Medical Writing and Publishing Held Largest Share of the Services Segment in Medical Affairs Outsourcing Market
According to our latest study on " Medical Affairs Outsourcing Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Services, and Application" the market is expected to grow from US$ 1,415.00 million in 2021 to US$ 3,287.12 million by 2027. It is estimated to register a CAGR of 11.2% during 2020–2027. The report highlights the key factors and trends impacting the medical affairs outsourcing market and focuses on prominent players and their strategies.
Medical affairs are playing a vital role within 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 help the original equipment manufacturing (OEM) companies with flexible and scalable solutions that help them to utilize strategic management, resource components, and healthcare personnel resources. The increasing number of clinical trials worldwide and the rise in the adoption of outsourcing activities coupled with increasing R&D expenditures are the factors driving the medical affairs outsourcing market. Moreover, rising market consolidation will further boost the medical affairs outsourcing market growth in the future.
Medical Affairs Outsourcing Market, by Services, 2019 and 2027 (%)
Medical Affairs Outsourcing Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Services [Medical Writing and Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others] and Application (Pharmaceutical, Biopharmaceutical, and Medical Devices) and Geography
Medical Affairs Outsourcing Market Size and CAGR (2023-2031)
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Source: The Insight Partners Analysis
The contract research organization(CRO) services’ industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large, full-service, global CROs. There are few barriers to entry for smaller CROs into the global market, whereas the a full-service CRO with global capabilities requires building the necessary infrastructure with the ability to simultaneously manage multiple complex testing services across numerous geographies, establishing the requisite relationships with strategic partners, developing relevant therapeutic and development of expertise to serve the needs of the end users. Over the past few years, the consolidation across the industry is an emerging trend followed by the majority of the prime players to strengthen their service offerings and garner the major market share in the global CRO market. For instance, For instance, Parexel International Corp. acquired The Medical Affairs Company in 2017.
This has led to the generation of larger CROs with the wide geographic diversification, extensive therapeutic and development expertise, enormous capital and technical resources to manage the demanding drug development programs, medical device designing and research as well as management of regulatory affairs for pharmaceutical and biopharmaceutical companies.
Based on application, the medical affairs outsourcing market is segmented into pharmaceutical, biopharmaceutical, and medical devices. The medical devices market is further segmented into therapeutic medical devices, and diagnostic medical devices. The pharmaceutical segment held the largest share of the market in 2019. This segment is also estimated to register the highest CAGR of in the market during the forecast period.
The pharmaceutical industry has a long tradition in outsourcing. About 30 years ago, the outsourcing strategy was adopted to formulation, clinical trials, and registration. In the last 10 years, outsourcing has expanded to include most development and registration processes. Outsourcing has been practiced where capacity and specialist techniques and knowhow are required. Furthermore, well-established CROs, regulatory outsourcing firms, management consulting firms, and contract manufacturers are catering to the complex demand of pharmaceutical sectors. An increasing number of end-to-end service providers to meet the rising demand for low-cost drug development and manufacturing is anticipated to propel the market growth. Moreover, novel drug delivery mechanisms and new product launches are anticipated to drive the pharmaceutical medical affairs outsourcing demand globally.
Icon Plc, IQVIA Inc., Syneos Health, The Medical Affairs Company, WuXi AppTec, SGS SA, PPD Inc., Paraxel International Corporation, Indegene, UDG Healthcare plc, and Excelya are among the key players operating in the global medical affairs outsourcing market.
The report segments the global medical affairs outsourcing market as follows:
The medical affairs outsourcing market is segmented on the basis of services, and application. Based on services, the market is segmented into medical writing and publishing, medical monitoring, medical science liaisons (MSLs), medical information, and others. Based on application, the medical affairs outsourcing market is divided into pharmaceutical, biopharmaceutical, and medical devices. The medical devices market is further segmented into therapeutic medical devices, and diagnostic medical devices.
Based on geography, the medical affairs outsourcing market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America)
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