Medical Affairs Outsourcing Market Detailed Analysis of Current Industry Figures with Growth Opportunities and Forecasts Growth by 2027

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The global medical affairs outsourcing market size is likely to reach USD 2.8 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 10.75% during the forecast period 2020 to 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.

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Medical affairs play a fundamental character in overcoming blockades to access healthcare professionals (HCPs). Furthermore, compliance necessities mean medical affairs is accountable for offering HCPs with neutral, concurrent and translucent medical info. Eventually, in such progressively challenging setting, the onus is on medical affairs to gather high level data and interpret this info into value insights and programs that cater to the requirements of all participants such as HCPs, patients and government bodies among others.

Regardless of the noteworthy expansion and role which medical affairs department plays in the enactment and implementation of a corporation's KOL development, clinical development, scientific publications, and medical education accomplishments, a topmost issue relic sis inadequate resources such as headcount and budget. Analogous to subcontracting models and arrangements inside the contract research and sales arenas, medical affairs outsourcing services afford businesses with scalable and flexible solutions allowing them to exploit resource component and strategic management and specialty degreed, healthcare personnel resources owning both therapeutic and discipline-specific proficiency. A foremost assistance cited by several medical affairs business executives is the aptitude to have these teams employed and educated very swiftly with the option to adapt the headcount throughout crucial initiatives and milestones grounded on business varying dynamics and marketplace.

Growth Factors

Global medical affairs outsourcing market is propelled by escalating research and developments undertakings along with growing spending in the healthcare sector across the globe. Further rising emphasis on CROs and CMOs is supporting the market growth across different economies in the world. Geographically, Asia Pacific is expected projected show significant growth in the global market on account of fast turnaround period and stress-free obtainability of the trained and skilled professionals at low cost. Furthermore, augmented clinical trials across the world are also triggering the growth of global medical affairs outsourcing market. As per statistics offered by Word Health organization, the yearly number of registered clinical trials augmented from 3,344 in year 2004 to around 54,894 in the year 2018. As medical affair is significant support action for a successful clinical trial, its cumulative number is predicted to flourish growth of medical affairs outsourcing market during the years to come.

Report Highlights

  • In 2019, medical writing & publishing appeared as most promising segment and garnered maximum revenue share of the total market
  • Cumulative R&D activities and expansion of novel products to lift the growth of medical regulatory affairs outsourcing market across the world
  • Pharmaceutical industry segment conquered the global market by accounting prominent share more than 50% of the total revenue generated by market in 2019.
  • The Medical Science Liaisons (MSLs) services segment projected to record firmest CAGR during assessment period.

Key Market Players and Strategies

Pharmaceutical and medical devices establishments are subcontracting medical affairs services to the CROs or contract research organizations to restrict the accountability exposure by functioning with a skilled outsource company. Further it helps them to decrease operational costs, curtail regulatory compliance hazard, and avert process delays.

Some of the significant players in the medical affairs outsourcing market include:

  • ICON plc
  • Wuxi Clinical Development, Inc
  • Pharmaceutical Product Development, LLC
  • Ashfield Healthcare Communications
  • Indegene Inc.
  • IQVIA Holdings Inc
  • The Medical Affairs Company (TMAC)
  • SGS SA
  • Syneos Health Inc
  • ZEINCRO Group

Few contemporary strategies implemented by market players are as follows:

In May 2017, Rich Pharma, Inc collaborated with IND 2 Results, LLC as a CRO to deliver medical writing, protocol development, and regulatory consulting services for its clinical trials on treatment of Acute Myelocytic Leukemia and Hodgkin's Lymphoma.

Charles River Laboratories International, Inc. acquired a non-clinical Contract Research Organization named CitoxlabIn April 2019. This firm provides the medical device testing, regulated safety assessment services, and other services.

Market Segmentation

By Services

  • Medical Monitoring
  • Medical Writing & Publishing
  • Medical Information
  • Medical Science Liaisons
  • Others

By Industry

  • Medical Devices
  • Pharmaceutical
  • Biopharmaceutical

Regional Segmentation

  • North America (United States, Canada)
  • Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
  • Latin America (Brazil and Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Regional Snapshots

North America occupied for the prominent revenue chunk of the total gathered by global medical affairs outsourcing market in 2019 across various segments. This region is foreseen to sustain this stronghold during next few years on account of existence of leading global life sciences and pharmaceutical organizations, rigorous regulators such as FDA and obtainability of skilled workforce pool across the region.

Asia Pacific is projected to record the utmost compounded annual growth throughout the estimate period due to contributing factors such as accessibility of low-cost labor and intensifying cases of regulatory filings. Expansion of pharmaceutical and leading life science firms in this region is further estimated to bolster demand for medical affair outsourcing in Asia Pacific. Asia Pacific is the firmest growing pharmaceutical sector across the world, offering noteworthy prospects for drug marketing and development. Accordingly, pharmaceutical regulations in APAC are attaining attention amongst pharmaceutical businesses worldwide.

Why should you invest in this report?

If you are aiming to enter the global medical affairs outsourcing market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical affairs outsourcing are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Data points covered under medical affairs outsourcing market research study:

  • The historic and forecast market estimation from years 2016 to 2027
  • Market estimation and research analysis for the global market by distribution channel
  • Market estimation and research analysis for the global market by region
  • Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
  • Competitive scenery and business strategies by key players
  • SWOT Analysis
  • PORTER's five force research analysis
  • PEST Analysis
  • DR impact analysis
  • Heat map analysis
  • Investment feasibility analysis

Key Questions Answered by the Report:

  • What will be the size of the global medical affairs outsourcing market in 2027?
  • What is the expected CAGR for the medical affairs outsourcing market between 2020 and 2027?
  • Which are the top players active in this global market?
  • What are the key drivers of this global market?
  • How will the market situation change in the coming years?
  • Which region held the highest market share in this global market?
  • What are the common business tactics adopted by players?
  • What is the growth outlook of the global medical affairs outsourcing market?

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