GLOBAL PHARMACEUTICAL CONTRACT SALES OUTSOURCING (CSO) MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Pharmaceutical Contract Sales Outsourcing (CSO) Market, By Service Type (Personal Promotion, Non-personal Promotion, Others), By Therapeutic Area (Cardiovascular Disorders, Oncology, Metabolic Disorders, Neurology, Orthopedic Diseases, Infectious Diseases, Others), By End User (Biopharmaceutical Companies, Medical Device Companies, Generic Companies, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Jan 2024
Code : CMI6549
Pages :160
Formats :
Excel and PDF
Industry : Healthcare IT

Global Pharmaceutical Contract Sales Outsourcing (CSO) Market Size and Trends

The global pharmaceutical contract sales outsourcing (CSO) market size is expected to reach US$ 15,346.7 Mn by 2030, from US$ 8,599.2 Mn in 2023, exhibiting a compound annual growth rate (CAGR) of 8.6% during the forecast period.

Global Pharmaceutical Contract Sales Outsourcing (CSO) Market- Trends

Increasing uptake of outsourcing non-core functions: The increasing trend of outsourcing non-core functions by pharmaceutical companies is positively impacting the contract sales outsourcing market. Many large pharmaceutical firms are choosing to focus only on drug discovery and product development related activities, and outsourcing other non-critical sales and marketing operations to specialized CSO providers. This allows the core companies to optimize costs and divert resources towards R&D.

CSO companies are benefitting immensely from this strategy. They can leverage their expertise gained over decades of experience in effectively engaging with doctors and healthcare professionals. Specialized sales teams at CSO firms ensure brand messages are consistently communicated to target audiences. They also help evaluate market feedback to pharmaceutical companies on treatment patterns and prescribing behaviors. This two-way communication enhances the customer understanding of drug manufacturers.

Rise in demand for customized and value-added services: The demand for customized and value-added services has significantly impacted the pharmaceutical contract sales outsourcing (CSO) market in recent years. Pharmaceutical companies are increasingly looking for CSO partners that can offer bespoke solutions tailored to their specific therapeutic areas, customer segments, and go-to-market strategies. They want partners that can help enhance customer engagement through tailored messaging and multichannel outreach programs. Partners are expected to leverage analytics and real-world data to generate actionable insights for making field operations efficient.