Medical Information Market Size to Exceed USD 6.4 Billion by 2027

According to Nova one advisor, the the global Medical Information market gathered revenue around USD 4.1 Billion in 2020 and market is set to grow USD 6.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.1% during the prediction period 2021 to 2027.

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Increasing demand for new drug development coupled with the emergence of technologically advanced healthcare solutions, timely accessible information pertinent to healthcare products is anticipated to fuel the market growth.

Increasing healthcare expenditure and growing awareness about adverse drug events can increase the possibility of patients seeking medical information. Increase in adoption of social media for discussions on adverse events, ingredients, and other drug-related information.

The market expansion is a result of an increased number of clinical trials and due to the high prevalence of chronic diseases. Moreover, manufacturers of health products are outsourcing MI services to Contract Research Organizations (CROs) to limit the accountability of stringent regulatory compliances by working with a well-established outsourcing partner company. This helps them in reducing operational costs, regulatory compliance risk, and minimizing process delays.

The key factors attributing to the increased demand for outsourcing of medical information services are rising costs of pre-clinical research, drug development, clinical trials, and post-marketing surveillance. The healthcare sector is witnessing paradigm changes in the past decade, due to the depleting product pipeline, patent cliff, and regulatory constraints in new product development. This is expected to boost the adoption of contract outsourcing activities over the forecast period.

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Report Coverage

Medical Information Market Report Highlights

• The contract outsourcing segment is anticipated to witness a lucrative CAGR of around 8.8% from 2020 to 2027 owing to the increasing number of manufactures opt for outsourcing their MI management activities to third party vendors in order to improve the return on investment, maintain product quality and cost, profitability, and to achieve capacity restrictions.
• Based on the therapeutic area, the immunology segment is projected to ascend at a revenue-based CAGR of 9.0% over the forecast period
• The clinical trial phase segment dominated the market with a revenue share of 47.0% in 2019, owing to the increasing number of clinical trials and pressure from regulatory bodies to meet standards and compliances
• The medium-sized companies' segment is projected to expand at a CAGR of 7.7% to reach the value of USD 1.76 billion by 2027
• By end-use, biotechnology companies are anticipated to witness the fastest CAGR of around 8.1% over the forecast period. The increasing number of biologics in the market and a strong pipeline for innovative products are key attributing factors towards this segment's growth
• Asia Pacific is projected to showcase a considerable CAGR of around 7.9% due to the presence of a large number of outsourcing organizations. Consequentially, there is improved productivity, cost-efficiency, and resource sharing, which is further anticipated to propel demand
• India and China are the key hubs for the life sciences outsourcing market. The abundant availability of low-cost and high-skilled labor, land, and other resources in this region provides a competitive advantage in terms of production costs and the back-end processing of several services
• The medical information industry is highly competitive and diverse with many numbers of the small, medium, and large scale enterprises vying for the market share
• Collaboration with CROs provides access to cutting-edge services, therefore, manufacturers, government organizations prefer assigning projects to them. This is expected to propel the demand for outsourcing MI services in coming years

Regional analysis:

North America dominated the industry with a revenue share of 36.2% in 2020. This is attributable to the presence of a well-established regulatory framework in the region. Moreover, the presence of major service providers focusing on novel drug development is expected to fuel the adoption rate of the market for medical information over the forecast period.

Asia Pacific region is anticipated to register a lucrative growth in the forthcoming years owing to the rising awareness among patients, increasing investments and favorable government initiatives for meeting the healthcare demands are the factors driving regional growth. In addition, geographical expansion by various healthcare companies is a major factor that has created a demand for MI solutions. These solutions are generally outsourced to countries such as China and India as they provide skilled labor at a low cost.

Some of the prominent players in the Medical Information Market include: IQVIA; Parexel International Corporation; C3i Solutions; PrimeVigilance; McKesson Corporation; Propharma Group; Accenture; Cognizant; Infosys Limited; PharmCentre

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

• By Service Provider 
  • In house
  • Contract outsourcing
• By Therapeutic Area
  • Oncology
  • Neurology
  • Cardiology
  • Immunology
  • Others
• By Product Life Cycle
  • Pre-clinical
  • Clinical
  • Post Market Approval
• By Company Size
  • Small
  • Medium
  • Large Scale
• By End-use
  • Pharmaceuticals
    • Innovators
    • Generics
  • Biotechnology Companies
    • Biologics
    • ATMPs
    • Biosimilars
  • Medical Device Manufacturers
    • Therapeutic
    • Diagnostic

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Information industry analysis from 2022 to 2030 to identify the prevailing Medical Information industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Medical Information industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Medical Information industry trends, key players, market segments, application areas, and market growth strategies.

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