Clinical Outcome Segment has the Largest Share of Service in the South and Central America Health Economics and Outcomes Research (HEOR) Services Market during 2020–2027

According to a new market research study on “South and Central America Health Economics and Outcomes Research (HEOR) Services Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Service, Service Provider, and End User” is expected to reach US$ 89.1 million by 2027 from US$ 49.2 million in 2020. The market is estimated to grow at a CAGR of 8.8% from 2020 to 2027. The report provides trends prevailing in the South and Central America Health economics and outcomes research (HEOR) services market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the increasing product development and growing healthcare spending. However, the market is expected experiencing slow growth during the forecast period owing to the restrictions on access to real-world data (RWD).

The COVID? 19 pandemic is a critical test for the already overburdened and underfunded public healthcare systems of South and Central America. It suffers from severe inequalities. State-run hospitals and clinics are already overstressed by the treatment of vector?borne diseases and community?acquired infections and high rates of non?communicable diseases (NCDs). Also, the prevention and treatment of NCDs have been critically affected since the onset of the COVID-19 in the region, as per the Pan American Health Organization (PAHO). Before COVID-19, approximately 81% of all deaths in the region were due to NCDs. An estimated 62 million people live with diabetes, and 1.2 million live with cancer in South and Central America. Moreover, in South and Central America, the Gross Domestic Product (GDP) and central government healthcare expenditure are significantly lower than in developed countries. In 2018, as per the United Nations, Economic Commission for Latin America (CEPAL), 16 South American countries invested less than 4% of their GDP to healthcare. The consequences of a lack of investment in public healthcare systems are reflecting during the pandemic. The COVID?19 pandemic is exacerbating these inequalities by threatening the infrastructure and capacity of state?owned healthcare systems. Thus, the factors mentioned above are negatively impacting the growth of the market in the region.

The market for South and Central America 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.

Axtria, Inc., Avalon Health Economics LLC, PHARMALEX GMBH, ICON PLC, IQVIA Inc., McKESSON CORPORATION, and Syneos Health are among the leading companies in the South and Central America Health economics and outcomes research (HEOR) services market. The 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. 

The market for Health economics and outcomes research (HEOR) services market is segmented into service, service provider, and end user. Based on Service (Economic Modelling/Evaluation, Real-world Data Analysis and Information Systems, Clinical Outcome, and Market Access Solutions and Reimbursement). Based on Service Provider (Consultancy, and Contract Research Organizations). Based on End User (Healthcare Providers, Healthcare Payers, Biotech/Pharma Companies, and Government Organizations). Geographically, the Health economics and outcomes research (HEOR) services market is segmented into South and Central America (Brazil, Argentina, and Rest of SCAM).

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com