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Medical Affairs Outsourcing Market to reach US$ 3,287.12 million by 2027 & to grow at a CAGR of 11.2%

Medical Affairs Outs

iCrowdNewswire   Feb 18, 2021  5:00 AM ET

The medical affairs outsourcing market was valued at US$ 1,415.00 million in 2019 and is projected to reach US$ 3,287.12 million by 2027; it is expected to grow at a CAGR of 11.2% from 2020 to 2027.

Medical affairs are playing a vital role in current pharmaceutical, medical device and biotechnology companies. Moreover, these services are witnessing an expansion in both earlier (pre-production) as well as later stages (post-production) of medical products. Medical affairs outsourcing services helps the original equipment manufacturing (OEM) companies with flexible and scalable solutions that help them utilize strategic management, resource components, and healthcare personnel resources.

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Based on services, the medical affairs outsourcing market is segmented into medical writing and publishing, medical science liaisons (MSLs), medical information, medical monitoring, and others. The medical writing and publishing segment held the largest share of the market in 2019 owing to the rising requirement of professional medical writing, publishing and service provision by small, mid-sized as well as giant healthcare companies. With the increasing number of companies entering the market and launching their products, the demand for medical writers have dramatically increased thereby leading to the market growth for the medical writing and publishing segment. On the other hand, the market for the medical science liaisons (MSLs) segment is anticipated to grow faster during 2020–2027 due to the requirement of expert liaisons post the medical device product launches.

The medical affairs outsourcing market is segmented on the basis of services, application, and region. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the medical affairs outsourcing market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID–19 pandemic on the market across all the regions. It is estimated that the market is likely to grow at a slower rate in the coming years due to the lockdown situations in various countries that have restricted the supply chain of different nonessential medical products. However, it also has had a positive impact on the bio/pharmaceutical outsourcing industry, wherein the demand for R&D activity is increasing leading to a rise in medical affairs assistance. This rising demand has caused various CROs to focus on their outsourcing and other operations.

Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drugs and medical devices. It is a crucial step in the determination of safety and effectiveness of a therapeutic strategy and procedure, drugs, and devices; it is also a part of the process of gaining a regulatory approval for a commercial usage. Clinical studies also help understand and determine the best medical approaches for a particular therapeutic area. The rise in the number of clinical trials being conducted is mainly attributed to the increasing prevalence of various communicable and noncommunicable (NCDs) diseases, which is triggering the demand for the development of new drugs or medical devices, which is further boosting the demand for the medical affairs outsourcing services.

By Service

By Application               

By Geography

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