Medical Affairs Outsourcing Market is Anticipated to Witness High Growth Owing to Growing Need for Core Expertise
Medical Affairs Outsourcing Market |
The
medical affairs outsourcing market comprises medical writing, clinical trial
applications and product registrations, regulatory consulting, and other
clinical and regulatory services that are hired by pharmaceutical,
biotechnology companies and medical devices to ensure compliance with global
regulations. Medical affairs outsourcing helps life sciences companies focus on
their core competencies by enabling access to specialized clinical, regulatory
and medical expertise through external service providers. With growing R&D
investments and new product launches, companies are increasingly adopting
medical outsourcing to optimize costs and streamline medical processes.
The Global
Medical affairs outsourcing Market is estimated to be valued at US$ 5.21 Bn in 2024 and is expected to
exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the medical affairs outsourcing are IQVIA Holdings
Inc., Ashfield (part of UDG Healthcare plc), Syneos Health, Parexel
International Corporation, ICON plc, PRA Health Sciences, Pharmaceutical
Product Development (PPD), WuXi AppTec, SGS SA, Covance Inc. (part of LabCorp),
Indegene, The Medical Affairs Company (TMAC), Synergy Pharmaceuticals, Charles
River Laboratories, KOLgroups, ZS Associates, McKinsey & Company
(Healthcare Practice), Accenture. The Medical
Affairs Outsourcing Market Demand offers significant growth
opportunities as the complex regulatory environment necessitates core
expertise. Major companies are expanding globally to capitalize on opportunities
across regions with new capabilities and offerings.
Some of the key opportunities in the medical affairs outsourcing market include
demand for end-to-end integrated services, analytics and data management
solutions, and tech-enabled services. Geographically, North America dominated
the market and held the largest share in 2023. However, Asia Pacific is
anticipated to witness the highest growth owing to increasing clinical research
in countries like China and India and growing biosimilar industry. Many
companies are expanding their presence in emerging markets through partnerships
and acquisitions to cater to the global demand.
Market Drivers
Growing
expenditure on R&D activities by pharmaceutical and biotechnology companies
is a major factor driving the demand for medical affairs outsourcing. With
continuous innovation and new product pipelines, companies route non-core
activities to specialty outsourcing providers for improved efficiency and
reduced costs. In addition, stringent regulatory requirements for drug approval
and emphasis on quality by health authorities necessitates expertize, thereby
augmenting the market growth.
Market Restraints
Data
privacy and security concerns remain key challenges for medical affairs
outsourcing. Loss of sensitive clinical trial data and Intellectual property
risks can negatively impact brand image and partnership opportunities.
Moreover, dependence on third parties for core operations results in less
control and accountability. Cultural differences across regions also add
complexity to global expansion plans of companies. Robust compliance management
and quality benchmark are critical for the medical affairs outsourcing market.
Segment Analysis
The Medical Affairs Outsourcing market is dominated by the clinical trials
services sub segment. Clinical trials require extensive management, monitoring
and data collection services which pharmaceutical companies are increasingly
outsourcing to specialists like contract research organizations. This has
driven the growth of the clinical trials services sub segment as outsourcing
helps pharmaceutical companies access experts, stay compliant with regulations
and optimize costs and timelines across global trials.
Global Analysis
The North American region dominates the global Medical Affairs Outsourcing
market currently. This is because of presence of leading pharmaceutical
companies which are actively outsourcing medical affairs activities.
Additionally, development of new drugs and stringent regulations have increased
clinical trials in the region which drives demand for outsourcing. The Asia
Pacific region is expected to grow the fastest during the forecast period. This
is owing to rising healthcare expenditure, increasing generics market and
growing clinical trials adopting global regulatory standards in countries like
China and India. Rising cases of chronic diseases also contribute to market
growth in Asia Pacific region.
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About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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