MEWA Health Economics & Outcomes Research (HEOR) Services Market
Digitalization in Healthcare to Boost MEWA Health Economics & Outcomes Research (HEOR) Market Growth During Forecast Period
The healthcare industry has significantly evolved owing to the integration of information technology (IT), artificial intelligence (AI), and digital technology. There have been positive impacts of digitalization in the healthcare industry. Some healthcare digitalization results include electronic medical records, telemedicine, and big data. Several e-health systems involving governments, NGOs, private investors, and software companies need coordination between all their stakeholders, making these systems nonredundant and effective. A synchronized approach by the parties involved would save time and increase productivity.
In the Middle East, the adoption of digital health systems has increased due to technological advancements that have revolutionized how healthcare is delivered—from preventive measures and diagnosis to interventions and self-care management. Digital health technologies were already on the rise before the COVID-19 pandemic, but their development, application, and distribution accelerated during the pandemic. Digital health solutions have become an important tool to ensure continuity of care. Digital health is an attractive proposition for governments because it can improve access to healthcare, quality of care, and workforce productivity. According to an article titled “Digital Health Revolutionizes Healthcare Delivery in the Middle East,” published in Innovation Origins, the digital health market is estimated to be worth US$ 10 billion by 2028 in the region. Digital health has helped improve patient care and well-being in the Kingdom of Saudi Arabia (KSA) and the UAE. Thus, digitalization in healthcare has offered growth opportunities for existing players and new market entrants.
Africa faces a growing burden of noncommunicable and infectious diseases due to inadequate and deficient health infrastructure, regional disparities in medical and paramedical resources, and a lack of patient information. eHealth companies are already a reality on the continent, offering diverse services and contributing to better healthcare access and patient well-being. Bayer, Merck, Sanofi, and Pierre Fabre are examples of multinational pharmaceutical companies providing mentoring and financial support to African e-health start-ups. Kenyan start-up KEHEALA has developed a mobile healthcare platform that enables behavioral interventions and disease management for patients. WellNewMe in Nigeria has developed an online platform to assess the health risks of individuals using an algorithmic approach.
Thus, such instances are expected to transform the healthcare industry and help the HEOR service providers guide decision-makers in choosing the best technologies. It would also help healthcare providers improve health results cost-effectively, thereby boosting MEWA health economics & outcomes research (HEOR) market growth.
MEWA Health Economics & Outcomes Research (HEOR) Market: Segmental Overview
The MEWA health economics & outcomes research (HEOR) market is segmented on the basis of service, service provider, end user, and region. Based on service, the market is segmented into clinical outcome, economic modelling/evaluation, market access solutions and reimbursement, and real-world data analysis and information systems. The clinical outcome segment held the largest market share in 2022. The real-world data analysis and information systems segment is anticipated to register the highest CAGR during 2022–2030. The MEWA health economics & outcomes research (HEOR) market, by service provider, is bifurcated into contract research organizations and consultancy. The contract research organizations segment held a larger market share in 2022 and is anticipated to register a highest CAGR during 2022–2030. Based on end user, the market is segmented into biotech/pharma companies, healthcare payers, government organizations healthcare providers. The biotech/pharma companies segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030.
MEWA Health Economics & Outcomes Research (HEOR) Market: Competitive Landscape and Key Developments
PharmaLex GmbH, ICON Plc; IQVIA Holdings Inc; Syneos Health Inc, Optum Inc ; Value In Research ExlService Holdings, Inc; Clarivate Plc; and CCHO are among the leading companies operating in the MEWA health economics & outcomes research (HEOR) market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the MEWA health economics & outcomes research (HEOR) market. Many market players are launching innovative products with advanced features in the MEWA health economics & outcomes research (HEOR) market.
In March 2023, IQVIA partnered with (RED) to fight AIDS and the injustices that enable pandemics to thrive, to support laboratory system strengthening, and to save lives. This US$ 5 million impact partnership will channel life-saving money to the Global Fund’s Laboratory Systems Integration Fund.
In January 2021, PharmaLex announced a strategic collaboration with Dubai-based Mepharma Consultancy. The company took this strategic step to expand its presence in the Middle East & Africa.
In December 2022, ICON plc was recognized with several coveted business and industry awards over the second half of 2022 for delivering clinical research services alongside specialist collaborations on data, analytics, and digital healthcare.
