Press release
Pharmaceutical Contract Sales Outsourcing [CSO] Market to Surpass US$ 14.7 Bn by 2031
Pharmaceutical Contract Sales Outsourcing (CSO) Market: IntroductionAccording to the report, the global pharmaceutical contract sales outsourcing (CSO) market was valued at US$ 7 Bn in 2020 and is projected to expand at a CAGR of ~7% from 2021 to 2031. Increase in R&D and other operating costs in pharmaceutical industries induces medium and large pharmaceutical companies to outsource their sales operations, as it offers cost controls, better results, and flexibility in terms of operations is anticipated to drive the global pharmaceutical contract sales outsourcing (CSO) market from 2021 to 2031.
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North America is expected to account for a significant share of the global pharmaceutical contract sales outsourcing (CSO) market during the forecast period. Well-established healthcare, early adoption of technologically advanced services, and increase in acceptance & demand for pharmaceutical contract sales outsourcing services are the major factors likely to drive the market in the region during the forecast period. The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031.
Digitalization of Services Provided by CSOs to Propel Market
Improved and advanced services provided by CSOs such as in the field of non-personal promotions are anticipated to drive the global market during the forecast period. Large as well as small pharmaceutical companies are looking for drugs to cost effectively and quickly enter their pipelines and CSOs play an important role in this endeavor.
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The rise in virtual detailing in outsourcing services is increasing dependence on CSO services. The surge in the usage of teledetailng propels the non-personal promotion of outsourcing. These advanced functions, including sales force and customer support are well-established in a CSO, and hence, can help the brand to get market recognition faster.
Personal Promotion to Dominate Global Market
In terms of service, the global pharmaceutical contract sales outsourcing (CSO) market has been classified into personal promotion, non-personal promotion, and others. The personal promotion segment has been split into promotional sales team, key account management, and vacancy management. The non-personal promotion segment has been segregated into tele-detailing, interactive e-detailing, customer service, medical science liaisons, patient engagement services, and others.
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The personal promotion segment is expected to dominate the global pharmaceutical contract sales outsourcing (CSO) market from 2021 to 2031. Significant increase in research & development costs, technological advancements, and product innovations have induced several pharmaceutical companies to outsource sales services to CSOs. This drives the personal promotion services segment.
Oncology to Grow at Faster Rate
Based on therapeutic area, the global pharmaceutical contract sales outsourcing (CSO) market has been categorized into cardiovascular disorders, oncology, metabolic disorders, neurology, orthopedic diseases, infectious diseases, and others. The oncology segment is likely to expand at a higher CAGR during the forecast period.
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Competition Landscape
The report provides profiles of leading players operating in the global pharmaceutical contract sales outsourcing (CSO) market. These include Ashfield (UDG Healthcare plc), inVentiv Health, Inc. (Syneos Health), IQVIA, Granard Pharmaceutical Sales & Marketing, Vanguard Pharma, Inc., GTS Solution, EVERSANA, MaBiCo, QFR Solutions, Pharmaforce Ireland Ltd., Sales Focus, Inc., Amplity Health, and PharmaLex GmbH.
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