Medical Affairs Outsourcing Market Size US$ 2.65 Bn by 2026

LOS ANGELES, Jan. 28, 2020 /PRNewswire/ --

• The global medical affairs outsourcing market size is poised to reach around US$ 2.65 billion by 2026.
• The medical affairs outsourcing market is anticipated to grow at a CAGR of around 10.6% during the forecast period 2019 to 2026.

Free Download Sample Report Pages for Better Understanding@ https://www.acumenresearchandconsulting.com/request-sample/1714

North America dominated the global medical affairs outsourcing market in the year 2018. Different huge purposes behind the predominance of North America are the presence of worldwide pharmaceutical and life sciences firms, robust regulators like fda and therefore the accessibility of talent pool can contribute to the overall growth. However, high service value compared to the Asia Pacific and geographical area may be a major challenge moving the regional growth. The growing numbers of patent expirations with increasing expenditure of R&D activities are the most necessary factors influencing the event of the world regulatory affairs outsourcing market. Biopharmaceutical and health care organizations are projected to team with many outsourcing companies to get their devices and medicines approved within the international market. The authorization time of a tool or drug is taken into account to belong, costly, as well as it is also a documentation-centric technique. There's an increased requirement for skilled service suppliers that primarily specialize in knowledge handling that is expounded to regulative affairs so additional increasing the need for reliable service givers for regulatory affairs outsourcing. In addition, because the medical sector is experiencing a high rate of product innovations from many corporations vying to form a mark during this extremely competitive market, expenditure on R&D is additionally growing. during this regard, expenditure pressures and extreme competition are seemingly to push many corporations to find out new ways in which to cut down the expenditure, thus outsourcing is gradually being more most well-liked over in-house data administration because it is regarded to be cheaper likewise as resource-efficient thanks to managing large quantity of information generated throughout approvals, clinical trials, and patent approvals. The pharmaceutical and medical device companies are outsourcing their medical affairs services in order to diverge their business activities and manage product life cycles. Additionally, contract analysis organizations offer cost-efficient solutions and compliance with the health authority necessities, thereby propelling the market growth.

View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/medical-affairs-outsourcing-market

Asia- Pacific is expected to register the highest CAGR during the forecast period. The availability of low-cost labor and rising cases of regulatory filings are the factors dynamic the regional growth. The growth of multi-national life science and pharmaceutical companies is additionally projected to foster regional demand.

Medical Science Liaisonshas dominated the offering segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period.Medical science Liaisons (MSLs) are medical specialists with advanced scientific training. they're specialists in communicating complex medical info to a range of stakeholders. As MSLs are majorly needed when launch of the merchandise, it's not efficient for pharmaceutical or medical devices firms to stay MSLs on workers. Also, to overcome insufficient and non-uniform training, pharmaceutical & medical devices firms are expected to majorly source these MSLs activities to contract analysis organizations over forecast amount.

The Medical affairs outsourcing market is divided as pharmaceutical, biopharmaceutical, and medical devices. The pharmaceutical sector held the biggest market share, accounting for 53.2% in 2018 due to surge in patent expiration. because of various patent expiration, the necessity of medical affairs service suppliers has increased for the preparation of drafts of new patents.

The biopharma business is growing at a high rate and captured over 25% of the total pharmaceutical market. The biopharma business is focusing on the core activities related to drug development compared to the non-core activities such as medical affairs. to reduce expenditure and avail skilled medical affairs services, biopharma companies are outsourcing these services to the contract analysis organizations.

Related Reports

• Hearing Aids Market - The global market size is expected to reach around US$ 13.54 Bn by 2026 and growing at a CAGR of around 6.9% over the forecast period 2019 to 2026.
• Healthcare Revenue Cycle Management Market - The global market value is expected to reach around US$ 208.6 Bn by 2026 and growing at a CAGR of around 6.3% over the forecast period 2019 to 2026.
• Ultrasound Equipment Market - The global market is expected to grow at a CAGR of around 6.3% from 2019 to 2026 and expected to reach the market value of around US$ 10 Bn by 2026.

Some of the key manufacturing companies include in the global medical affairs outsourcing market 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.

Some of the key observations regarding global medical affairs outsourcing industry include:

• Parexel International Corporation acquired The Medical Affairs Company in 2017. This acquisition has strengthened the commercialization and medical affairs service offering of the company.
• In May 2017, Rich Pharma, Inc., a developer of oncology therapies, selected IND 2 Results, LLC as a CRO to provide protocol development, medical writing, and regulatory consulting services for its clinical trials on treatment of Hodgkin's Lymphoma and Acute Myelocytic Leukemia.
• In April 2019, Charles River Laboratories International, Inc. acquired Citoxlab, a non-clinical Contract Research Organization (CRO) offering regulated safety assessment services, medical device testing, and other services. The acquisition has expanded Charles' offerings and strengthened its market position as a CRO.

Request for Customization@ https://www.acumenresearchandconsulting.com/request-customization/1714

The report is readily available and can be dispatched immediately after payment confirmation.

Buy this premium research report@ https://www.acumenresearchandconsulting.com/buy-now/0/1714

If you would like to place an order or have any questions, please feel free to contact at [email protected] | +1-407-915-4157 OR +1-408-900-9135

About Us

Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. Among the industries served include aerospace and defense, information and communication technology (ICT), semiconductor and electronics, healthcare and pharmaceuticals, chemicals, advanced materials, banking, finance services and insurance (BFSI), and others.

Our collective industry experience of over 100 years has helped us to offer appropriate market information and our global reach and regional connects ensures appropriate insights into regional markets to guarantee apt delivery of information.

Our regional market intelligence helps our clients to identify potential opportunities and develop growth strategies across regions and countries. Our services are geared towards offering best market research to our clients.

Contact Us:

Mr. Frank Wilson
Acumen Research and Consulting
17890, Castleton St #218, Rowland Heights, CA 91748 United States
Tel: +1-407-915-4157 OR +1-408-900-9135
Email: [email protected] 
Website: https://www.acumenresearchandconsulting.com  

SOURCE Acumen Research and Consulting

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED