The Medical Affairs Outsourcing Market Growth impelled by increasing number of clinical trials worldwide, rise in adoption of outsourcing activities, and increasing R&D expenditure offered by the generic drugs.
Pune, India, June 14, 2021 (GLOBE NEWSWIRE) -- Medical Affairs Outsourcing Market: Key Insights
According to our new research study on “Medical Affairs Outsourcing Market to 2027 – Global Analysis and Forecast – by Service, Application, and Geography,” the Medical Affairs Outsourcing Market Size is projected to grow from US$ 1,280.74 million in 2018 and to US$ 3,287.12 million by 2027; it is expected to grow at a CAGR of 11.2% during 2019–2027.
Medical Affairs Outsourcing Market: Competition 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. Leading market players are focusing on the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In April 2020, ICON plc signed a three-year agreement with Pfizer Inc. The agreement revolves around ICON’s global expertise in the planning, management, execution, and conduct of clinical trials. Under the terms of the agreement, Pfizer has a right to extend the terms for up to an additional two years.
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In February 2020, ICON plc acquired MolecularMD, a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. The acquisition enhanced ICON’s laboratory offering in molecular diagnostic testing by providing it access to expanded testing platforms, including immunohistochemistry (IHC) and next-generation sequencing.
In 2019, North America dominated the global medical affairs outsourcing market. The market growth in the region is attributed to the unavailability of medical affair experts in medical device, pharmaceuticals, and biotechnology companies in the region. Furthermore, need for documentation, professional writing, and medical data publishing as well as the presence of leading CROs such as IQVIA and Syneos Health that offer medical affair outsourcing services are further contributing to the market growth in the region.
Based on service, the medical affairs outsourcing market is segmented into medical writing and publishing, medical monitoring, medical science liaisons (MSLs), medical information, and others. In 2019, the medical writing and publishing segment accounted for the largest market share, and the growth of the market for this segment is mainly ascribed to the growing requirement of professional medical writing expertise and publishing services among small, mid-sized, and large healthcare companies. With the increasing number of companies entering the medical affairs outsourcing market and launching their products, the demand for medical writers have dramatically increased. On the other hand, the medical science liaisons (MSLs) segment is anticipated to register the highest CAGR in the medical affairs outsourcing market during 2020 – 2027.
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A clinical trial is a crucial and significant step in the determination of safety and effectiveness of a medical substance, treatment, or device for commercial usage. These studies also help understand and determine the most suitable medical approaches for a particular therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of the abovementioned entities. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted. The increasing prevalence of various communicable and noncommunicable diseases (NCDs) is triggering the demand for the development of new drugs or medical devices. The abovementioned scenario is, in turn, expected to propel the demand for the medical affairs outsourcing services in the coming years.
1. Medicines in Development for Treating NCDs
Source: International federation of Pharmaceutical Manufacturers & Associations (IFMA) and The Insight Partner Analysis
As per the data published by the US National Library of Medicine, in 2018, there were ~280,801 clinical studies ongoing in 50 states and 204 countries in the world. The figure provided above shows the rise in the number of studies registered in the past couple of years, till August 2018. Thus, such large number of studies being carried out are bolstering the demand for medical affairs outsourcing service.
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Medical Affairs Outsourcing Market: Segmental Overview
In terms of application, the pharmaceuticals segment is anticipated to register the highest CAGR in the medical affairs outsourcing market during the forecast period. The pharmaceutical industry has a long tradition of outsourcing its processes. ~30 years ago, the outsourcing strategy was adopted for formulation, clinical trials, and registration. In the last 10 years, outsourcing has expanded to include most development and registration processes. A recent study by Cutting Edge Information in the US shows that outsourcing has become more common for regulatory and medical affairs. Moreover, the top 50 pharmaceutical companies have increased their regulatory and medical affair budgets. An increasing number of end-to-end service providers entering into the medical affair service market for leveraging the opportunities associated with the rising low-cost drug development and manufacturing needs is propelling the market growth. Moreover, novel drug delivery mechanisms and new product launches are anticipated to drive the pharmaceutical medical affairs outsourcing demand globally.
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