The global medical affairs outsourcing market size is expected to reach USD 2.7 billion by 2026, expanding at a CAGR of 10.4% over the forecast period, according to a new report by Grand View Research, Inc. Transformation in medical education and the rising number of orphan therapies and rare-disease are some of the key factors propelling the medical affairs outsourcing market growth. The pharmaceutical companies are looking for assistance to systematically position the therapeutic outcomes of these therapies in the market. According to the report published by IQVIA in 2018, the U.S. FDA approved 80 orphan indications, in 2017 and approved 57 in early 2018.
Changes in reimbursement scenario and pricing pressure are expected to increase the adoption of cost-saving measures by the pharmaceutical and medical device companies. This is anticipated to drive medical affairs outsourcing in countries like India and China. Pharmaceutical companies are outsourcing the medical affairs services to get high-quality documents, control the R&D cost, and reduce investment costs to train the medical affairs team.
The pharmaceutical and medical device companies are outsourcing their medical affairs services in order to diverge their business activities and manage product life cycles. In addition, contract research organizations offer cost efficient solutions and compliance with the health authority requirements, thereby propelling market growth.
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Further Key Findings from the Report Suggest:
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The medical writing & publishing segment is expected to grow lucratively over the forecast period owing to the increasing need for marketable written content to convey medical information to healthcare professionals and patients
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North America dominated the medical affairs outsourcing market owing to the presence of a large number of pharmaceutical and medical devices companies in the region. Also, High cost of medical affairs services is a major challenge, which has encouraged various medical device companies in North America to outsource functions to third-party vendors with high level of expertise in the domain.
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Asia Pacific is anticipated to grow lucratively over the forecast period owing to cost-efficient service offering by the contract research organizations in the region. In addition, improved regulatory framework and availability of skilled workforce in the region are some factors propelling market growth.
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Few of the market players are ICON plc, IQVIA Holdings Inc., The Medical Affairs Company (TMAC), Syneos Health Inc., Pharmaceutical Product Development, LLC., Ashfield Healthcare Communications, ZEINCRO Group, Wuxi Clinical Development, Inc., SGS SA, and Indegene Inc.
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Grand View Research has segmented the global medical affairs outsourcing market based on services, industry, and region:
Services Outlook (Revenue, USD Million, 2015 – 2026)
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Medical Writing & Publishing
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Medical Monitoring
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Medical Science Liaisons (MSLs)
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Medical Information
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Others
Industry Outlook (Revenue, USD Million, 2015 – 2026)
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Pharmaceutical
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Biopharmaceutical
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Medical Devices
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Therapeutic Medical Devices
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Diagnostic Medical Devices
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Regional Outlook (Revenue, USD Million, 2015 – 2026)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Italy
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Spain
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Asia Pacific
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Japan
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China
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India
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Korea
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Australia
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Latin America
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Brazil
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Mexico
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Argentina
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Middle East & Africa
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South Africa
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Saudi Arabia
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UAE
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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