Medical Affairs Outsourcing Market to Witness Growth at 12.2% CAGR from 2022-2028

Posted on 2022-09-22 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Sept 22, 2022 — /EPR Network/ —

Medical Affairs Outsourcing Industry Overview

The global medical affairs outsourcing market size was valued at USD 1.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% 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 the WHO in 2019, the annual number of registered clinical trials increased from 3,344 in 2004 to 54,894 in 2018. Thus, the registration of clinical trials has increased by about 22% from 2004 to 2018. Since medical affairs is a key support activity for a successful clinical trial, its increasing number is anticipated to drive the global market for medical affairs outsourcing over the forecast period.

Furthermore, pharmaceutical and medical devices companies are outsourcing medical affairs services to the Contract Research Organizations (CROs) to limit the liability exposure by working with a well-trained outsource company, reduce operational costs, minimize regulatory compliance risk, and prevent process delays.

Gather more insights about the market drivers, restrains and growth of the Global Medical Affairs Outsourcing market

The global pandemic has adversely impacted nearly every industry and is also anticipated to impact industry growth during the projection period. The impact of COVID-19 has placed many regulatory and outsourcing teams under pressure. However, it also has had a positive impact on the bio/pharmaceutical outsourcing industry, wherein the demand for R&D activity is increasing leading to a rise in medical affairs assistance. This rising demand has caused various CROs to focus on their outsourcing and other operations.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

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Medical Affairs Outsourcing Market Segmentation

Grand View Research has segmented the global medical affairs outsourcing market on the basis of services, industry, and region:

Medical Affairs Outsourcing Services Outlook (Revenue, USD Billion, 2016 – 2028)

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

Medical Affairs Outsourcing Industry Outlook (Revenue, USD Billion, 2016 – 2028)

Pharmaceutical
Biopharmaceutical
Medical Devices

Medical Affairs Outsourcing Regional Outlook (Revenue, USD Billion, 2016 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Medical Affairs Outsourcing market include

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.
Indegene, Inc.

Order a free sample PDF of the Medical Affairs Outsourcing Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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