North America Health Economics and Outcome Research (HEOR) Services Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America health economics and outcome research (HEOR) services market size is expected to reach US$ 1,801.16 million by 2031 from US$ 783.61 million in 2024. The market is estimated to record a CAGR of 12.6% from 2024 to 2031.

Executive Summary and North America Health Economics and Outcome Research (HEOR) Services Market Analysis:

The HEOR services market in North America is segmented into the US, Canada, and Mexico. The US holds the largest market share, followed by Canada. The growth in North America is characterized by growing demand for HEOR services by the healthcare market players, growing support from the government to provide cost-effective healthcare services, increasing strategic developments by the HEOR players to enhance services, and a growing healthcare industry that demands frameworks and guidelines based on real-world data for their business models.

North America Health Economics and Outcome Research (HEOR) Services Market: Strategic Insights

North America Health Economics and Outcome Research (HEOR) Services Market Segmentation Analysis:

Key segments that contributed to the derivation of the North America health economics and outcome research (HEOR) services market analysis are service, service provider, and end user.

• Based on service, the North America health economics and outcome research (HEOR) services market is segmented into economic modelling or evaluation, real world data analysis and information system, market access solutions and reimbursement, clinical outcome, and others. The economic modelling or evaluation segment held the largest share of the market in 2024.

• By service provider, the North America health economics and outcome research (HEOR) services market is bifurcated into contract research organizations and consultancy. The contract research organizations segment held a larger share of the market in 2024.

• By end user, the North America health economics and outcome research (HEOR) services market is segmented into biotechnology and pharmaceutical companies, healthcare payers, government organizations, and healthcare providers. The biotechnology and pharmaceutical companies segment held the largest share of the market in 2024.

North America Health Economics and Outcome Research (HEOR) Services Market Players Density: Understanding Its Impact on Business Dynamics

The North America Health Economics and Outcome Research (HEOR) Services Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Health Economics and Outcome Research (HEOR) Services Market Outlook

The healthcare industry has significantly evolved since there is an integration of information technology, artificial intelligence, and digital technology. Healthcare digitalization has attracted several technology giants, such as Apple, Inc.; Amazon.com, Inc.; Alphabet Inc., and Microsoft Corporation, to enter the healthcare segments. For instance, Alphabet Inc.'s venture, Google is dedicatedly involved in life sciences, and its other ventures are investing in the healthcare industry. These companies have utilized their capability with technological development and have provided various wearable devices, digital apps, diagnostics technologies, and therapies that keep track of health and fitness.

Electronic medical records, telemedicine, and big data are a few of the healthcare digitalization results. Microsoft Corporation has entered into artificial intelligence, and it is exploring the possibilities of transforming healthcare, genomics, telehealth, cloud computing, and cybersecurity for the healthcare industry.

Constant developments are being made by the core healthcare companies, contributing to the growth of the HEOR services market. For instance, in October 2023, Curavit Clinical Research, a virtual contract research organization (VCRO) specializing in decentralized clinical trials for digital therapeutics, launched a new Health Economics and Outcomes Research Practice. Curavit will integrate HEOR services into clinical trials to gather evidence on the health economic value of novel pharmaceutical products, particularly digital therapeutics, with the aim of accelerating market momentum. Furthermore, Curavit will evaluate the impact and effectiveness of DTx interventions on both individual and population healthcare levels.

North America Health Economics and Outcome Research (HEOR) Services Market Country Insights

Based on country, the North America health economics and outcome research (HEOR) services market comprises the US, Canada, and Mexico. The US held the largest share in 2024.

The US is the largest market for HEOR services and is estimated to continue its dominancy owing to the presence of HEOR service providers, a well-established healthcare industry that provides broader scope for HEOR services, and a growing shift toward well-planned business models by the companies.

Increased research and development investments by the US government and market players are fueling the HEOR services market. According to the National Center for Science and Engineering Statistics (NCSES), businesses contributed US$ 130 billion to research in 2021, which accounted for 49% of all research spending in the US and 22% of all corporate funding for research and development. 77% of all US research and development in 2021 was conducted by businesses, totaling US$ 609 billion.

North America Health Economics and Outcome Research (HEOR) Services Market Company Profiles

Some of the key players operating in the market include PharmaLex GmbH; ICON Plc; IQVIA Holdings Inc; Syneos Health Inc; Optum Inc; Certara Inc.; ExlService Holdings, Inc.; Avalon Health Economics LLC; Axtria, Inc.; and McKesson Corp, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Health Economics and Outcome Research (HEOR) Services Market Research Methodology:

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.

• Industry trade journals and other relevant publications.

• Government documents, statistical databases, and market reports.

• News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.

• Enhance the expertise and market understanding of the analysis team.

• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise