Medical Affairs Outsourcing Market Size, Growth & Share | Forecast-2031 |


(MENAFN- Straits Research) The medical affairs function is gaining importance in the Pharmaceutical
, biotechnology, medical device, and diagnostic sectors of the Economy
today. Additionally, as a product moves through its lifecycle, the necessity of medical affairs efforts increases sooner and later. The desire of practicing doctors to be and remain more clinically knowledgeable and educated about new therapeutic concepts and advancements-on the cutting edge-is the fundamental cause of this increased participation.
Market Dynamics
High Quality and Cost-Effective Services Offered by CROs Drives the Global Market
Pharmaceutical and bio Pharmaceutical
businesses use contract medical affairs services as a "strategic competitive weapon" since they can cut costs. Due to escalating R&D expenses and Pharmaceutical
companies' more significant emphasis on cost conservation, there is a major growth in the need for medical affairs services. Bio Pharmaceutical
businesses are increasingly prepared to outsource their medical affairs activities to increase quality and reduce expenses. This tendency is projected to continue as CROs' capacity to manage each medical affairs function grows, which would reduce the need for more work from bio Pharmaceutical
companies. Partnerships between bio Pharmaceutical
companies and CROs are expected to enhance the global market
for medical affairs outsourcing.
Rising Number of Clinical Trials Creates Tremendous Opportunities
More clinical trials and research studies are being done globally due to Pharmaceutical
and bio Pharmaceutical
companies increasing their R&D spending. According to Mint Medical, about 35,000 oncological clinical trials-or 18% of all trials-have been initiated since 2007. In addition, the number of oncological trials launched each year increased by more than 600%, from 2,500 in 2007 to 4,000 in 2017. The need for medical affairs service providers among Pharmaceutical
and medical device companies has steadily increased due to the increase in clinical studies and the release of new drugs.
Regional Analysis
North America is the most significant global medical affairs outsourcing market
shareholder and is expected to grow at a CAGR of 11.80% during the forecast period. The growing pipeline of biotechnology products indicates that biologic medicine
approvals have dramatically expanded and currently account for 39.0% of all new drug approvals. Strict regulatory requirements and increased R&D spending in North America are expected to increase the need for large bio Pharmaceutical
to outsource medical affairs services. In addition, many North American-based bio Pharmaceutical
and medical device companies outsource some of their regulatory responsibilities to regulatory service providers. Bio Pharmaceutical
and medical device businesses with headquarters in North America have started to outsource some of their work to specialists due to the significant issue with R&D costs.
Asia-Pacific is expected to grow at a CAGR of 13.90%, generating USD 1,469.93 million during the forecast period. This is because the area's regulatory environment is improving, costs are going down, more clinical trials are being conducted, and the bio Pharmaceutical
industry
is growing. The availability of trained labor
in the region at a lower cost than in the United States is another element projected to stimulate growth. Similarly, the region's varied and complicated regulatory environment may cause an increase in demand for various medical affair service providers due to the expansion of existing bio Pharmaceutical
businesses there.
Europe is expected to grow significantly over the forecast period. To access the European market
, players need to have a thorough understanding of the various regulatory procedures in the various European Union member states. Small and mid-sized bio Pharmaceutical
companies usually hire a regulatory consultant or legal
counsel to assist them in navigating the regulatory approval stages necessary for market
ing their product in Europe since they lack a regulatory affairs division. This is one of the primary reasons medical matters are increasingly being outsourced in the life sciences sector. There would be a greater need for local life sciences companies' services if more medications were seeking regulatory approval.
Key Highlights

The global medical affairs outsourcing market
was valued at USD 1.42 billion in 2021. It is projected to reach USD 4.08 billion by 2030, growing at a CAGR of 12.45% during the forecast period (2022-2030).
Based on services, the global market
is bifurcated into medical writing and publishing, medical monitoring, Medical Science Liaisons (MSLs), and others. The medical writing and publishing segment is the highest contributor to the market
and is expected to grow at a CAGR of 12.60% during the forecast period.
Based on industry
, the global market
is bifurcated into Pharmaceutical
s, bio Pharmaceutical
s, and medical devices. The Pharmaceutical
segment owns the highest market
share and is expected to grow at a CAGR of 11.90% during the forecast period.
North America is the most significant global medical affairs outsourcing market
shareholder and is expected to grow at a CAGR of 11.80% during the forecast period.

Competitive Players
The global medical affairs outsourcing market
's major key players are ICON plc, IQVIA Holdings, Inc., The Medical Affairs Company, Syneos Health, Inc., Pharmaceutical Product Development, LLC, Ashfield Healthcare Communications, Zeincro Group, Wuxi Clinical Development, Inc., SGS S.A., and Indegene, Inc.
Market News

In February 2021, ICON plc purchased PRA Health Sciences Inc in a deal of roughly USD 12 billion in cash and equity. The company's service offering for medical affairs has been strengthened due to this purchase.

Global Medical Affairs Outsourcing Market:
Segmentation
By Services

Medical Writing & Publishing
Medical Monitoring
Medical Science Liaisons (MSLS)
Medical Information
Others

By Industry

Pharmaceutical
Bio Pharmaceutical

Medical Devices (Therapeutic Medical Devices and Diagnostic Medical Devices)

By Regions

North America
Europe
Asia-Pacific
LAMEA

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