USD 6.48 billion
Report ID:
SQMIG35D2051 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
174
|Figures:
79
Global Regulatory Affairs Outsourcing Market size was valued at USD 6.1 billion in 2022 and is poised to grow from USD 6.65 billion in 2023 to USD 12.62 billion by 2031, growing at a CAGR of 8.34% during the forecast period (2024-2031).
Healthcare companies are under constant pressure to obtain timely clinical approvals from regulators in various countries. Such activities further increase the demand for legal information services, thereby contributing to the of the regulatory affairs outsourcing market growth. Furthermore, increased demand for new product approvals while maintaining regulatory compliance, drives market growth. According to a survey sponsored by Genpact, 72.0% of life sciences agency executives consider compliance to be one of the top three challenges facing life sciences companies and legal departments are often burdened with dealing with multiple tasks role simultaneously and must ensure compliance with strict regulatory standards. Increased efforts by companies to gain faster approvals in the regulatory affairs outsourcing market to expand their geographical reach is expected to further help adopt outsourcing strategies for legal services. Increased use of pharmaceutical products and demand for cheaper drugs and medical devices are expected to drive down healthcare costs, increasing the preference for legal outsourcing.
Increasing out-of-pocket debt in developed and developing countries, uneven economic growth and measures taken by many governments to reduce drug costs are some of the factors exerting economic and competitive pressures comes into being, which in turn is expected to drive demand for the outsourcing of regulatory functions in life sciences companies. Drug-specific medical advice & compliance with policies and regulations in the early stages of drug development can be critical to drug approval.
US Regulatory Affairs Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.48 billion
Largest Segment
large
Fastest Growth
large
Growth Rate
8% CAGR
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Global Regulatory Affairs Outsourcing Market is segmented by Services, Company Size, Category, Indication, Product Stage, End Use, and Region. Based on Services, the market is segmented into Regulatory Consulting (Strategy & Development Planning, QA Consulting, Others), Legal Representation, Regulatory Writing & Publishing, Product Registration & Clinical Trial Product Stages, Regulatory Submission, Regulatory Operations, Other Services. Based on Company Size, the market is segmented into Small, Medium, Large. Based on Category, the market is segmented into Pharmaceuticals (Regulatory Consulting (Strategy & Development Planning, QA Consulting, Others), Legal Representation, Regulatory Writing & Publishing, Product Registration & Clinical Trial Product Stages, Regulatory Submissions, Regulatory Operations, Other Services), Medical Device (Regulatory Consulting (Strategy & Development Planning, QA Consulting, Others), Legal Representation, Regulatory Writing & Publishing, Product Registration & Clinical Trial Product Stages, Regulatory Submissions, Regulatory Operations, Other Services). Based on Indication, the market is segmented into Oncology, Neurology, Cardiology, Immunology, Others. Based on Product Stage, the market is segmented into Preclinical, Clinical, PMA (Post Market Authorization). Based on End Use, the market is segmented into Medical Device Companies, Pharmaceutical Companies, Biotechnology Companies. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Regulatory Affairs Outsourcing Market Analysis by Indication
The oncology segment dominated the regulatory affairs outsourcing market share of over 33.3% in 2023. Recent advances in cancer biology and the advent of new tools for genome analysis have opened clinical perspectives in oncology, and it offers personalized medicine. Scientific advances are increasing the number of personalized medicines and services, subject to regulatory review, so other factors that determine the extent of research contributing to regulatory affairs outsourcing market growth are neuroscience, cardiology, physiology immunity, and among others. The oncology segment driven via the growing range of cancer healing procedures and remedies under development. As oncology capsules regularly require stringent regulatory approvals because of their complexity and life-saving ability, pharmaceutical and biotech organizations to ensure compliance with evolving worldwide requirements.
The immunology segment is expected to expand at the fastest CAGR of 9.8% during the forecast period. This is due to its sensitivity in the treatment of cardiovascular, neurological, cancer and various inflammatory diseases. Positive policies by market players for the immune system are expected to facilitate the growth of the segment. For example, in September 2021, Boehringer Ingelheim acquired Abexa Biologics. This expands the company’s cancer immunotherapy and immunotherapy segment markets. In addition, the COVID-19 pandemic created an urgent need for vaccines. Therefore, the development of COVID-19 vaccines is likely to have a positive impact on the growth of the segment.
Regulatory Affairs Outsourcing Market Analysis by Product Stage
The clinical studies segment dominated the regulatory affairs outsourcing market share, accounting for 46.8% in 2023. This is probably due to the clinical trials registered in the last few years. Apart from the registration of about 32,540 new trials put aside, this number increased of biologics, huge demand for advanced technologies, need for orphan drugs & personalized medicines are other factors which are likely to fuel the growth of the segment during the forecast period. The clinical research phase is essential for outsourcing regulatory functions, as it involves the development, implementation, and monitoring of trials to ensure drug efficacy and patient safety. Key responsibilities include monitoring clinical trial design, data collection, and compliance. The outsourcing of these processes helps companies manage the high cost and complex compliance standards in developing new therapies. Regulatory agencies also help streamline submissions and they ensure compliance with FDA, EMA, and other global standards.
The preclinical segment is expected to expand at the fastest CAGR of 9.0% during the forecast period 2024-2031. Growing demand for new treatments for diseases such as COVID-19, Zika virus, Ebola and existing diseases such as CVD, cancer and vascular diseases. Also, strict preclinical research regulations, enforced by global regulatory bodies such as the International Conference on Compounding (ICH), WHO, FDA, EMEA (Europe), PMDA (Japan), ANVISA (Brazil). The MHRA (UK), & ROEB (Canada), are increasingly raising the requirement for companies to outsource regulatory functions for pre-clinical investigations. Preclinical studies focus on evaluating the safety and biological effects of drugs before human trials. This phase ensures that the initial safety, toxicity, and pharmacokinetics of the product meet regulatory guidelines. By outsourcing preclinical work, organizations gain access to strong regulatory frameworks and specialized laboratories for testing and expertise. This category helps pharmaceutical companies mitigate risks early in their development process and comply with regulatory guidelines for future clinical trial approval.
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The Asia-Pacific region dominated the regulatory affairs outsourcing market and controlled the largest revenue share of over 39.9% in 2023. The region is also expected to witness the fastest CAGR during the forecast period this from increasing number of clinical trials. Apart from the reason that could be the availability of skilled labor in the region which is cheaper compared to the US. It is another driver for the regional regulatory affairs outsourcing market growth. China is one of the attractive markets for the biopharmaceutical industry. The growing elderly population and the presence of a large middle-income population further increases the demand for new low-cost drugs, which are expected to attract major pharmaceutical companies of devices in this category for 12 to 24 months is needed while the approval process may need more than six years. In addition to receiving state approval, the new drug must be approved at the provincial and municipal levels, which could require an additional 4 to 5 years.
North America is the dominant region in the market. The North America region in the market also reported a significant share of the regulatory affairs outsourcing industry. Presence of large pharmaceutical and medical device companies and high R&D expenditure in the region are some of the key factors driving the regulatory affairs outsourcing market in North America. Along with patented products, cost-effective generic biosimilars are also in high demand in this segment. For example, as of January 2022, there were approximately FDA-approved biosimilars in the US. Thus, the increasing development and approval of new biosimilars is expected to drive demand for regulatory services in the US, driving the market.
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Regulatory Affairs Outsourcing Market Driver
Legal Requirements becoming Increasingly Complex
Cost Effectiveness and Focus on Core Competencies
Restraints
Data Security and Privacy Concerns
Quality Control Issues Involving Third Party Suppliers
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The regulatory affairs outsourcing market is characterized by intense competition, with key players leading the market such as Parexel International, IQVIA, PRA Health Sciences, ICON plc etc. Those companies provide comprehensive legal services, such as referrals, compliance monitoring and counselling. A notable example of strategic collaboration is the partnership between PAREXEL International and Oracle Health Sciences. This collaboration combines Oracle's advanced cloud-based clinical trial management technology with Parexel's regulatory expertise enabling customers to make regulatory submissions, ensure compliance, and accelerate drug development processes globally. Such alliances more efficient, enhance competitive advantage by providing tech-driven solutions.
Regulatory Affairs Outsourcing Market Top Player's Company Profiles
Regulatory Affairs Outsourcing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the regulatory affairs outsourcing market is driven by the growing complexity of regulatory necessities and the value performance gained with the aid of outsourcing regulatory features. While the market faces demanding situations together with concerns over records security and manage problems, it maintains to grow because of the growing adoption of digital tools and expanding demand in emerging markets. Increased geographic expansion activities for firms targeting early approval in local markets are expected to contribute to the adoption of outsourcing arrangements for legal services. The market is expanding rapidly due to increasing R&D activities, clinical trial implementation and increasing number of product registrations. Companies inside the pharmaceutical, biotechnology, and the scientific device sectors are leveraging expertise to navigate the regulatory panorama, reduce charges, and recognition on centre abilities. As a result, the market is anticipated to amplify similarly as the need for specialized regulatory aid grows throughout diverse industries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.1 billion |
Market size value in 2031 | USD 12.62 billion |
Growth Rate | 8.34% |
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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Regulatory 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 Regulatory 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Regulatory Affairs Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Global Regulatory Affairs Outsourcing Market size was valued at USD 6.1 billion in 2022 and is poised to grow from USD 6.65 billion in 2023 to USD 12.62 billion by 2031, growing at a CAGR of 8.34% during the forecast period (2024-2031).
The regulatory affairs outsourcing market is characterized by intense competition, with key players leading the market such as Parexel International, IQVIA, PRA Health Sciences, ICON plc etc. Those companies provide comprehensive legal services, such as referrals, compliance monitoring and counselling. A notable example of strategic collaboration is the partnership between PAREXEL International and Oracle Health Sciences. This collaboration combines Oracle's advanced cloud-based clinical trial management technology with Parexel's regulatory expertise enabling customers to make regulatory submissions, ensure compliance, and accelerate drug development processes globally. Such alliances more efficient, enhance competitive advantage by providing tech-driven solutions. 'Accell Clinical Research, LLC ', 'Genpact ', 'CRITERIUM, INC ', 'Promedica International ', 'New WuXi Life Science Limited ', 'Medpace ', 'Bausch & Lomb ', 'Freyr ', 'SSI Strategy Holdings LLC ', 'Pharmexon ', 'Quanticate ', 'PharmaLex ', 'Cambridge Regulatory Services ', 'APC Group ', 'Real Regulatory Ltd ', 'Ergomed Plc ', 'Regulatory Pharma Net srl ', 'Excelya Group SAS ', 'BioMapas ', 'REGENOLD GMBH'
The regulatory landscape in various industries, particularly pharmaceutical, biotechnology and medical devices, is becoming increasingly complex because agencies such as the FDA (U.S.), EMA (Europe), and others frequently update regulations, guidelines, and compliance standards, it is difficult for companies to navigate these evolving systems. Regulation information outsourcing helps organizations meet these challenges by leveraging the expertise of specialized companies. These agencies have greater knowledge of local and global regulatory requirements, enabling companies to ensure compliance regardless of in-house groups. This need for awareness and flexibility is driving significant growth in regulatory issues.
Increasing the Use of Digital Solutions in Regulatory Matters: A key trend in the regulatory affairs outsourcing market is the increasing adoption of digital tools and platforms to streamline regulatory processes. Regulatory technology (RegTech) solutions are increasingly being used to manage how they comply with regulations, have automated shipments, follow approvals and follow regulatory changes. Legal outsourcing companies integrate digital systems to deliver fast, accurate and cost-effective solutions. Cloud-based solutions, AI, and automation increase productivity, reduce human error, and ensure real-time regulatory updates. This trend is changing how outsourcing of the regulatory functions is managed, making the process more transparent and scalable.
The Asia-Pacific region dominated the market and controlled the largest revenue share of over 39.9% in 2023. The region is also expected to witness the fastest CAGR during the forecast period this from increasing number of clinical trials. Apart from the reason that could be the availability of skilled labor in the region which is cheaper compared to the US. It is another driver for the regional market growth China is one of the attractive markets for the biopharmaceutical industry. The growing elderly population and the presence of a large middle-income population further increases the demand for new low-cost drugs, which are expected to attract major pharmaceutical companies of devices in this category for 12 to 24 months is needed while the approval process may need more than six years. In addition to receiving state approval, the new drug must be approved at the provincial and municipal levels, which could require an additional 4 to 5 years.
Global Regulatory Affairs Outsourcing Market size was valued at USD 6.1 billion in 2022 and is poised to grow from USD 6.65 billion in 2023 to USD 12.62 billion by 2031, growing at a CAGR of 8.34% during the forecast period (2024-2031).
The regulatory affairs outsourcing market is characterized by intense competition, with key players leading the market such as Parexel International, IQVIA, PRA Health Sciences, ICON plc etc. Those companies provide comprehensive legal services, such as referrals, compliance monitoring and counselling. A notable example of strategic collaboration is the partnership between PAREXEL International and Oracle Health Sciences. This collaboration combines Oracle's advanced cloud-based clinical trial management technology with Parexel's regulatory expertise enabling customers to make regulatory submissions, ensure compliance, and accelerate drug development processes globally. Such alliances more efficient, enhance competitive advantage by providing tech-driven solutions. 'Accell Clinical Research, LLC ', 'Genpact ', 'CRITERIUM, INC ', 'Promedica International ', 'New WuXi Life Science Limited ', 'Medpace ', 'Bausch & Lomb ', 'Freyr ', 'SSI Strategy Holdings LLC ', 'Pharmexon ', 'Quanticate ', 'PharmaLex ', 'Cambridge Regulatory Services ', 'APC Group ', 'Real Regulatory Ltd ', 'Ergomed Plc ', 'Regulatory Pharma Net srl ', 'Excelya Group SAS ', 'BioMapas ', 'REGENOLD GMBH'
The regulatory landscape in various industries, particularly pharmaceutical, biotechnology and medical devices, is becoming increasingly complex because agencies such as the FDA (U.S.), EMA (Europe), and others frequently update regulations, guidelines, and compliance standards, it is difficult for companies to navigate these evolving systems. Regulation information outsourcing helps organizations meet these challenges by leveraging the expertise of specialized companies. These agencies have greater knowledge of local and global regulatory requirements, enabling companies to ensure compliance regardless of in-house groups. This need for awareness and flexibility is driving significant growth in regulatory issues.
Increasing the Use of Digital Solutions in Regulatory Matters: A key trend in the regulatory affairs outsourcing market is the increasing adoption of digital tools and platforms to streamline regulatory processes. Regulatory technology (RegTech) solutions are increasingly being used to manage how they comply with regulations, have automated shipments, follow approvals and follow regulatory changes. Legal outsourcing companies integrate digital systems to deliver fast, accurate and cost-effective solutions. Cloud-based solutions, AI, and automation increase productivity, reduce human error, and ensure real-time regulatory updates. This trend is changing how outsourcing of the regulatory functions is managed, making the process more transparent and scalable.
The Asia-Pacific region dominated the market and controlled the largest revenue share of over 39.9% in 2023. The region is also expected to witness the fastest CAGR during the forecast period this from increasing number of clinical trials. Apart from the reason that could be the availability of skilled labor in the region which is cheaper compared to the US. It is another driver for the regional market growth China is one of the attractive markets for the biopharmaceutical industry. The growing elderly population and the presence of a large middle-income population further increases the demand for new low-cost drugs, which are expected to attract major pharmaceutical companies of devices in this category for 12 to 24 months is needed while the approval process may need more than six years. In addition to receiving state approval, the new drug must be approved at the provincial and municipal levels, which could require an additional 4 to 5 years.
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Report ID: SQMIG35D2051
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