Medical Affairs Outsourcing Market Forecasts to 2028 – Global Analysis By Service (Clinical Trial Applications and Product Registrations, Medical Information and Others), Application, End User and By Geography
According to Stratistics MRC, the Global Medical Affairs Outsourcing Market is accounted for $1.40 billion in 2020 and is expected to reach $4.05 billion by 2028 growing at a CAGR of 14.2% during the forecast period. Rise in the number of medical affairs, advancement of medical education and growing count of orphan therapies are driving the market growth. However, growing costs of clinical trials and drug development are hampering the growth of the market.
Medical affairs outsourcing is defined as the process of acquiring the product or service from a third party application or company. In the past, medical affairs outsourcing was solely performed by sponsors in-house, but currently outsourcing of various medical affairs tasks has increased gradually.
Based on the service, the medical writing & publishing segment is going to have lucrative growth during the forecast period owing to its rising popularity which can be attributed to growing number of diverse pharma products. Medical writing sector requires expertise to produce and present particulars, and well-structured documents clearly and concisely.
By geography, North America is going to have high growth during the forecast period which can be attributed to the unavailability of medical affairs experts, which is a major challenge, that has encouraged biopharmaceutical and medical device companies based in North America to outsource certain functions to individuals with a high level of expertise in the domain.
Some of the key players profiled in the Medical Affairs Outsourcing Market include Accell Clinical Research, Charles River Laboratories International, Inc., Clinilabs, Inc., Covance, Inc., Criterium, Inc., Excelya, Genpact Ltd, ICON plc, Medpace, Inc., PARAXEL International Corporation, Pharmaceutical Product Development, LLC, PRA Health Sciences, Inc., Promedica International, Quintiles Transnational Corporation and WuXi AppTec Group.
Estimated Market Size in 2020:
USD 1.4 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 4.05 billion
Tables, Graphs & Figures
Service, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Clinical Trial Applications and Product Registrations
• Medical Information
• Medical Monitoring
• Medical Science Liaisons (MSLs)
• Medical Writing & Publishing
• Regulatory Consulting and Legal Representation
• Medical Devices
End Users Covered:
• Biotechnology Companies
• Mid- Sized Pharmaceutical Companies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Medical Affairs Outsourcing Market is majorly driven by rise in the number of medical affairs, advancement of medical education and growing count of orphan therapies.
The medical science liaisons (MSLs) segment is growing at a highest CAGR owing to requirement after product launch and to overcome non-uniform and insufficient training.
North America dominated with a significant market share due to the unavailability of medical affairs experts which led to the market players to outsource certain functions.
Asia Pacific market is growing at a highest CAGR owing to the cost-efficient services offered by the CROs in the region. Furthermore, improved regulatory framework and availability of a skilled workforce are expected to drive the market growth.
Key players in Medical Affairs Outsourcing Market include Accell Clinical Research, Charles River Laboratories International, Inc., Clinilabs, Inc., Covance, Inc., Criterium, Inc., Excelya, Genpact Ltd, ICON plc, Medpace, Inc., PARAXEL International Corporation, Pharmaceutical Product Development, LLC, PRA Health Sciences, Inc., Promedica International, Quintiles Transnational Corporation and WuXi AppTec Group.
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