Global Medical Affairs Outsourcing Market to Grow at 12.27% During 2024-2032, Fueled by Rising Number of Clinical Trials

December 19, 2022 | Healthcare

IMARC Group’s latest report, titled “Medical Affairs Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” finds that the global medical affairs outsourcing market is anticipated to exhibit a CAGR of 12.27% during 2024-2032. Medical affairs outsourcing is a process that provides patients, medical staff, and governmental organizations with detailed insights into healthcare policies, operations, and patient information. It offers affordable and flexible solutions for dealing with the common problems faced by the industry and allows original equipment manufacturers (OEMs) to optimally use healthcare resources, strategic management, and resource components. It is used by healthcare organizations to comply with the strict regulatory policies of various countries successfully. It aids in the development of new products and the evaluation of existing drug indications. As a result, medical affairs outsourcing finds extensive applications across pharmaceutical, biotechnology, and medical device companies to effectively complete the pre- and post-production stages and clinical trials of medical products.

Global Medical Affairs Outsourcing Market Trends:

The rising number of clinical trials due to the expanding geriatric population and the increasing prevalence of various communicable and non-communicable diseases represents the primary factor driving the market growth. Moreover, clinical trials help determine the safety standards and efficacy of therapeutic strategies, medications, and equipment. In line with this, the increasing development of new drugs and medical equipment is positively influencing market growth. Additionally, the surging adoption of orphan therapies to treat rare diseases and the advancement of medical education have augmented the product demand. Besides this, the shifting consumer preferences toward specialty drugs are promoting the uptake of medical affairs outsourcing to produce complex patient outcomes data related to specialized therapy areas, which in turn is propelling the market growth. Along with this, the rising inclination of several medical, pharmaceutical, biotechnological, medical device, and diagnostic organizations to outsource medical services and products in an effort to diversify their business operations and maintain the product life cycle is contributing to the market growth. Furthermore, the increasing need for customized medical affairs outsourcing in the biotherapeutics industry to reallocate resources and maximize commercial opportunities due to the rising number of medications in pipelines has catalyzed market growth. Other factors, including the escalating demand for professional medical writers, improving healthcare infrastructure, and rising partnerships among clinical research organizations, are also anticipated to create a favorable market outlook.

Market Summary:

Based on the services, the market has been divided into medical writing and publishing, medical monitoring, medical science liaisons (MSLs), medical information, and others. Currently, the medical writing and publishing segment dominates the market.
On the basis of the end use industry, the market has been segmented into pharmaceutical, medical devices, and other companies, wherein pharmaceutical companies account for the largest market share.
Region-wise, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Amongst these, North America holds the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being Inizio, Icon plc, IQVIA Inc., PPD, Inc. (Thermo Fisher Scientific Inc.), SGS S.A., Indegene Limited, Syneos Health, The Medical Affairs Company (Parexel International Corporation) and WuXi Clinical (WuXi AppTec).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Services, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Inizio, Icon plc, IQVIA Inc., PPD, Inc. (Thermo Fisher Scientific Inc.), SGS S.A., Indegene Limited, Syneos Health, The Medical Affairs Company (Parexel International Corporation) and WuXi Clinical (WuXi AppTec)
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Medical Affairs Outsourcing Market to Grow at 12.27% During 2024-2032, Fueled by Rising Number of Clinical Trials

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