Global Market Insights, Inc. has recently added a new report on health economics and outcomes research services market which estimates the global market valuation for HEOR services will cross US$ 1.7 billion by 2026. The market growth is attributed to increasing prevalence of chronic diseases and growing burden on the healthcare economy globally.
Growing disease burden worldwide will serve to be one of the major factors driving the health economics and outcomes research services market growth. Pharma and biotech industries are rigorously investing in R&D activities for development of new drugs, therapeutic procedures and clinical trials for the betterment of healthcare. Increasing burden of drug spending on payer’s healthcare budget is a major hurdle in several regions. Thus, focus of health economics and outcomes research service providers on offering optimal health outcomes for patients without bankrupting patient or healthcare system will increase its demand over the analysis timeframe, thereby fostering the overall industry growth.
Some of the industry growth drivers are,
- Surge in number of clinical trials globally.
- Focus of pharma & biotech companies on new drug development.
- Increasing R&D expenditure worldwide.
- Growing outsourcing of R&D activities.