence and proofs of the value of a new medicine or drug and other intervention for reimbursement and healthcare payers.
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The HEOR service industry report comprises of segments based on applications such as:
- Drug application includes developing drugs and approved drugs.
- Service applications include real-world evidence, payer evidence, pricing and reimbursement, epidemiology studies, and market access.
- Offering applications are outsourced and in-house.
- End-use includes healthcare providers, government organizations, biotech and pharma companies, and healthcare payers.
Snapshot of the Report
HEOR services outlook consists of Industry segmentation: Impact forces, key drivers, development, competitive structure, challenges. HEOR by application is divided into the market by drug, market by service, market by offering, market by end-use.
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The regional markets for the industry can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Category Drivers
Mandatory HTA submission requirements primarily drive the HEOR market, and the growing impact of real-world evidence in P&R. Pharmaceutical companies are being forced to expand beyond their comfort zones, such as employing big data analytics and m-health technologies, which is driving a lot of outsourcing. In addition, cost-cutting in the pharmaceutical industry has led to a rise in outsourcing these services without increasing headcount.
The HEOR procurement is affected by the lacking experience with genetics and defining sub-group populations to demonstrate effective outcomes. Furthermore, there is a lack of standardization in the HTA requirements.
Category Insight by Region
North America is predicted to carry an essential share over the forecast period registering the fastest growth within the HEOR market. North America and Europe will have a moderate regional supply, capacity addition, and buyer power, whereas Asia will have moderate regional supply and buyer power and low-capacity expansion. Availability of digital platforms and data analytics, demand from payers and HTA bodies in North America and Europe is higher than in Asia.
HEOR Billing
Clinical service billing rate varies depending on the project and the client’s needs. The billing rates are influenced by client-related parameters such as client size and type (pharma/biotech), the client spends on specific clinical categories, the complexity of services/procedures, length of engagement, etc. Apart from Client- related factors, supplier and market-related factors also influence the HEOR billing like for supplier-related factors, type of suppliers engaged: CRO/ technology providers/specialists; Availability of clinical unit, facility, equipment; technology investment; partnership with other firms like hospitals, patient recruitment organizations, technology providers.
Market-related factors like new technologies in the clinical sector; regulatory compliance, inflation, compliance to new regulation/industry guidance by FDA/WHO/CDC.
Demand/Supply Overview
Due to a shift in clinical trials to these regions, availability of patient pool, lower FTE rate, and rapid technology integration by suppliers, the move to virtual has exacerbated demand in developed economies. However, the APAC region will see moderate demand due to shifting clinical trials to these regions, availability of patient pool, lower FTE rate, and rapid technology integration by suppliers. Most HEOR is outsourced to global players (consultants or CROs), who then hire specialized players as needed. Fee-for-service and T&M are the most common pricing words in this category. As the market consolidates, the sector is moving toward strategic alliances with end-to-end service providers. For example, in the early stages of a project, it may be necessary to hire specialty consultants on a day-rate basis to gather preliminary data for candidate selection. As a result of supplier base consolidation, pharma companies will form strategic agreements with full-service HEOR providers rather than sub-category experts in the future.
Best Procurement Practices
The global HEOR industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major consumers of HEOR across the globe, such as engagement models, sourcing strategy, pricing model, contract model, technology strategy, governance model, and order management.
Category Management Studies
The necessity to evaluate the market for potential and effective product pricing is increasing due to an increase in the number of pharmaceuticals in large pharma product pipelines and the desire for orphan drugs to address unmet medical requirements of patients. In addition, the entry of disruptive technologies, such as big data analytics and m-health, is expected to increase in the future, as more HTA organizations around the world require real-world evidence. As a result, the market is expected to grow further, primarily due to the increasing requirement of evidence-based approaches to demonstrate the value of the drug.
Key Supplier Profiles included in the Global Health Economics and Outcomes Resource (HEOR) Industry Report
The major players in the market are IQVIA, Medpace, Convance, Syneos Health, McKesson Corporation. The report covers capacity additions, investments, mergers and acquisitions, and other latest developments of the suppliers.
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