Health Economics Research Market

Global Health Economics Research Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The growing demand for evidence-based healthcare policy, and increasing healthcare costs are some of the major factors driving the growth of the Global Health Economics Research Market.

Global Health Economics Research Market is valued at USD 2.14 Billion in 2022 and it is expected to reach USD 3.69 Billion by 2029 with a CAGR of 8.1% over the forecast period.

Scope of Global Health Economics Research Market Report-

Health economics research is a branch of economics that focuses on the study of how scarce resources are allocated within the healthcare industry. It aims to understand the behavior of patients, healthcare providers, and policymakers, as well as the effects of healthcare policies and interventions on health outcomes, healthcare utilization, and healthcare costs.

Health economics research has its roots in the early 20^th century, but it wasn't until the 1960s and 1970s that it emerged as a distinct field of study. The field has grown significantly in the last few decades, fueled by the increasing importance of healthcare in the global economy, the rise of chronic diseases, and the growing demand for evidence-based healthcare policy.

Health economics research is applied in a variety of areas, including pharmaceuticals, medical devices, public health interventions, healthcare financing, and healthcare delivery. It is used to inform healthcare policy decisions, evaluate the cost-effectiveness of medical treatments, and guide resource allocation decisions.

The end-users of health economics research include policymakers, healthcare providers, payers, pharmaceutical companies, medical device manufacturers, and patients.

Revenue Generation Model:

The revenue generation model of the health economics research market varies depending on the type of organization. Academic institutions, for example, generate revenue through research grants and contracts, while consulting firms generate revenue through fees for service. Pharmaceutical and medical device companies may also invest in health economics research to inform their product development and marketing strategies.

Supply Chain Model:

The supply chain model of the health economics research market is complex and involves multiple stakeholders. The process typically begins with the identification of research questions and the design of research studies. Data collection and analysis are then carried out, followed by the dissemination of findings through publications, conferences, and other channels.

Value Chain Model:

The value chain model of the health economics research market can be divided into three main stages: research, analysis, and dissemination. The research stage involves the identification of research questions, the design of research studies, and the collection of data. The analysis stage involves the use of statistical and econometric techniques to analyze the data and derive insights. The dissemination stage involves the communication of research findings to stakeholders through publications, presentations, and other channels.

Covid-19 Impact on the Global Health Economics Research Market:

COVID-19 has also impacted the health economics research market. On the one side, the pandemic has created a heightened awareness of the importance of evidence-based healthcare policy and decision-making. This has led to increased demand for health economics research to inform policy decisions related to the pandemic response, such as vaccine distribution strategies and healthcare resource allocation.

On the others side, the pandemic has disrupted many ongoing health economics research studies, leading to delays and cancellations. It has also created challenges for data collection and analysis, as many healthcare systems have been overwhelmed by the pandemic response.

Key Players of Global Health Economics Research Market Report-

• Avalere Health
• BioMedEcon
• Bristol-Myers Squibb
• Center for Health Policy and Outcomes
• Charles River Associates
• Covance
• Deloitte
• Evidera
• GE Healthcare
• GlaxoSmithKline
• Health Economics Research Centre
• Health Economics Research Unit
• HealthPartners Institute
• ICON plc
• IMS Health
• Janssen Research & Development
• Johnson & Johnson
• KPMG
• L.E.K. Consulting
• Lilly Research Laboratories
• McKinsey & Company
• Medtronic
• Merck & Co.
• Novartis
• Novo Nordisk
• Optum
• Pfizer
• Precision Health Economics
• PricewaterhouseCoopers
• QuintilesIMS
• Roche
• Sanofi
• Syneos Health
• Takeda Pharmaceuticals
• The Lewin Group
• UnitedHealth Group
• Vertex Pharmaceuticals
• Xcenda
• ZS Associates
• IQVIA
• and others.

Global Health Economics Research Market Segmentation:-

By Service:

• Consultancy Services
• Writing and Publication Services
• Education and Training Services
• Software and Tools
• Data Management Services
• Other Services.

By End-User:

• Pharmaceutical Companies
• Government Organizations
• Academic Institutions
• Healthcare Providers
• Others

By Regional & Country Level:

• North America
  • S.
  • Canada
• Europe
  • K.
  • France
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers:

Growing demand for evidence-based healthcare policy: The evidence-based policy uses rigorous research methods to identify the most effective medical treatments and interventions and is increasingly being used by governments and healthcare providers to inform decision-making processes.

The growing availability of healthcare data and the development of advanced analytical tools are also contributing to the increasing demand for evidence-based healthcare policy. According to the National Academy of Medicine, the use of evidence-based medicine could save the US healthcare system as much as $750 billion per year.

As healthcare systems continue to face challenges related to rising costs and the aging population, evidence-based policy is becoming an essential tool for ensuring that healthcare resources are allocated in the most effective and efficient manner possible. For example; in Europe, the proportion of the population aged 65 years or over was around 19% in 2020 and is projected to increase to around 29% by 2050.

Increasing healthcare costs: The adoption of new and expensive medical technologies has been a major driver of healthcare costs in recent years. According to the Centers for Medicare & Medicaid Services (CMS), healthcare spending in the United States grew by 4.6% in 2019 to reach $3.8 trillion, with spending on hospital care and prescription drugs accounting for a significant portion of the total spending.

In addition, health economics research plays a critical role in addressing this issue by evaluating the cost-effectiveness of medical treatments and interventions, identifying areas where healthcare resources can be optimized, and informing healthcare policy decisions. By helping to control healthcare costs while ensuring high-quality patient care, health economics research has become an essential tool for healthcare stakeholders worldwide.

Market Restraints:

Limited funding for health economics research is a major challenge: Health economics research requires significant resources, including funding for data acquisition, analysis, and modeling. However, funding for health economics research is often limited, particularly in low- and middle-income countries. This can limit the availability of health economics research services, particularly for smaller healthcare organizations and public health agencies.

According to the World Bank, low- and middle-income countries (LMICs) are defined as countries with a Gross National Income (GNI) per capita of less than $12,696. In 2020, there were 103 LMICs, accounting for approximately 6 billion people or 77% of the world's population. These countries face significant challenges in providing adequate healthcare services to their populations, including limited resources for health economics research.

Market Opportunities:

Growing demand for personalized medicine: The increasing focus on personalized medicine is creating opportunities for health economics research to evaluate the cost-effectiveness of personalized treatments and interventions.

Increasing adoption of value-based healthcare: The shift towards value-based healthcare is driving demand for health economics research to inform reimbursement and pricing strategies.

Rising demand for real-world evidence: The growing importance of real-world evidence is creating opportunities for health economics research to evaluate the effectiveness and safety of medical treatments and interventions.

Advancements in data analytics: Advancements in data analytics are creating new opportunities for health economics research to analyze and interpret complex healthcare data.

Market Trend:

Product and Technology Development:

Increased use of real-world evidence: Real-world evidence refers to data collected outside of clinical trials, such as electronic health records and insurance claims data. Health economics research is increasingly using real-world evidence to evaluate the cost-effectiveness of medical treatments and interventions.

Growing use of simulation models: Simulation models use statistical and mathematical techniques to simulate real-world scenarios. Health economics research is increasingly using simulation models to evaluate the cost-effectiveness of medical treatments and interventions.

Customer Trends:

Increasing demand from healthcare providers: Healthcare providers are increasingly relying on health economics research to inform their decision-making processes. This is driven by the need to optimize healthcare resource allocation and provide cost-effective treatments to patients.

Growing demand from payers: Payers, such as insurance companies and government agencies, are using health economics research to evaluate the value of different medical treatments and interventions. This is driven by the need to contain healthcare costs and to ensure that patients receive high-quality, cost-effective care.

Market Competition Nature:

Competition in the health economics research market is intense, with a large number of global players operating in the market. Key market players are implementing various strategies to stay competitive, such as:

Expanding their service offerings: Many market players are expanding their service offerings to include a broader range of health economics research services, such as real-world evidence studies and simulation modeling.

Collaborating with academic institutions and research organizations: Many market players are collaborating with academic institutions and research organizations to access cutting-edge research methods and techniques.

Investing in technology: Many market players are investing in technology to improve their data analytics capabilities and to develop new tools and models for health economics research.

Expanding their geographic reach: Many market players are expanding their geographic reach through mergers and acquisitions, partnerships, and other strategic initiatives. This enables them to access new markets and to better serve their clients.

Geography Analysis:

North America:

North America is one of the largest markets for health economics research, accounting for a significant share of the global market. The market in North America is driven by factors such as the well-established healthcare infrastructure, high healthcare expenditure, and the presence of a large number of key market players in the region.

The United States is the largest market for health economics research in North America, followed by Canada. According to the World Bank, in 2019, the United States, Canada, and Mexico had healthcare expenditures as a percentage of GDP of 16.9%, 10.7%, and 6.3%, respectively. In the United States, healthcare spending was $11,072 per capita in 2019, which was the highest healthcare spending per capita among all countries.

Europe:

Europe is one of the major markets for health economics research, accounting for a significant share of the global market. The market in Europe is driven by factors such as the presence of well-established healthcare infrastructure, high healthcare expenditure, and the growing burden of chronic diseases.

For example; according to the World Health Organization (WHO), chronic diseases such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes account for 86% of deaths and 77% of the disease burden in Europe. The United Kingdom, Germany, France, Italy, and Spain are some of the largest markets for health economics research in Europe.

In Europe, the market is primarily driven by the increasing need for evidence-based healthcare decision-making and the growing demand for cost-effective medical treatments and interventions. The region has a well-established healthcare system, with a strong emphasis on evidence-based medicine and health technology assessment. This has led to a growing demand for health economics research services, including cost-effectiveness studies, budget impact analyses, and health technology assessments.

Key Benefits of Global Health Economics Research Market Report–

• Global Health Economics Research Market report covers in-depth historical and forecast analysis.
• Global Health Economics Research Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Health Economics Research Market report helps to identify opportunities in the marketplace.
• Global Health Economics Research Market report covers extensive analysis of emerging trends and competitive landscape.