Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Regulatory Affairs Outsourcing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Service, By Category, By Company Size, By Indication, By Product Stage, By End Use, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
The global regulatory affairs outsourcing market is expected to witness impressive growth during the forecast period. This growth can be attributed to the increasing research and development (R&D) activities, the rising volume of clinical trial applications and product registrations, and the growing emphasis on regulatory compliance in the life sciences industry.
The complexity of regulatory frameworks in different regions, increasing globalization, and the need for specialized expertise have all contributed to the demand for regulatory affairs outsourcing services.
Key Drivers:
- Research and Development Activities: The growth in R&D activities, especially in the pharmaceutical sector, is contributing to the demand for regulatory affairs outsourcing as companies seek specialized services to navigate regulatory complexities during drug development.
- Regulatory Compliance: Governments and regulatory authorities are implementing stricter regulations to control drug costs. This has created economic and competitive pressure on life science companies, driving the demand for regulatory affairs outsourcing.
Trends and Opportunities:
- Globalization Impact: As companies expand their operations globally, they face the challenge of complying with varying regulatory frameworks in different regions. This has led to the demand for regulatory affairs outsourcing services to navigate these complexities.
- Expertise and Efficiency: Outsourcing regulatory affairs services provides companies with specialized expertise and resources, improving compliance, reducing costs, and allowing companies to focus on core competencies like product development and marketing.
- Technological Advancements: The adoption of advanced technologies like AI, data analytics, and cloud-based systems has streamlined regulatory affairs processes, enabling faster and more accurate compliance activities.
Benefits of Outsourcing Regulatory Affairs:
- Expertise: Regulatory affairs service providers offer specialized knowledge of diverse regulatory landscapes, helping companies comply with laws, regulations, and guidelines in different regions.
- Cost Savings: Outsourcing provides cost-effective solutions compared to hiring and training in-house regulatory staff or using external consultants.
- Specialized Focus: Outsourcing allows companies to concentrate on core activities while experts handle compliance, leading to improved operational efficiency.
- Risk Reduction: Regulatory experts mitigate the risk of costly mistakes resulting from non-compliance, which could lead to product recalls or delays in approvals.
Companies Mentioned:
- Accell Clinical Research, LLC.
- Genpact Ltd.
- CRITERIUM, INC.
- Promedica International.
- WuXi AppTec Co Ltd.
- Medpace Inc.
- Charles River Laboratories.
- ICON plc.
- Covance, Inc.
- Parexel International Corporation.
- Freyr AS
- PHARMALEX GMBH
- NDA Group AB
- Pharmexon Consulting.
- Qvigilance
- BlueReg Group
Report Scope:
The report covers various segments of the global regulatory affairs outsourcing market, including services (regulatory consulting, legal representation, regulatory writing & publishing, product registration & clinical trial applications, regulatory submissions, regulatory operations, and other services), categories (pharmaceutical and medical device), company size (small, medium, and large companies), indication (oncology, neurology, cardiology, immunology, and others), product stage (preclinical, clinical, and premarket approval), end use (medical device, pharmaceutical, and biotechnology companies), and regions (North America, Europe, Asia-Pacific, South America, Middle East & Africa).
For more information about this report visit https://www.researchandmarkets.com/r/3yff5d
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