Published Date : 28 Mar 2023
The medical affairs outsourcing market size will be around USD 4.28 by 2030 from accounted for USD 1.70 in 2022 and is poised to grow at a CAGR of 12.2% between 2023 and 2032.
The medical affairs outsourcing market growth is driven by the stringent regulatory policies, cost-effective solutions and high-quality services provided by contract research organizations, and the increasing number of clinical trials on the account of the increasing prevalence rate of rare diseases.
Medical affairs are the division within a medical device or pharmaceutical company responsible for communicating appropriate information to healthcare providers. Healthcare providers (HCPs), patients, and governmental organizations can gain in-depth knowledge of patient data as well as healthcare policies and practices by employing a technique referred to as medical affairs outsourcing.
The discovery and development of new medications need both money and time. From early discovery or design to development and regulatory approval, the process might take more than 10 to 15 years to complete. Many testing services are needed to ensure the quality and effectiveness of a drug substance. Pharmaceutical and biotechnology companies opt to outsource their services to contract research organizations (CROs) to save money and time, which is expected to boost the market's growth.
The advancement of medical education and the increase in the number of orphan therapies that are used for the treatment of rare disorders is the primary factor boosting the market growth.
Medical affairs outsourcing assists in the launch of new and innovative products as well as the identification of existing drug indications. As a result, pharmaceutical, biotechnology, and medical device companies use it to effectively perform pre-production, post-production, and clinical trials of medical products.
Medical Affairs Outsourcing Market Report Scope:
|Market Size in 2022||USD 1.70 Billion|
|Projected Forecast Value in 2030||USD 4.28 Billion|
|Growth Rate||12.2% from 2022 to 2030|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||By Services and By Industry|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America registered the largest revenue share of more than 30% in 2022, due to the presence of prominent market players, the requirement of expertise for medical affairs, and the cost benefits associated with medical affairs outsourcing are projected to fuel the market growth during the forecast period in the region. The unavailability of medical affairs expertise is a key challenge, which has encouraged pharmaceutical and medical device companies in North America to outsource specific activities to persons with a high level of competence in the domain.
Due to the increasing incidence of diseases, the number of clinical trials is anticipated to increase in the coming years. Pharmaceutical companies in the United States invest more capital, time, and effort in R&D activities. For instance, In the fiscal year 2020, clinical research funding by the National Institutes of Health (NIH) was nearly 17.6 billion U.S. dollars.
On the other hand, the Asia Pacific market is expected to register a rapid CAGR during the forecast period due to the region's CROs' cost-effective service offerings, the region's increasing number of clinical trials, and the growing number of biopharmaceutical companies venturing into the region.
There is an exponential rise in technological advancement and healthcare investment which helps to encourage the market growth of medical affairs outsourcing in the coming years. Due to the scarcity of medical affairs expertise, several biopharmaceutical and medical device firms have outsourced some tasks to professionals with significant expertise in the domain.
Rising prevalence of both non-communicable and communicable disorders
The rapid growth in the number of non-communicable and communicable disorders is spurring the demand for innovative pharmaceutical and medical equipment and, as a result, increasing demand for medical affairs outsourcing services on a broader scale.
High investment in clinical trials and drug development
The increasing expense of clinical trials and drug development is projected to hamper the growth of the market. It is likely to limit the expansion of the global medical affairs outsourcing market during the forecast period.
Reduced access to healthcare professionals & institutions
The number of visits of Medical Scientific Liaisons (MSLs) to healthcare professionals (HCPs) and institutions has reduced to a certain extent. Face-to-face communication, including the interchange of scientific information and the collection of insights, are two of the core duties of Medical Scientific Liaisons (MSLs) that are adversely impacted as a result of COVID-19. Medical Scientific Liaisons (MSLs) teams have also advanced to one-on-one virtual interactions with professionals and important opinion leaders. This innovative method of communication has largely been adopted by healthcare professionals, who find it helpful and appropriate.
Rapid advancement in research and development
Numerous countries are gradually increasing their R&D spending, which has prompted the expansion of innovative products in the market. Due to the several large and small pharmaceutical and biotechnology firms in addition to the strong healthcare industry. In the coming years, increased research and development across the globe for vaccines, innovative medications, and medical devices is likely to encourage market expansion.
Major Key Players:
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1113
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org| +1 9197 992 333