Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “Medical Affairs Outsourcing Market Size and Forecast to 2027 - COVID-19 Impact and Global Analysis by Services and Application”; the medical affairs outsourcing market size was valued at $1.41 billion in 2019 and is projected to reach $3.28 billion by 2027; it is estimated to register a CAGR of 11.2% from 2020 to 2027.
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Global Medical Affairs Outsourcing Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.41 Billion in 2019 |
| Market Size Value by | USD 3.28 Billion by 2027 |
| Growth rate | CAGR of 11.2% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
| No. of Pages | 160 |
| No. of Tables | 90 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Services, and Application |
Global Medical Affairs Outsourcing Market Analysis: Competitive Landscape and Key Developments
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 companies operating in the medical affairs outsourcing market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In February 2021, ICON plc, announced it has entered into a definitive agreement to acquire PRA Health Sciences, Inc. in a cash and stock transaction valued at approximately US$12 billion. The transaction brings together two high-quality, innovative and growing organisations with similar cultures and a shared focus on high quality and efficient clinical trial execution from Phase 1 to post-approval studies.
In April 2020, ICON plc signed a three-year agreement with Pfizer Inc. Under the terms of the agreement, Pfizer has the right to extend the term for up to an additional two years. The agreement builds on the companies' existing relationship, under which ICON provides global expertise in the planning, management, execution, and conduct of clinical trials.
In April 2020, Accelerated Enrollment Solutions (AES), a business of PPD, Inc. has launched a new program to help biopharmaceutical companies maintain business continuity during the global COVID-19 pandemic by transferring clinical trial patients to AES’ dedicated research sites from other research facilities impacted by the coronavirus crisis.
In September 2020, ICON plc, launched Accellacare a global clinical research network offering patients easier and faster access to creative treatments and offering customers the option to deploy decentralized trials.
Browse key market insights spread across 160 pages with 90 list of tables & 71 list of figures from the report, "Medical Affairs Outsourcing Market Size and Forecast to 2027 - COVID-19 Impact and Global Analysis by Services [Medical Writing and Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others] and Application (Pharmaceutical, Biopharmaceutical, and Medical Devices)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/medical-affairs-outsourcing-market
Rising Cases of Sexually Transmitted Infections Boost Global Medical Affairs Outsourcing Market Growth:
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. Medical device CROs have evolved as a result of a variety of factors, including a changing regulatory environment. For instance, in 2017, the European Commission (EC) changed the legislative framework for medical devices and strengthened clinical research requirements. A mandated conformity evaluation is applied to all devices made in the European Union (EU) to substantiate the device's performance and safety claims. CROs were given a more important role in providing scientific proof and regulatory help along the market access.
CROs are well-versed in handling the regulatory landscape governing clinical trials for medical devices. They have in-depth knowledge of the regulatory rules and requirements, particularly those pertaining to safety, efficacy, and data integrity. This allows CROs to ensure that trials are carried out in accordance with regulatory standards, reducing the possibility of delays or regulatory issues. The CROs have established ties with regulatory agencies, that speed up the approval process and allow more effective trial execution. Thus, the need for CROs with specialized medical affairs specialists in therapeutic applications is expected to increase the outsourcing of the services.
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Global Medical Affairs Outsourcing Market: Segmental Overview
Based on services, the market is segmented into medical writing and publishing, medical monitoring, medical science liaisons (MSLs), medical information, and others. The medical writing and publishing segment held the largest share in 2019. However, the medical science liaisons segment is anticipated to register the highest CAGR in the medical affairs outsourcing market during the forecast period. 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 in medical affairs outsourcing market in 2019 and is anticipated to register the highest CAGR during the forecast period.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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