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The global medical affairs outsourcing market grew at a CAGR of around 10% during 2015-2020. Medical affairs outsourcing is a process that enables patients, healthcare professionals (HCPs), and government bodies to gain deep insights into patient data and healthcare policies and operations. It also assists in developing new products and finding existing drug indications. Presently, healthcare organizations worldwide are increasingly relying on medical affairs outsourcing firms to successfully comply with stringent regulatory policies formed by healthcare agencies of numerous countries. These firms are also involved in education, field teams, strategic actions, information services, post-launch clinical trials, and health economics and outcomes-research (HEOR).
The expansion of medical affairs functions across the entire drug development life cycle has resulted in numerous challenges and pressures to demonstrate product value and deliver optimal performance. This is positively influencing the demand for medical affairs outsourcing firms for providing HCPs with real-time, unbiased, and transparent medical information. Moreover, the rigorous regulatory environment and a significant shift towards specialty drugs are encouraging the adoption of medical affairs outsourcing to generate complex, patient outcomes data about specialty therapy areas. Apart from this, the rising healthcare costs are also expanding the application of medical affairs outsourcing to offer companies a flexible and economical solution for meeting the changing dynamics of the market, increasing production, minimizing costs, and improving strategic capabilities. With the increasing number of drugs in pipelines, the need for customized medical affairs outsourcing is anticipated to rise in biotherapeutics to re-deploy resources, maximize commercial opportunities, and achieve economies of scale. Looking forward, IMARC Group expects the global medical affairs outsourcing market to exhibit strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical affairs outsourcing market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, services and end use industry.
Breakup by Services:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Ashfield Healthcare Communications (UDG Healthcare Plc), ICON Plc, Indegene Inc., IQVIA Holdings Inc., PPD Inc., SGS S.A., Syneos Health Inc., The Medical Affairs Company (Parexel International Corporation), Wuxi Clinical and Zeincro Group.
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