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Companies in Regulatory Affairs Outsourcing Market Trends and Competitive Analysis by 2028
Regulatory Affairs Outsourcing Market Outlook 2028The global regulatory affairs outsourcing market was valued at US$ 4.5 Bn in 2020
It is estimated to expand at a CAGR of 19% from 2021 to 2028
The global regulatory affairs outsourcing market is expected to reach the value of US$ 17.3 Bn by the end of 2028
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Regulatory Affairs Outsourcing Market: Overview
According to Transparency Market Research's latest report on the global regulatory affairs outsourcing market for the historical period 2017-2028 and forecast period 2021-2028, increase in research & development activities in the life science industry across the world is projected to drive the global regulatory affairs outsourcing market during the forecast period
Rise in Number of Clinical Trials and Growth of Life Science Industry: Key Drivers
The global regulatory affairs outsourcing market is driven by increase in the number of clinical trials, growth of the life sciences industry, and advancements in biosimilars, personalized medicine, orphan pharmaceuticals
Rise in investment in R&D activities to develop biosimilar, orphan, and generic drugs, increase in investment in clinical research, surge in focus on product development to expand supply, strict government regulation, and rise in the number of FDA-approved manufacturing plants boost the growth of the global regulatory affairs outsourcing market
The global regulatory affairs outsourcing market presents significant opportunities to global and mid-sized market players such as delivery of low-cost regulatory services and boosting marketing activities
COVID-19 pandemic has placed many regulatory and outsourcing teams under pressure; however, it has also had a positive effect on the bio/pharmaceutical outsourcing industry, wherein the demand for R&D activity is growing, leading to surge in regulatory affairs assistance
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Increase in Investments by Key Players in Research & Development for Regulatory Affairs Outsourcing
As new therapies and medicines are introduced to the market, the field of medicine continues to evolve. Several public-private institutes and businesses focus on research in order to discover novel medicines.
Bayer AG's pharmaceutical division unveiled a cell and gene therapy platform in December 2020. Moreover, expanding pharmaceutical and biotechnology product pipeline is expected to drive market during the forecast period.
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Risk Associated with Regulatory Affairs Outsourcing
Risks associated with outsourcing and data sharing are expected to hamper the growth of the global regulatory outsourcing market during the forecast period. Several outsourcing partners have access to pharmaceutical and other industries sensitive data, which is likely to pose a threat to data sharing and security to the companies.
Regulatory Affairs Outsourcing Market: Competition Landscape
This report profiles major players in the global regulatory affairs outsourcing market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global regulatory affairs outsourcing market is highly fragmented, with the presence of a number of international as well as regional players.
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Leading players operating in the global regulatory affairs outsourcing market are
Accell Clinical Research, LLC
Charles River Laboratories International, Inc.
Clinilabs, Inc.
Covance, Inc.
Criterium, Inc.
ICON plc
Medpace, Inc.
PAREXEL International Corporation
Pharmaceutical Product Development, (PPD) LLC
Promedica International
Quintiles Transnational Corporation
WuXi App Tec, among others
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