Press release
Regulatory Affairs Outsourcing Industry Is Estimated To Secure A Value of US$ 15.11 Billion by 2032
The global regulatory affairs outsourcing market is estimated to secure a market value of US$ 15.11 Bn by 2032. The worth of the market is anticipated to be US$ 7 Bn in 2022, and the projected growth rate is 8% during the forecast period from 2022 to 2032.The increasing number of clinical trial applications and growing product registration are key factors boosting the expansion of the industry. The rapid growth of the pharmaceutical and biotechnology sectors is likely to offer significant growth opportunities to the market.
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Competitive Landscape
The players of the global regulatory affairs outsourcing market focus on expanding their global influence. Some of the adopted strategies are partnerships, collaborations, and acquisitions. Recent key developments among key players are:
• In August 2021, ProPharma Group, a portfolio company of Odyssey Investment Partners, announced the acquisition of iSafety Systems. iSafety is an Indian pharmacovigilance outsourcing service provider.
• In July 2021, ICON plc acquired a CRO, called PRA Health Sciences. The objective of the acquisition was to increase the services portfolio of ICON plc. The company plans to continue its original name, ICON. It aims to bring together 38,000 employees across 47 countries and create the most developed clinical research organization and healthcare intelligence.
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Key Companies Profiled:
• Accell Clinical Research LLC
• GenPact Ltd.
• Criterium Inc.
• PRA Health Sciences
• Promedica International
• WuxI AppTec Inc.
• Medspace
• Charles River Laboratories International Inc.
• ICON Plc.
• Labcorp
"Increase in the demand for orphan drugs will help the outsourcing of regulatory affairs in healthcare"
Increase in the demand for orphan drugs will help the outsourcing of regulatory affairs in healthcare. As the demand for orphan drugs increases, so too does the need for regulatory oversight and compliance. This means that more companies will be looking to outsource their regulatory affairs to specialized firms that can provide the necessary expertise and resources to ensure that their products meet all applicable regulations.
This increased demand for regulatory services will create more opportunities for outsourcing firms, which in turn will help to drive growth in the healthcare industry.
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Key Segments:
• By Services
o Regulatory Consulting Outsourcing
o Legal Representation Outsourcing
o Regulatory Writing & Publishing Outsourcing
o Other Regulatory Affairs Outsourcing Services
• By Company Size
o Small Sized Companies
o Medium Sized Companies
o Large Sized Companies
• By Category
o Drugs
Generics
Innovators
o Biologics
Biotech
ATMPs
Biosimilars
o Medical Devices
Therapeutic
Diagnostic
• By Indication
o Oncology
o Neurology
o Radiology
o Immunology
o Other Indications
Questionnaire answered in the report include:
• How the industry has grown?
• What is the present and future outlook on the basis of region?
• What are the challenges and opportunities?
• Why the consumption in region?
• In which year segment is expected to overtake segment?
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