A Look into Medical Affairs Outsourcing Industry……Deep Analysis…..
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.
With Covid-19
infections rising globally, the apprehension regarding a shortage of essential
life-saving devices and other essential medical supplies in order to prevent
the spread of this pandemic and provide optimum care to the infected also
widens. In addition, till a pharmacological treatment is developed, ventilators
act as a vital treatment preference for the COVID-19 patients, who may require
critical care. Moreover, there is an urgent need for a rapid acceleration in
the manufacturing process for a wide range of test-kits (antibody tests,
self-administered, and others). The report will account for Covid19 as a key
market contributor.
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.
To Request Sample Copy of this report, click the link:
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.
Medical Affairs Outsourcing Market Report
Highlights
·
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
·
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.
·
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.
·
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.
The
medical affairs outsourcing market size was estimated at USD 1.2 billion in
2018 and is anticipated to grow at a rate of 10.4% over the forecast period.
The market is growing at a significant rate due to the surge in clinical
trials. According to the data published by WHO in 2019, the annual number of registered
clinical trials increased from 3,344 in 2004 to 54,894 in 2018. The
registration of clinical trials increased by about ~22% from 2004 to 2018. As
medical affairs is a key support activity for a successful clinical trial, its
increasing number is anticipated to drive market growth over forecast period.
The
Medical Science Liaisons (MSLs) segment is anticipated to register the highest
CAGR of 11.1%. Medical Science Liaisons (MSLs) are medical specialists with
advanced scientific training. They are experts in communicating complex medical
information to a variety of stakeholders. As MSLs are majorly required after
launch of the product, it’s not cost-effective for pharmaceutical or medical
devices companies to keep MSLs on staff. Also, to overcome insufficient and
non-uniform training, pharmaceutical & medical devices companies are
expected to majorly outsource these MSLs activities to contract research
organizations over forecast period.
Have any Query? Ask our Experts:
Grand View Research has segmented the
global medical affairs outsourcing market based on services, industry, and
region:
Services Outlook (Revenue, USD
Million, 2015 - 2026)
·
Medical Writing &
Publishing
·
Medical Monitoring
·
Medical Science Liaisons (MSLs)
·
Medical Information
·
Others
Industry Outlook (Revenue, USD
Million, 2015 - 2026)
·
Pharmaceutical
·
Biopharmaceutical
·
Medical Devices
o
Therapeutic Medical Devices
o
Diagnostic Medical Devices
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Comments
Post a Comment