According to “The Insight Partners” new research study on “The global Medical Affairs Outsourcing Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Services and Application,” the market is expected to reach US$ 3,287.12 million by 2027 from US$ 1,415.00 million in 2019. The market is estimated to grow at a CAGR of 11.2% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Growing healthcare sector in developing regions, especially in Asia Pacific, creates considerable business expansion opportunities for the medical affairs outsourcing market players. The huge population suffering from various medical conditions in these countries is generating demand for more clinical trials. The number of clinical trials conducted in Asia Pacific is greater than those conducted in the US or Europe. The preference for conducting clinical trials in Asia Pacific is increasing due to low operational costs, large patient recruitment potential, wide CRO presence, favorable regulatory environment, and better clinical trials capacity and quality. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU as the doctor visits and medical treatments and procedures are less pricey in Asian countries. Thus, such favorable conditions for conducting clinical trials in Asian countries is expected to boost the demand for outsourcing medical affairs from pharmaceutical and biopharmaceutical companies in the coming years.
ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec, SGS SA, PPD Inc, PAREXEL INTERNATIONAL CORPORATION, Indegene, Excelya, and UDG Healthcare plc. Are among the leading companies operating in the medical affairs outsourcing market.
Medical affairs are playing a vital role within current pharmaceutical, medical device and biotechnology companies. Moreover, these services are witnessing an expansion in both earlier (pre-production) as well as later stages (post-production) of medical products. Medical affairs outsourcing services helps the original equipment manufacturing (OEM) companies with flexible and scalable solutions that helps them to utilize strategic management, resource components and, healthcare personnel resources.
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The growth of the medical affairs outsourcing market is mainly attributed to factors such as increasing number of clinical trials worldwide and rising adoption of outsourcing activities coupled with increasing R&D expenditures. However, the increasing costs of drug development and clinical trials hinder the market growth.
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