The medical affairs outsourcing market was estimated to be US$ 1.24 billion in 2021 and US$ xx billion in 2023 and is expected to reach US$ 5.81 billion by 2031; it is estimated to record a CAGR of 12.5% till 2031. Globalization of clinical trials, digital transformation, strategic partnerships and alliances between pharmaceutical companies and outsourcing providers and increasing demand for specialized services will likely remain key medical affairs outsourcing market trends.
Medical Affairs Outsourcing Market Analysis
An increasing number of clinical trials worldwide and the rise in the adoption of outsourcing activities coupled with increasing R&D expenditures are key factors driving the medical affairs outsourcing market. As per the data from the US National Library of Medicine, as of April 2024, there were 491,086 clinical studies ongoing in 50 states and 223 countries. The following figure shows the rise in the number of studies registered in the past couple of years till 2024.
Number of Registered Studies for Clinical Trials
Year First Posted | Studies at Start of Year | Studies During Year | Studies at End of Year |
2021 | 325,747 | 36,722 | 362,469 |
2022 | 362,469 | 37,014 | 399,483 |
2023 | 399,483 | 38,028 | 437,511 |
Source: Clinical Trials.gov and the Insight Partners Analysis
Hence, the increasing number of clinical trials increases the demand for medical affairs services and is a significant factor driving the growth of the medical affairs outsourcing market.
Medical Affairs Outsourcing Market Overview
The global medical affairs outsourcing market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The North American region holds the largest market share, whereas the Asia Pacific region is expected to grow fastest. The medical affairs outsourcing market is estimated to have the largest share in the United States in the North American region. The medical affairs outsourcing market in the United States is expected to grow due to the rising number of clinical trials, the presence of leading market players, and elevating need for medical writing and publishing
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Medical Affairs Outsourcing Market: Strategic Insights
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 to 2027 Forecast Period 2020-2027 Base Year 2019
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Medical Affairs Outsourcing Market: Strategic Insights
| 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 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
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Medical Affairs Outsourcing Market Drivers and Opportunities
Rise in Adoption of Outsourcing Activities Coupled with Increasing R&D Expenditures to Favor the Market
Research and development (R&D) is essential and crucial to the company’s business. Pharmaceutical, medical device, and biotechnology companies focus on research and development (R&D) to develop new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly in R&D to deliver high-quality and innovative products to the market. Research and development expenditures relate to discovering, testing, and developing new products, upfront payments and milestones, improving existing products, and demonstrating product efficacy and regulatory compliance before launch. According to the Organisation for Economic Cooperation and Development (OECD), in 2021, the pharmaceutical industry spent US$ 129 billion on research and development activities. Business-based pharmaceutical research and development expenditure (BERD) increased by 39% in since 2010.
Increasing Opportunities in Emerging Economies – An Opportunity in Medical Affairs Outsourcing
Growing healthcare sector in developing countries of Asia-Pacific creates better opportunities for the medical affairs outsourcing management market players to expand their business. The huge patient population in these countries is generating demand for more clinical trials. The number of clinical trials conducted in Asia Pacific is higher than in the US or Europe. This shift is ascribed to low operational costs, large patient recruitment potential, contract research organizations growth, favorable regulatory environment, and better clinical trials capacity and quality.
Medical Affairs Outsourcing Market Report Segmentation Analysis
Key segments that contributed to the medical affairs outsourcing market analysis derivation are services and application.
- Based on services, the medical affairs outsourcing market is divided into medical writing and publishing, medical monitoring, medical science liaisons (MSLS), medical information, and others. The medical writing and publishing segment held a larger market share in 2023.
- The market is segmented by application into pharmaceutical, biopharmaceutical, and medical devices. The pharmaceutical segment held the largest share of the market in 2023.
Medical Affairs Outsourcing Market Share Analysis by Geography
The geographic scope of the medical affairs outsourcing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The North America medical affairs outsourcing market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American medical affairs outsourcing market in 2023. Increasing demand for clinical trials, growing pharmaceutical and medical device industries, increasing healthcare expenditure, high R&D spending, and the presence of well-known market players are some of the prominent factors propelling the market growth.
In Canada, the market is expected to grow in a faster pace, owing to the development of the healthcare systems, high quality medical services, and presence of expert research clinicians. Moreover, Mexico is likely to experience growth opportunities in the medical affairs outsourcing market due to growing pharmaceutical and medical device industries and a diverse demographic profile for clinical trials in the region.
Medical Affairs Outsourcing Market Report Scope
Medical Affairs Outsourcing Market News and Recent Developments
The medical affairs outsourcing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Medical Affairs Outsourcing and strategies:
- In August 2023, Syneos Health, a fully integrated biopharmaceutical solutions organization, signed an agreement with Aotearoa Clinical Trials, expanding its clinical trial capabilities across various therapeutic areas in New Zealand, including Oncology, General Medicine, and Vaccines. (Source: Company Press Release)
- In February 2023, Syneos Health launched a Decentralized Clinical Trial (DCT) Site Network to drive appropriate DCT adoption and enable high-quality delivery of DCTs and digital health technology solutions. The introduction of the Syneos Health DCT Site Network complements the Company’s existing Site Advocacy Group, continuing the momentum for decentralized solutions to bring clinical trials closer to the patient. (Source: Company Press Release)
Medical Affairs Outsourcing Market Report Coverage and Deliverables
The “Medical Affairs Outsourcing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Services, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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