Global healthcare regulatory affairs outsourcing market size to boost at 12.3% CAGR through 2027
A comprehensive documentation of ‘Global Healthcare Regulatory Affairs Outsourcing Market’ with emphasis on vital aspects and prevailing industry dynamics aims to provide deep-dive knowledge about the business sphere to the readers. With fact based estimations and trustworthy expert verbatim, the report predicts the growth trajectory of the market over 2020-2027. Besides, it sheds light on the challenges and restraints arresting the revenue inflow, and enlists strategies to maintain the profits.
Seasoned analysts claim the worldwide healthcare regulatory affairs outsourcing market was appraised at USD 6.55 billion in 2019 and is anticipated to grow with a CAGR of 12.3% over 2020-2027. The boom can be credited to inflowing investment towards healthcare sector, leading to surge in R&D activities, as well as collaboration among drug developers and regulatory outsourcing service providers.
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The market sphere, as per the study, is classified based on service spectrum, organization size, and end-user ambit. Regional bifurcation, alongside the revenue contribution of the listed countries and growth prospects are also elucidated in the report. It further analyzes the competitive dashboard while elaborating the tactics incorporated by industry vendors to strengthen their foothold.
Citing an instance, as of 2020, China already had 100 life science parks and Chinese government had invested USD 100 billion towards promoting biotechnology. Likewise, in India, Department of Biotechnology (DBT) received USD 333.31 million in Union Budget 2017-18, to support national biotechnology development strategy (NBDS), which aims to establish India as biotech hub.
For the unversed, healthcare regulatory affairs involve implementation of policies for companies in healthcare & pharmaceutical sector to comply with certain product standard for safeguarding public health & welfare. While the outsourcing services include writing regulatory documents for quality control, medical publishing, and documentation of clinical research projects.
Surging number of drugs in clinical development stage, in tandem with strategies adopted of major vendors such as innovations, acquisitions & mergers, and collaborations are further augmenting the global healthcare regulatory affairs outsourcing market outlook.
However, constant technological advancements leading to price instability, alongside security risk associated with data and system access are hampering the industry expansion.
To access a sample pages of this report titled “Global Healthcare Regulatory Affairs Outsourcing Market Size study, by Service Type (Traditional Services, Software Services and Others), By Organization Size (Large Organizations, Mid-Sized Organizations and Small Organizations), By End-User (Pharmaceutical Companies, Medical Devices Manufacturing Companies, Healthcare Institutions and Others) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
Expounding market fragmentations:
Based on service terrain, global healthcare regulatory affairs outsourcing industry is classified into software services, traditional services, and others. As per organization size, the market space is segmented into small organizations, mid-sized organizations, and large organizations. While speaking of various end-users, healthcare institutions, medical device manufacturing companies, pharmaceutical companies, and others comprise the spectrum.
Elucidating regional landscape:
As per credible estimates, North America led the global healthcare regulatory affairs outsourcing market forecast in the past years, owing to evolving regulatory scenario. Emphasis on optimum utilization of resources by capitalizing on cheap labor, thereby reducing investment cost, is positively swaying the industry dynamics.
Global Healthcare Regulatory Affairs Outsourcing Market by Service Type (Revenue, USD Billion, 2017-2027)
- Software Services
- Traditional Services
Global Healthcare Regulatory Affairs Outsourcing Market by Organization Size (Revenue, USD Billion, 2017-2027)
- Small Organization
- Mid-sized Organization
- Large Organization
Global Healthcare Regulatory Affairs Outsourcing Market End-user Spectrum (Revenue, USD Billion, 2017-2027)
- Healthcare Institutions
- Medical Device Manufacturing Companies
- Pharmaceutical Companies
Global Healthcare Regulatory Affairs Outsourcing Market Regional Terrain (Revenue, USD Billion, 2017-2027)
- South Korea
Global Healthcare Regulatory Affairs Outsourcing Market Competitive Dashboard (Revenue, USD Billion, 2017-2027)
- WuXi AppTec
- PRA Health Sciences
- Promedica International
- Medpace Holdings Inc.
- Freyr Solutions
- Criterium Inc.
- Parexel International Corp.
- Accell Clinical Research LLC
- Covance Inc.
Global Smart Healthcare Market Size, Regional Forecasts 2020-2027
Global Smart Healthcare Market is valued approximately at USD 144 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.2% over the forecast period 2020-2027. Smart Healthcare is referred as the integration of advanced technology in conventional healthcare services, which in turn alters it into smart healthcare. Smart healthcare products improve the quality of healthcare services and enhance the user's experience. Smart syringes, smart pills, electronic healthcare etc. are some of the most ordinary type of the smart health care products. These products offer reliable and precise data regarding the patients and often help the clinicians to take care of their patients better.
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