Medical Affairs Outsourcing Market Size US$ 2.65 Bn by 2026
LOS ANGELES, Jan. 28, 2020 /PRNewswire/ --
-- The global medical affairs outsourcing market size is poised to reach
around US$ 2.65 billion by 2026.
-- The medical affairs outsourcing market is anticipated to grow at a CAGR
of around 10.6% during the forecast period 2019 to 2026.
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North America dominated the global medical affairs outsourcing market in the year 2018. Different huge purposes behind the predominance of North America are the presence of worldwide pharmaceutical and life sciences firms, robust regulators like fda and therefore the accessibility of talent pool can contribute to the overall growth. However, high service value compared to the Asia Pacific and geographical area may be a major challenge moving the regional growth. The growing numbers of patent expirations with increasing expenditure of R&D activities are the most necessary factors influencing the event of the world regulatory affairs outsourcing market. Biopharmaceutical and health care organizations are projected to team with many outsourcing companies to get their devices and medicines approved within the international market. The authorization time of a tool or drug is taken into account to belong, costly, as well as it is also a documentation-centric technique. There's an increased requirement for skilled service suppliers that primarily specialize in knowledge handling that is expounded to regulative affairs so additional increasing the need for reliable service givers for regulatory affairs outsourcing. In addition, because the medical sector is experiencing a high rate of product innovations from many corporations vying to form a mark during this extremely competitive market, expenditure on R&D is additionally growing. during this regard, expenditure pressures and extreme competition are seemingly to push many corporations to find out new ways in which to cut down the expenditure, thus outsourcing is gradually being more most well-liked over in-house data administration because it is regarded to be cheaper likewise as resource-efficient thanks to managing large quantity of information generated throughout approvals, clinical trials, and patent approvals. The pharmaceutical and medical device companies are outsourcing their medical affairs services in order to diverge their business activities and manage product life cycles. Additionally, contract analysis organizations offer cost-efficient solutions and compliance with the health authority necessities, thereby propelling the market growth.
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Asia- Pacific is expected to register the highest CAGR during the forecast period. The availability of low-cost labor and rising cases of regulatory filings are the factors dynamic the regional growth. The growth of multi-national life science and pharmaceutical companies is additionally projected to foster regional demand.
Medical Science Liaisonshas dominated the offering segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period.Medical science Liaisons (MSLs) are medical specialists with advanced scientific training. they're specialists in communicating complex medical info to a range of stakeholders. As MSLs are majorly needed when launch of the merchandise, it's not efficient for pharmaceutical or medical devices firms to stay MSLs on workers. Also, to overcome insufficient and non-uniform training, pharmaceutical & medical devices firms are expected to majorly source these MSLs activities to contract analysis organizations over forecast amount.
The Medical affairs outsourcing market is divided as pharmaceutical, biopharmaceutical, and medical devices. The pharmaceutical sector held the biggest market share, accounting for 53.2% in 2018 due to surge in patent expiration. because of various patent expiration, the necessity of medical affairs service suppliers has increased for the preparation of drafts of new patents.
The biopharma business is growing at a high rate and captured over 25% of the total pharmaceutical market. The biopharma business is focusing on the core activities related to drug development compared to the non-core activities such as medical affairs. to reduce expenditure and avail skilled medical affairs services, biopharma companies are outsourcing these services to the contract analysis organizations.
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Some of the key manufacturing companies include in the global medical affairs outsourcing market are ICON plc, IQVIA Holdings Inc., The Medical Affairs Company (TMAC), Syneos Health Inc., Pharmaceutical Product Development, LLC., Ashfield Healthcare Communications, ZEINCRO Group, Wuxi Clinical Development, Inc., SGS SA, and Indegene Inc.
Some of the key observations regarding global medical affairs outsourcing industry include:
-- Parexel International Corporation acquired The Medical Affairs Company
in 2017. This acquisition has strengthened the commercialization and
medical affairs service offering of the company.
-- In May 2017, Rich Pharma, Inc., a developer of oncology therapies,
selected IND 2 Results, LLC as a CRO to provide protocol development,
medical writing, and regulatory consulting services for its clinical
trials on treatment of Hodgkin's Lymphoma and Acute Myelocytic Leukemia.
-- In April 2019, Charles River Laboratories International, Inc. acquired
Citoxlab, a non-clinical Contract Research Organization (CRO) offering
regulated safety assessment services, medical device testing, and other
services. The acquisition has expanded Charles' offerings and
strengthened its market position as a CRO.
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