Medical Affairs Outsourcing Market Size – Reach $3.28 Billion with 11.2% CAGR during (2020-2027) | The Insight Partners

The Insight Partners published latest research report on "Medical Affairs Outsourcing Market Overview Report, Size, Share, Trends & Growth Forecast to 2027 - COVID-19 Impact and Global Analysis By Services and Application, and Geography”, the global market share is projected to reach USD 3,287.12 million by 2027 from USD 1,415.00 million in 2019; it is estimated to grow at a CAGR of 11.2% from 2020 to 2027.

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Growth Strategies by the Key Players Operating in the Medical Affairs Outsourcing Market:

Jan-2020 - PPD, Inc. (PPD) has expanded its operations and leadership team in China to provide enhanced laboratory, regulatory, clinical development, patient access, site conduct, and post-approval services for international and China-based biopharmaceutical companies.

Feb-2020 - ICON plc acquired MolecularMD, a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. The acquisition enhanced ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including immunohistochemistry (IHC), and next-generation sequencing.

Apr-2020 - Accelerated Enrollment Solutions (AES), a business of PPD, Inc. has launched a new program to help biopharmaceutical companies maintain business continuity during the global COVID-19 pandemic by transferring clinical trial patients to AES’ dedicated research sites from other research facilities impacted by the coronavirus crisis.

Sep-2020 - ICON plc, launched Accellacare a global clinical research network offering patients easier and faster access to creative treatments and offering customers the option to deploy decentralized trials.

Dec-2020 - Almac Clinical Technologies and inVentiv Health entered strategic partnership. The partnership offered an opportunity for both organizations to provide customers and sites with streamlined access to best-in-class clinical trial Interactive Response Technology (IRT) solutions

Medical affairs are playing a vital role within current pharmaceutical, medical device and biotechnology companies. Moreover, these services are witnessing an expansion in both earlier (pre-production) as well as later stages (post-production) of medical products. Medical affairs outsourcing services helps the original equipment manufacturing (OEM) companies with flexible and scalable solutions that helps them to utilize strategic management, resource components and, healthcare personnel resources.

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Global Medical Affairs Outsourcing Market Share Report, Segmentations, Regional & Country Scope:

Report Coverage

Details

Market Size Value in

USD 1,415.00 Million in 2019

Market Size Value by

USD 3,287.12 Million by 2027

Growth rate

CAGR of 11.2% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

163

No. of Tables

90

No. of Charts & Figures

71

Historical data available

Yes

Segments covered

Services, Application and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Companies Covered

ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec, SGS SA, PPD Inc, PAREXEL INTERNATIONAL CORPORATION, Indegene, Excelya, UDG Healthcare plc.

Key Research Capabilities

Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

 

Browse key market insights spread across 163 pages with 90 list of tables & 71 list of figures from the report, "Medical Affairs Outsourcing Market Size Forecast to 2027 - COVID-19 Impact and Global Analysis By Services (Medical Writing and Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others) and Application (Pharmaceutical, Biopharmaceutical, and Medical Devices), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/medical-affairs-outsourcing-market

The growth of the medical affairs outsourcing market is mainly attributed to factors such as increasing number of clinical trials worldwide and rising adoption of outsourcing activities coupled with increasing R&D expenditures. However, the increasing costs of drug development and clinical trials hinder the market growth.

Growing healthcare sector in developing regions, especially in Asia Pacific, creates considerable business expansion opportunities for the medical affairs outsourcing market players. The huge population suffering from various medical conditions in these countries is generating demand for more clinical trials. The number of clinical trials conducted in Asia Pacific is greater than those conducted in the US or Europe. The preference for conducting clinical trials in Asia Pacific is increasing due to low operational costs, large patient recruitment potential, wide CRO presence, favorable regulatory environment, and better clinical trials capacity and quality. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU as the doctor visits and medical treatments and procedures are less pricey in Asian countries. Thus, such favorable conditions for conducting clinical trials in Asian countries is expected to boost the demand for outsourcing medical affairs from pharmaceutical and biopharmaceutical companies in the coming years.

CRO service industry is highly fragmented with the presence of numerous small and medium-sized limited-service providers, and a small number of large, full-service, global CROs. Smaller CROs face a few barriers while entering into the global market, whereas the full-service CROs with global capabilities needs to build the necessary infrastructure; moreover, they should be capable of simultaneously managing multiple complex testing services across different countries and regions, establishing the required relationships with strategic partners, developing relevant therapeutic expertise to serve the needs of their customers. Since the past few years, consolidation is emerging as a prominent trend across the CRO industry, which is followed by the majority of the prime players to strengthen their service offerings and garner the major market share in the global CRO market. For instance, Parexel International Corp. acquired The Medical Affairs Company in 2017. This has led to the generation of larger CROs benefiting pharmaceutical and biopharmaceutical companies through the wide geographic diversification, extensive therapeutic and development expertise, and enormous capital and technical resources to manage the demanding drug development programs, medical device designing and research, and regulatory affairs.

Pharmaceutical Research and Manufacturers of America (PhRMA), the International Federation of Pharmaceutical Manufacturers & Associations, World Health Organization (WHO), Federal Ministry for Economic affairs and Energy, European Federation of pharmaceutical Industries and Associations (EFPIA), and National Institute for Health Research (NHS) are among the major secondary sources referred to while preparing the report on the medical affairs outsourcing market.

 

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