Medical Affairs Outsourcing Market Research Report | New Business Trends, Future Business Opportunities and Forecast to 2027 - ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec

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.
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 pandemics 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.

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Top Medical Affairs Outsourcing Market Players
ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec, SGS SA, PPD Inc, PAREXEL INTERNATIONAL CORPORATION, Indegene, Excelya, and UDG Healthcare plc are among the leading companies operating in the medical affairs outsourcing market.

Market Insights
Increasing Number of Clinical Trials
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.

As per the data from the US National Library of Medicine, in 2018, there were ~280,801 clinical studies in progress in 50 states and 204 countries. The following figure shows the rise in the number of studies registered in the last few years.

Hence, the increasing number of clinical trials, raising the demand for the outsourcing of medical affair services, is significantly driving the growth of the medical affairs outsourcing market.

The report segments global medical affairs outsourcing market as follows:

By Service
• Medical Writing and Publishing
• Medical Science Liaisons (MSLs)
• Medical Information
• Medical Monitoring
• Others
By Application
• Pharmaceuticals
• Medical Devices
• Biopharmaceutical
By Geography
• North America
o
 US
 Canada
 Mexico
• Europe
o
 France
 Germany
 UK
 Spain
 Italy
 Rest of Europe
• Asia Pacific (APAC)
o
 China
 India
 Japan
 Australia
 South Korea
 Rest of APAC
• Middle East & Africa (MEA)
o
 Saudi Arabia
 UAE
 South Africa
 Rest of MEA
• South and Central America (SCAM)
o
 Brazil
 Argentina
 Rest of SCAM

Major questions addressed through this global research report:
1. What are the demanding sectors for driving this global Medical Affairs Outsourcing market?
2. Which are the major key players and competitors?
3. What will be the market size of the global market?
4. Which are the recent advancements in the global Medical Affairs Outsourcing market?
5. What are the restraints, threats, and challenges in front of the market?
6. What are the global opportunities in front of the market?
7. How digital footprint helps to expand the business structure and economic outcomes?

Table of Content (TOC):
Chapter 1 Introduction and Overview
Chapter 2 Industry Cost Structure and Economic Impact
Chapter 3 Rising Trends and New Technologies with Major key players
Chapter 4 Global Medical Affairs Outsourcing Market Analysis, Trends, Growth Factor
Chapter 5 Medical Affairs Outsourcing Market Application and Business with Potential Analysis
Chapter 6 Global Medical Affairs Outsourcing Market Segment, Type, Application
Chapter 7 Global Medical Affairs Outsourcing Market Analysis (by Application, Type, End User)
Chapter 8 Major Key Vendors Analysis of Medical Affairs Outsourcing Market
Chapter 9 Development Trend of Analysis
Chapter 10 Conclusion

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