Pune India, Feb. 01, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the medical affairs outsourcing market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the medical affairs outsourcing market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the services, industry, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global medical affairs outsourcing market are ICON plc, Syneos Health Inc, Wuxi Clinical Development, Inc, SGS SA, Ashfield Healthcare Communications, Indegene Inc., Pharmaceutical Product Development, LLC, IQVIA Holdings Inc, The Medical Affairs Company (TMAC), ZEINCRO Group. among other. To achieve a substantial market share in the worldwide medical affairs outsourcing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Current trends show a rise in the subcontracting of essential functional achievements, primarily in the field of medical affairs, including medical publications, field-based medical teams, and medical materials. Businesses can meet emerging difficulties and requests by outsourcing medical matters because it is a flexible, affordable solution. The increased affiliation among international regulatory agencies has made the regulatory environment more difficult. As a result, in order to show product value for compensation and medicine approval, corporations’ medical affairs must collect enormous quantities of intricate data on actual patient outcomes. A number of nations are gradually increasing their R&D spending, which has led to an increase in the number of new items on the market. A growing relationship between clinical research organizations, medication developers, and contract manufacturing companies has been seen as a risk-reducing measure due to the worldwide regulatory authorities’ increasing stringency. Companies can focus on their core business operations because CMOs and CROs help lower risks. Therefore, it is believed that increasing R&D activities, as well as patent expirations, are the main key factors propelling the worldwide medical affairs outsourcing market.
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Scope of Medical Affairs Outsourcing Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Services, Industry, and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||ICON plc, Syneos Health Inc, Wuxi Clinical Development, Inc, SGS SA, Ashfield Healthcare Communications, Indegene Inc., Pharmaceutical Product Development, LLC, IQVIA Holdings Inc, The Medical Affairs Company (TMAC), ZEINCRO Group. among other|
The medical writing & publishing segment is expected to be the fastest-growing segment in 2022.
The services segment is medical monitoring, medical information, medical writing & publishing, medical science liaisons, and others. The medical writing & publishing segment is expected to witness the highest growth rate during the forecast period. Many large pharmaceutical companies now outsource the management of their clinical data to companies that provide specialist medical writing and publishing services. Due to the market release of various pharmaceutical products, which is expected to increase, there will be a significant increase in need for expert medical writers. The increased demand for qualified medical writers is therefore anticipated to be one of the major drivers of the medical writing and publishing market segment.
The pharma & biopharmaceuticals segment is expected to be the fastest-growing segment in 2022.
The industry segment is medical devices and pharma & biopharmaceuticals. The pharma & biopharmaceuticals segment is expected to witness the highest growth rate during the forecast period. As a result of multiple patent expirations leading to the emergence of new patent draughts, there is a greater need for medical affairs service providers. The pharmaceutical industry, which has been experiencing slow growth, sluggish medicine approvals, and an insufficient supply chain for pharma production, is anticipated to be negatively impacted for a considerable amount of time by the global pandemic.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the medical affairs outsourcing include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Strong FDA oversight, the presence of global leaders in the life sciences and pharmaceutical industries, and the availability of a talent pool are all contributing to the market’s expansion in this area. Some of the key factors driving the development of the global medical affairs outsourcing market include the growing number of patent expirations and the rising costs of R&D projects.
Germany’s medical affairs outsourcing market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. According to the BCG – Medizinische Biotechnologie in Deutschland revised in June 2021, 274 biopharmaceutical medicines were in phase I clinical trials in 2020, 261 were in phase II clinical trials, and 122 were in phase III clinical trials in Germany.
China’s medical affairs outsourcing market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. The presence of various firms, the financial benefits of outsourcing medical affairs, and the expertise required for medical affairs all point to the potential expansion of the region’s medical affairs market over the course of the forecast period.
India’s medical affairs outsourcing market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Because the local medical affairs team is skilled and competent. Additionally, the India region is anticipated to experience the highest growth over the course of the forecast period due to the CROs in the area’s capacity to offer services at competitive prices.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the medical affairs outsourcing market is mainly driven by the rise in government initiatives.
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