MEDICAL AFFAIRS OUTSOURCING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Rising drug development costs and complex regulatory requirements have compelled pharmaceutical and biotech companies to increasingly rely on external expertise and services. Medical affairs outsourcing helps to reduce development expenses and speeds up clinical trials and new product launches. It allows companies to stay focused on core competencies while benefitting from specialized skills and insights of outsourcing partners. Various services offered include medical information, medical monitoring, medical reporting and publication planning, along with regulatory support. Advancements in technology have enabled remote and flexible working models, thus, boosting the scope of outsourced activities. Continued digitalization and growing R&D investment in drug development can drive the medical affairs outsourcing market growth.

Market Dynamics:

Global medical affairs outsourcing market growth is driven by factors like rising drug development costs, stringent regulatory norms, and focus on core competencies by pharmaceutical firms. The average cost of developing a new drug has increased substantially over the past few decades to over US$ 2.6 billion currently. Outsourcing certain functions helps to lower costs substantially. Regulatory requirements have also become more complex globally with greater paperwork and compliance standards. Medical affairs outsourcing allows companies to leverage specialized expertise to navigate regulations efficiently. It also allows companies to focus more on core drug discovery and marketing activities while non-core functions are outsourced. Data security and loss of control over critical processes can hamper the market growth. Technological advancements like artificial intelligence and blockchain offers opportunities by enabling remote services and greater data management capabilities.

Key Features of the Study:

• This report provides in-depth analysis of the global medical affairs outsourcing market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global medical affairs outsourcing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Syneos Health, ICON plc, PRA Health Sciences, The Medical Affairs Company (TMAC), Ashfield Healthcare Communications, Promedica International, Synchrogenix Information Strategies, Anthelio Healthcare Solutions, Pharmaceutical Product Development, LLC. (PPD), and Clinquest Group
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global medical affairs outsourcing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• -Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical affairs outsourcing market

Detailed Segmentation-

• By Services
  
  • Medical Writing & Publishing
  • Medical Monitoring
  • Medical Science Liaisons (MSLs)
  • Medical Information
  • Others
• By Industry
  
  • Pharmaceutical
  • Biopharmaceutical
  • Medical Devices
• By Region:        
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
  • IQVIA Holdings Inc.
  • Ashfield (part of UDG Healthcare plc)
  • Syneos Health
  • Parexel International Corporation
  • ICON plc
  • PRA Health Sciences
  • Pharmaceutical Product Development (PPD)
  • WuXi AppTec
  • SGS SA
  • Covance Inc. (part of LabCorp)
  • Indegene
  • The Medical Affairs Company (TMAC)
  • Synergy Pharmaceuticals
  • Charles River Laboratories
  • KOLgroups
  • ZS Associates
  • McKinsey & Company (Healthcare Practice)
  • Accenture