Publication Month: Feb 2021 | Report Code: TIPRE00018935 | No. of Pages: 163 | Category: Healthcare IT | Status: Published
Medical affairs are playing a vital role in current pharmaceutical, medical device and biotechnology companies. Moreover, these services are witnessing an expansion in both earlier (pre-production) as well as later stages (post-production) of medical products. Medical affairs outsourcing services helps the original equipment manufacturing (OEM) companies with flexible and scalable solutions that help them utilize strategic management, resource components, and healthcare personnel resources.
The medical affairs outsourcing market is segmented on the basis of services, application, and region. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the medical affairs outsourcing market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID–19 pandemic on the market across all the regions. It is estimated that the market is likely to grow at a slower rate in the coming years due to the lockdown situations in various countries that have restricted the supply chain of different nonessential medical products. However, it also has had a positive impact on the bio/pharmaceutical outsourcing industry, wherein the demand for R&D activity is increasing leading to a rise in medical affairs assistance. This rising demand has caused various CROs to focus on their outsourcing and other operations.
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Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drugs and medical devices. It is a crucial step in the determination of safety and effectiveness of a therapeutic strategy and procedure, drugs, and devices; it is also a part of the process of gaining a regulatory approval for a commercial usage. Clinical studies also help understand and determine the best medical approaches for a particular therapeutic area. The rise in the number of clinical trials being conducted is mainly attributed to the increasing prevalence of various communicable and noncommunicable (NCDs) diseases, which is triggering the demand for the development of new drugs or medical devices, which is further boosting the demand for the medical affairs outsourcing services.
As per the data from the US National Library of Medicine, in 2018, there were ~280,801 clinical studies in progress in 50 states and 204 countries. The following figure shows the rise in the number of studies registered in the last few years.
Hence, the increasing number of clinical trials, raising the demand for the outsourcing of medical affair services, is significantly driving the growth of the medical affairs outsourcing market.
Based on services, the medical affairs outsourcing market is segmented into medical writing and publishing, medical science liaisons (MSLs), medical information, medical monitoring, and others. The medical writing and publishing segment held the largest share of the market in 2019 owing to the rising requirement of professional medical writing, publishing and service provision by small, mid-sized as well as giant healthcare companies. With the increasing number of companies entering the market and launching their products, the demand for medical writers have dramatically increased thereby leading to the market growth for the medical writing and publishing segment. On the other hand, the market for the medical science liaisons (MSLs) segment is anticipated to grow faster during 2020–2027 due to the requirement of expert liaisons post the medical device product launches.
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Based on application, the medical affairs outsourcing market is segmented into pharmaceuticals, medical devices, and biopharmaceuticals. The pharmaceuticals segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
|Market Size Value in||US$ 1,415.00 Million in 2019|
|Market Size Value by||US$ 3,287.12 Million by 2027|
|Growth rate||CAGR of 11.2% from 2020-2027|
|No. of Pages||163|
|No. of Tables||90|
|No. of Charts & Figures||71|
|Historical data available||Yes|
|Segments covered||Services and Application , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name across the world. Market players operating in the medical affairs outsourcing market also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.
The List of Companies - Medical Affairs Outsourcing Market