Medical Affairs Outsourcing Market See a Big Move Says Precedence Research
Medical Affairs Outsourcing Market (By Service: Medical Monitoring, Medical Writing & Publishing, Medical Information, Medical Science Liaisons and Others; By Industry: Medical Devices, Pharmaceutical, Biopharmaceutical) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027
The global Medical Affairs Outsourcing Market Size is projected to reach USD 2.8 billion by 2027, with a compound annual growth rate (CAGR) of 10.75% during the forecast timeline 2020 to 2027. Our reports on Medical Affairs Outsourcing market provide a holistic analysis, industry size, share, market trends, growth drivers, challenges and forecast, top vendor analysis covering around 15+ vendors.
This research report evaluates Medical Affairs Outsourcing Market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global Medical Affairs Outsourcing Market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2019 along with a forecast from 2020 to 2027 based on value.
Medical affairs play a fundamental character in overcoming blockades to access healthcare professionals (HCPs). Furthermore, compliance necessities mean medical affairs is accountable for offering HCPs with neutral, concurrent and translucent medical info. Eventually, in such progressively challenging setting, the onus is on medical affairs to gather high level data and interpret this info into value insights and programs that cater to the requirements of all participants such as HCPs, patients and government bodies among others.
Regardless of the noteworthy expansion and role which medical affairs department plays in the enactment and implementation of a corporation’s KOL development, clinical development, scientific publications, and medical education accomplishments, a topmost issue relic sis inadequate resources such as headcount and budget. Analogous to subcontracting models and arrangements inside the contract research and sales arenas, medical affairs outsourcing services afford businesses with scalable and flexible solutions allowing them to exploit resource component and strategic management and specialty degreed, healthcare personnel resources owning both therapeutic and discipline-specific proficiency. A foremost assistance cited by several medical affairs business executives is the aptitude to have these teams employed and educated very swiftly with the option to adapt the headcount throughout crucial initiatives and milestones grounded on business varying dynamics and marketplace.
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Growth Factors
Global medical affairs outsourcing market is propelled by escalating research and developments undertakings along with growing spending in the healthcare sector across the globe. Further rising emphasis on CROs and CMOs is supporting the market growth across different economies in the world. Geographically, Asia Pacific is expected projected show significant growth in the global market on account of fast turnaround period and stress-free obtainability of the trained and skilled professionals at low cost. Furthermore, augmented clinical trials across the world are also triggering the growth of global medical affairs outsourcing market. As per statistics offered by Word Health organization, the yearly number of registered clinical trials augmented from 3,344 in year 2004 to around 54,894 in the year 2018. As medical affair is significant support action for a successful clinical trial, its cumulative number is predicted to flourish growth of medical affairs outsourcing market during the years to come.
Report Highlights
- In 2019, medical writing & publishing appeared as most promising segment and garnered maximum revenue share of the total market
- Cumulative R&D activities and expansion of novel products to lift the growth of medical regulatory affairs outsourcing market across the world
- Pharmaceutical industry segment conquered the global market by accounting prominent share more than 50% of the total revenue generated by market in 2019.
- The Medical Science Liaisons (MSLs) services segment projected to record firmest CAGR during assessment period.
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Regional Snapshots
North America occupied for the prominent revenue chunk of the total gathered by global medical affairs outsourcing market in 2019 across various segments. This region is foreseen to sustain this stronghold during next few years on account of existence of leading global life sciences and pharmaceutical organizations, rigorous regulators such as FDA and obtainability of skilled workforce pool across the region.
Asia Pacific is projected to record the utmost compounded annual growth throughout the estimate period due to contributing factors such as accessibility of low-cost labor and intensifying cases of regulatory filings. Expansion of pharmaceutical and leading life science firms in this region is further estimated to bolster demand for medical affair outsourcing in Asia Pacific. Asia Pacific is the firmest growing pharmaceutical sector across the world, offering noteworthy prospects for drug marketing and development. Accordingly, pharmaceutical regulations in APAC are attaining attention amongst pharmaceutical businesses worldwide.
Key Players & Strategies
Pharmaceutical and medical devices establishments are subcontracting medical affairs services to the CROs or contract research organizations to restrict the accountability exposure by functioning with a skilled outsource company. Further it helps them to decrease operational costs, curtail regulatory compliance hazard, and avert process delays. Some of the major participants contending in the market arena are IQVIA Holdings Inc., The Medical Affairs Company (TMAC), Ashfield Healthcare Communications, Syneos Health Inc., ICON plc, ZEINCRO Group, Pharmaceutical Product Development, LLC, Wuxi Clinical Development, Inc., Indegene Inc and SGS SA.
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Few contemporary strategies implemented by market players are as follows:
In May 2017, Rich Pharma, Inc collaborated with IND 2 Results, LLC as a CRO to deliver medical writing, protocol development, and regulatory consulting services for its clinical trials on treatment of Acute Myelocytic Leukemia and Hodgkin's Lymphoma.
Charles River Laboratories International, Inc. acquired a non-clinical Contract Research Organization named CitoxlabIn April 2019. This firm provides the medical device testing, regulated safety assessment services, and other services.
Market Segmentation
By Services
- Medical Monitoring
- Medical Writing & Publishing
- Medical Information
- Medical Science Liaisons
- Others
By Industry
- Medical Devices
- Pharmaceutical
- Biopharmaceutical
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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