Medical Affairs Outsourcing Market Projected To Reach USD 4.6 Billion By 2030

 San Francisco, 12 July 2023: The Report Medical Affairs Outsourcing Market Size, Share & Trends Analysis Report By Service (Medical Writing & Publishing, Medical Monitoring, Medical Science Liaisons, Medical Information, Others), By Industry, By Region And Segment Forecasts, 2023 - 2030

The global medical affairs outsourcing market size is expected to reach USD 4.6 billion registering a CAGR of 13.6% from 2023 to 2030 according to a new report by Grand View Research, Inc. Transformation in the medical education and the rising number of orphan therapies for treatment of rare diseases are some of the key factors propelling the market growth. The pharmaceutical companies are looking for assistance to systematically position the therapeutic outcomes of these therapies in the market. During the year 2021, the Food and Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) approved 50 new molecular entities, of which more than half (26) were orphan drugs. A growing number of orphan drug approvals is expected to drive the global market for medical affairs outsourcing over the forecast period.

Changes in the reimbursement scenario and pricing pressure are expected to increase the adoption of cost-saving measures by the pharmaceutical and medical device companies. This is anticipated to promote off-shoring of medical affairs outsourcing in countries like India and China. Pharmaceutical companies are outsourcing medical affairs services to get high-quality documents, control the R&D cost, and reduce investment costs required to train the medical affairs team. Furthermore, pharmaceutical and medical device companies are outsourcing their medical affairs services to diverge their business activities and manage product life cycles.

In addition, Contract Research Organizations (CROs) offer cost-efficient solutions and compliance with the health authority requirements, thereby propelling market growth. The bio/pharmaceutical outsourcing industry has seen a rise in R&D demand because of the COVID-19 pandemic. This increase in demand, as well as other impacts from the pandemic, such as rising demand for clinical trials and its outsourcing services, have caused some CROs to shift focus and adjust their operations. The pandemic has pushed more pharmaceutical companies and regulators to use new technologies for remote quality audits and inspections, thus driving positive changes in the pharma industry. Also, digitalization has for clinical trials that requires interactions with patient groups, and role in specialty care are expected to become integral to the medical affairs function and reduce the impact of pandemic.

Access Research Report of Medical Affairs Outsourcing Market @ https://www.grandviewresearch.com/industry-analysis/medical-affairs-outsourcing-market

Medical Affairs Outsourcing market Report Highlights

• The medical writing & publishing segment led the market in 2022 and is expected to witness significant growth over the forecast period, owing to the increasing need for marketable written content to convey medical information to healthcare professionals and patients.
• North America dominated the global market with a share of 34.9% in 2022 owing to the presence of a large number of pharmaceutical and medical devices companies in the region.
• Moreover, the high cost of medical affairs services is a major challenge, which has encouraged various medical device companies in North America to outsource functions to third-party vendors in off-shore locations with a high level of expertise in the domain.
• However, Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period, owing to cost-efficient service offering by the CROs in the region. In addition, improved regulatory framework and availability of a skilled workforce in APAC boosts the market growth.

Medical Affairs Outsourcing Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 1.9 billion
Revenue forecast in 2030	USD 4.6 billion
Growth rate	CAGR of 13.6% from 2023 to 2030
Base year for estimation	2022
Actual estimates/Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players In The Medical Affairs Outsourcing Market

• ICON plc
• IQVIA Holdings, Inc.
• The Medical Affairs Company
• Syneos Health, Inc.
• Thermo Fisher Scientific Inc. (PPD)
• Ashfield Healthcare Communications
• Zeincro Group
• Wuxi Clinical Development, Inc.
• SGS S.A.
• Indegene, Inc.

Access Press Release of Medical Affairs Outsourcing Market @ https://www.grandviewresearch.com/press-release/global-medical-affairs-outsourcing-market