Europe Medical Affairs Outsourcing Market Growth and Recent Trends by 2027
Europe Medical Affairs Outsourcing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Services (Medical Writing and Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others) and Application (Pharmaceutical, Biopharmaceutical, and Medical Devices)
- Status : Published
- Report Code : TIPRE00025180
- Category : Life Sciences
- No. of Pages : 141
- Available Report Formats :
- Last update date : October 07, 2021
2020 Market Size
US$ 436.93 Mn
Base year value
2027 Forecast
US$ 891.80 Mn
Projected by 2027
CAGR 2021-2027
10.7 %
Growth rate
Addressable Market
US$ 4,688.54 Mn
(2021-2027)
The medical affairs outsourcing market in Europe is expected to grow from US$ 436.93 million in 2020 to US$ 891.80 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027.
France, Germany, Italy, Spain, and UK are major economies in Europe. Rising R&D expenditures along with adoption of outsourcing activities is the major factor driving the growth of the Europe medical affairs outsourcing market. Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical, medical device and biotechnology companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in the European Union it was registered to be approximately 13% in the year 2014. The drug development and discovery is time-consuming and expensive process. The process from early discovery or design to development to regulatory approval can take more than 10 to 15 years. Throughout the development phase of a drug substance, various testing services are required to check the quality and efficacy of the product. Therefore, the pharmaceutical and biotechnology companies prefer to outsource the services to the contract research organizations (CROs) in order to save the cost and time, which is expected to drive the growth of the market.
In Europe, there is an exponential growth of COVID-19 cases. Spain, Germany, France, Italy, and the UK are the most affected countries in Europe. The growing research activities to develop a treatment against COVID-19 are likely to favor the market's growth. As the COVID-19 pandemic has heavily impacted Europe, extensive clinical research is currently being conducted to identify effective therapies. The UK dominates the COVID-19 research space and accounts for the largest number of clinical trials (24.5%), which is then followed by Spain (13.2%), France (9.5%), Italy (5.3%), Russia (4.8%), and Germany (3.8%). Reliable and timely COVID-19 testing is an integral part of the monitoring, prevention, touch recording, control of infections, and clinical management of COVID-19. The European center for disease prevention and control (ECDC) has proposed an analytical testing strategy for the EU with concrete guidelines on the level of dissemination of viruses in the population, considering the available public health tools and testing ability. Companies in Europe are adopting various strategies to overcome this situation.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe medical affairs outsourcing market. The Europe medical affairs outsourcing market is expected to grow at a good CAGR during the forecast period.
Europe Medical Affairs Outsourcing Market Segmentation
Europe Medical Affairs Outsourcing Market – By Services
- Medical Writing and Publishing
- Medical Science Liaisons (MSLs)
- Medical Information
- Medical Monitoring
- Others
Europe Medical Affairs Outsourcing Market – By Application
- Pharmaceuticals
- Medical Devices
- Biopharmaceutical
Europe Medical Affairs Outsourcing Market, by Country
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Europe Medical Affairs Outsourcing Market - Companies Mentioned
- Excelya
- ICON PLC
- Indegene
- IQVIA Inc
- PAREXEL INTERNATIONAL CORPORATION
- PPD Inc
- SGS SA
- Syneos Health
- UDG Healthcare plc.
- WuXi AppTec
Europe Medical Affairs Outsourcing Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 436.93 Million |
| Market Size by 2027 | US$ 891.80 Million |
| CAGR (2020 - 2027) | 10.7% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Services
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
- Comprehensive Market Sizing and Forecast Analysis
- Detailed Segmentation Analysis
- In-Depth Market Dynamics Assessment
- Regional and Country-Level Insights
- Competitive Landscape and Company Benchmarking
- Strategic Business Intelligence
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