Medical Affairs Outsourcing Market Growing at a CAGR of 11.2% Says, The Insight Partners

According to our new research study on "Medical Affairs Outsourcing Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Services and Application," the market is expected to reach US$ 3,287.12 million by 2027 from US$ 1,415.00 million in 2019. It is estimated to grow at a CAGR of 11.2% from 2020 to 2027.

The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. Factors such as increasing number of clinical trials and rising adoption of outsourcing activities coupled with increasing R&D expenditures across the world are driving the market growth. However, increasing costs of drug development and clinical trials hinder the market growth.

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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.

The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the medical affairs outsourcing. For instance, in January 2019, IQVIA announced the launch of a comprehensive multi-tenant (SaaS) safety platform for life sciences industry. For instance, Alderley Analytical, Almac, and among others are well-known manufacturing organizations offering a wide range of integrated services to more than 600 pharmaceutical and biotech companies.

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. In 2019, the medical writing and publishing segment accounted for the largest share. The market for the medical science liaisons (MSLs) segment is expected to grow at the fastest pace during the forecast period owing to the surging requirement of professional medical writing, publishing and service provision by small, mid-sized and 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.

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.

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