USD 1.69 Billion
Medical Affairs Outsourcing Market Size, Share, Growth Analysis, By Services(Medical Monitoring, Medical Writing & Publishing, Medical Information, Medical Science Liaisons), By Industry(Medical Devices and Pharma & biopharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2142 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Medical Affairs Outsourcing Market Insights
Global Medical Affairs Outsourcing Market size was valued at USD 1.69 Billion in 2022 and is poised to grow from USD 1.92 Billion in 2023 to USD 5.33 Billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).
The global medical affairs outsourcing market is experiencing substantial growth driven by a surge in clinical trials resulting from the rising prevalence of both communicable and non-communicable diseases.
This heightened clinical trial activity has led to increased demand for medical devices and novel drugs, thus fueling the need for medical outsourcing services.
Additionally, the market is bolstered by the attractive combination of cost-effective and high-quality services provided by contract research organizations, as well as stringent regulatory requirements that necessitate specialized expertise.
Together, these factors create a conducive environment for the expansion and advancement of the medical affairs outsourcing market. The global pandemic's impact has been far-reaching, affecting almost every industry, including medical affairs outsourcing.
Despite the challenges faced by regulatory and outsourcing teams, the COVID-19 outbreak has compelled a change in the work schedule of medical affairs professionals in the pharmaceutical industry. This has led to a significant increase in virtual scientific interactions and a higher priority placed on scientific communication. In the long term, these shifts are expected to reshape the structure and responsibilities of medical affairs teams.
New areas, such as facilitating access to advanced treatments in specific healthcare channels, engaging with patient groups, and playing essential roles in specialty care, are anticipated to become integral to the medical affairs function.
The pharmaceutical and medical device industries are facing pricing pressures, stringent regulations, and patent expirations, which have resulted in shrinking profit margins. As a strategic competitive tool, contract medical affairs services are gaining prominence among biopharmaceutical and pharmaceutical companies as they offer cost savings.
By outsourcing medical affairs services to contract research organizations (CROs), pharmaceutical and medical device firms can reduce operational costs, limit liability exposure, enhance regulatory compliance, and prevent process delays through collaboration with well-trained outsourcing partners. This trend is likely to continue as companies seek to optimize their operations and navigate the challenging business landscape.
US Medical Affairs Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Medical Monitoring
Fastest Growth
Medical Monitoring
Growth Rate
13.6% CAGR
Global Medical Affairs Outsourcing Market($ Bn)
Country Share for North America Region (%)
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Medical Affairs Outsourcing Market Segmental Analysis
The global medical affairs outsourcing market is segmented on the basis of services, industry and region. By services, the market is segmented into medical monitoring, medical writing & publishing, medical information, medical science liaisons, others. By industry, the market is segmented into medical devices and pharma & biopharmaceuticals. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Affairs Outsourcing Market Analysis By Services
Medical monitoring shines brilliantly as the largest segment, illuminating an impressive 45% share of the market. The allure of medical monitoring lies in its vital role in ensuring the safety and efficacy of pharmaceutical products and medical devices throughout their lifecycle. As the pharmaceutical and medical industries seek to navigate complex regulatory landscapes and stay compliant, they turn to medical monitoring services for expert guidance and vigilant oversight, fueling the segment's dominance and captivating market demand.
Simultaneously, within this luminescent landscape, the fastest growing segment casts a radiant glow upon medical science liaisons (MSLs), soaring with a captivating year-on-year growth rate of 30%. The ascent of MSL services is driven by the evolving healthcare landscape, where medical professionals play a pivotal role in bridging the gap between pharmaceutical companies and healthcare providers. As the demand for evidence-based insights and effective communication escalates, MSLs emerge as invaluable assets, forging strong relationships with key opinion leaders and facilitating the exchange of scientific knowledge, propelling the segment into a realm of transformative growth and unparalleled potential.
Medical Affairs Outsourcing Market Analysis By Industry
Pharma & biopharmaceuticals stands resplendently as the largest segment, commanding an impressive 70% share of the market. The allure of pharma and biopharmaceuticals lies in their relentless pursuit of groundbreaking therapies and treatments, coupled with the intricacies of regulatory compliance. As these industries grapple with increasing complexities and seek streamlined operations, they turn to medical affairs outsourcing for expert support and seamless execution, fueling the segment's dominance and captivating market demand.
Simultaneously, within this luminescent landscape, the fastest growing segment casts a radiant glow upon medical devices, soaring with a breathtaking year-on-year growth rate of 40%. The ascent of medical devices is propelled by the evolving healthcare landscape, where technological innovations and patient-centric solutions hold transformative potential. As the demand for cutting-edge medical devices rises, manufacturers increasingly seek medical affairs outsourcing to navigate regulatory requirements and elevate their products' clinical and scientific support, propelling the segment into a realm of transformative growth and unparalleled possibilities.
Global Medical Affairs Outsourcing Market By Services
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Medical Affairs Outsourcing Market Regional Insights
Within the radiant embrace of the global medical affairs outsourcing market, regional insights paint a captivating picture of dominance and dynamic growth. Among the resplendent regions, North America emerges as the dominating force, casting a brilliant glow over the market with its captivating 50% share. The allure of North America lies in its mature and advanced healthcare infrastructure, coupled with a robust presence of pharmaceutical and biopharmaceutical companies. As the region pioneers medical advancements and regulatory compliance, the demand for expert medical affairs outsourcing services soars, catapulting North America to the forefront of the global market.
Simultaneously, in this vibrant panorama, the fastest growing region casts a luminous radiance upon the Asia-Pacific, sparkling with a breathtaking year-on-year growth rate of 35%. The rise of Asia-Pacific is fueled by the region's burgeoning healthcare sector, thriving pharmaceutical industries, and an escalating demand for advanced medical devices. As the region embraces cutting-edge innovations and elevates its healthcare standards, the allure of medical affairs outsourcing services takes center stage, guiding Asia-Pacific towards a future illuminated with transformative growth and unrivaled potential. With North America exuding luminous dominance and Asia-Pacific shimmering with exhilarating growth, the global medical affairs outsourcing market unveils a journey of excellence, guiding industries towards precision, innovation, and a radiant tomorrow.
Global Medical Affairs Outsourcing Market By Geography
- Largest
- Fastest
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Medical Affairs Outsourcing Market Dynamics
Medical Affairs Outsourcing Market Drivers
Rising Demand for Real-World Evidence
- The need for real-world evidence to support product efficacy and safety is increasing in the healthcare industry. Medical affairs outsourcing providers play a crucial role in generating, analyzing, and disseminating real-world data to strengthen the value proposition of pharmaceutical products and medical devices.
- Pharmaceutical and medical device companies are focusing on their core competencies, such as research and development, manufacturing, and marketing. Outsourcing medical affairs activities allows them to leverage specialized expertise, optimize resources, and enhance operational efficiency.
Medical Affairs Outsourcing Market Restraints
Quality Control and Compliance Risks
- Outsourcing medical affairs functions may lead to challenges in maintaining consistent quality and adherence to internal standards and compliance requirements. Companies must establish robust governance and monitoring mechanisms to mitigate these risks effectively.
- Relying on external vendors for critical medical affairs services can create a degree of dependency, which may impact a company's ability to have full control over certain processes and timelines.
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Medical Affairs Outsourcing Market Competitive Landscape
The global medical affairs outsourcing market is characterized by a fiercely competitive landscape, where leading players strive for prominence and excellence. These industry giants excel in providing a wide range of medical affairs outsourcing solutions, including medical writing, medical monitoring, medical information, and medical science liaisons, catering to the diverse needs of pharmaceutical and medical device companies worldwide. The market is marked by continuous innovation and strategic partnerships, as companies seek to expand their service portfolios and reach new markets. Additionally, emerging players and specialized niche providers are adding vibrancy to the competitive landscape, offering unique and tailored solutions to address specific industry requirements. The quest for advanced real-world evidence, streamlined regulatory compliance, and enhanced patient-centric support drives the fierce competition, as companies vie to be at the forefront of shaping the medical affairs outsourcing landscape. As the demand for specialized expertise and operational efficiency escalates, the competitive landscape of the global medical affairs outsourcing market continues to shimmer with a dynamic interplay of innovation, partnerships, and unwavering commitment to delivering high-quality medical affairs services on a global scale.
Medical Affairs Outsourcing Market Top Player’s Company Profiles
- IQVIA Inc. (USA)
- Syneos Health Inc. (USA)
- PAREXEL International Corporation (USA)
- ICON plc (Ireland)
- PPD, Inc. (USA)
- Pharmaceutical Product Development, LLC (PPD) (USA)
- Covance Inc. (USA)
- PRA Health Sciences, Inc. (USA)
- Medpace Holdings, Inc. (USA)
- Charles River Laboratories International, Inc. (USA)
- ProPharma Group (USA)
- The Medical Affairs Company, LLC (USA)
- Indegene, Inc. (USA)
- Ashfield Healthcare Communications Group (UK)
- Accenture plc (Ireland)
- MMS Holdings Inc. (USA)
- Clinipace Worldwide (USA)
- Max Neeman International (India)
- Freyr Solutions (India)
- Comprehend Systems, Inc. (USA)
Medical Affairs Outsourcing Market Recent Developments
- In February 2021, ICON plc, a global leader in clinical research and medical affairs solutions, made a significant move by acquiring PRA Health Sciences, Inc. in a landmark cash and stock transaction valued at approximately USD 12 billion.
Medical Affairs Outsourcing Key Market Trends
Growing Demand for Real-World Evidence (RWE)
- Pharmaceutical and medical device companies are increasingly relying on real-world evidence to demonstrate the safety, efficacy, and value of their products. Medical affairs outsourcing providers play a critical role in generating and analyzing real-world data, supporting companies in their evidence-based decision-making and regulatory submissions.
Regulatory Compliance and Pharmacovigilance
- Ensuring regulatory compliance and pharmacovigilance is of paramount importance in the healthcare industry. Medical affairs outsourcing providers are assisting companies in meeting regulatory requirements, safety monitoring, and post-marketing surveillance.
Medical Affairs Outsourcing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The global medical affairs outsourcing market has been experiencing robust growth and transformation, driven by several key factors. As pharmaceutical and medical device companies increasingly focus on their core competencies and seek to streamline operations, medical affairs outsourcing has emerged as a compelling solution to meet their complex and evolving needs. The growing demand for real-world evidence (RWE) to support product efficacy and safety, along with the emphasis on patient-centric approaches, has spurred the need for specialized medical affairs services. The market's evolution is also influenced by the development of specialty therapies, rare disease treatments, and personalized medicine, requiring tailored strategies and expertise. Companies are seeking outsourcing providers that can deliver customized solutions to address unique challenges in these areas. The integration of technology, artificial intelligence (AI), and data analytics has enhanced operational efficiency and data-driven decision-making, further propelling the market's growth. Moreover, as the healthcare industry places greater emphasis on sustainability and social responsibility, outsourcing providers that align with ethical and environmentally conscious practices gain a competitive edge.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.69 Billion |
| Market size value in 2031 | USD 5.33 Billion |
| Growth Rate | 13.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Affairs Outsourcing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Affairs Outsourcing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Affairs Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Affairs Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Affairs Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Affairs Outsourcing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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