North America Medical Affairs Outsourcing Market Growth Drivers and Forecast by 2027
North America 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 : TIPRE00025179
- Category : Life Sciences
- No. of Pages : 120
- Available Report Formats :
- Last update date : October 07, 2021
2020 Market Size
US$ 641.58 Mn
Base year value
2027 Forecast
US$ 1,369.08 Mn
Projected by 2027
CAGR 2021-2027
11.4 %
Growth rate
Addressable Market
US$ 7,078.87 Mn
(2021-2027)
The medical affairs outsourcing market in North America is expected to grow from US$ 641.58 million in 2020 to US$ 1,369.08 million by 2027; it is estimated to grow at a CAGR of 11.4% from 2020 to 2027.
The US, Canada, and Mexico are major economies in North America. Rising number of clinical trials is the major factor driving the growth of the North America medical affairs outsourcing market. A clinical trial is a crucial and significant step in the determination of safety and effectiveness of a medical strategy, treatment, or device for commercial usage. These studies also help understand and determine the best medical approaches for a particular therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted. The increasing prevalence of various communicable and non-communicable diseases is triggering the demand for the development of new drugs or medical devices. The abovementioned scenario is, in turn, expected to surge the demand for the medical affairs outsourcing services in the coming years. Hence, the increasing number of clinical trials, raising the demand for medical affair services, is a significant factor driving the growth of the medical affairs outsourcing market.
The COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are felt across several markets. While SARS, H1N1, and other outbreaks have occurred in the healthcare sector in the last few years, the severity of COVID-19 has made the situation more complicated due to its mode of transmission. North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has undergone a profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also being severely affected by disruptions in both new enrollments and keeping existing patients on therapies. The impact of COVID-19 has placed many regulatory and outsourcing teams under pressure. 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.
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 North America medical affairs outsourcing market. The North America medical affairs outsourcing market is expected to grow at a good CAGR during the forecast period.
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
North America Medical Affairs Outsourcing Market Segmentation
North America Medical Affairs Outsourcing Market – By Services
- Medical Writing and Publishing
- Medical Science Liaisons (MSLs)
- Medical Information
- Medical Monitoring
- Others
North America Medical Affairs Outsourcing Market – By Application
- Pharmaceuticals
- Medical Devices
- Biopharmaceutical
North America Medical Affairs Outsourcing Market, by Country
- US
- Canada
- Mexico
North America Medical Affairs Outsourcing Market - Companies Mentioned
- ICON PLC
- Indegene
- IQVIA Inc
- PAREXEL INTERNATIONAL CORPORATION
- PPD Inc
- Syneos Health
- UDG Healthcare plc.
- WuXi AppTec
North America Medical Affairs Outsourcing Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 641.58 Million |
| Market Size by 2027 | US$ 1,369.08 Million |
| CAGR (2020 - 2027) | 11.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Services
|
| Regions and Countries Covered |
North America
|
| 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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