Press release
Functional Service Provider (FSP) Market is Booming Worldwide | IQVIA Inc., Laboratory Corporation of America Holdings, Parexel International Corporation, Icon Plc
"Functional Service Provider (FSP) Market"
The report covers North America, Europe, Asia-Pacific, Middle East and Africa and South America. Country level data is provided in the report.
Get a Free Sample Copy of the Functional Service Provider (FSP) Market Report with Latest Industry Trends: https://www.delvens.com/get-free-sample/functional-service-provider-market-trends-forecast-till-2030
The Functional Service Provider (FSP) Market report provides a detailed analysis of the global market size, regional and country-level market size, segment growth, market share, competitive landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunity analysis, strategic market growth analysis, product launches, and technological innovations.
Major Players Covered in this Report are:
IQVIA Inc.
Laboratory Corporation of America Holdings
Parexel International Corporation
Icon Plc
PPD Inc.
Quanticate International Limited
BioPoint Inc.
RHO
Wuxi AppTec Co.
In October 2021, Rho Inc. (US) partnered with Medidata (US), a Dassault Systèmes company to enhance its clinical trial platform. This strategic partnership aims to offer rapid reporting of cross domain and cross-study data in decentralized trials.
In August 2020, Parexel International Corporation (US) extended its long-term partnership with Pfizer (US) and has signed master service agreement. Under the agreement, the company is liable to offer clinical development services and functional service provider model for therapeutic applications.
Functional Service Provider (FSP) Market is segmented into various segments such as type, stage, application and region:
On the basis of type, the report covers:
Clinical monitoring
Medical writing
Data management
Pharmacovigilance
Biostatistics/programming
Regulatory Affairs
Others
On the basis of stage, the report covers:
Clinical development
Post approval
On the basis of application, the report covers:
Biopharma Companies
Biotech companies
Medical devices company
Research centers and academic institutes
On the basis of region, the report covers:
Asia Pacific
North America
Europe
South America
Middle East & Africa
The factors that are helping in the growth of the market are the rise in FSP outsourcing in drug development, increasing R&D investment, rising number of clinical trials. Furthermore, lowered operational costs and improved service quality. Furthermore, the digital transformation in biopharma and biotechnology companies is expected to present lucrative growth and investment opportunities for the vendors operating in the global functional service provider market.
The demand for functional service providers has increased during the COVID-19 pandemic. FSPs have assisted many biotechnology and biopharmaceutical companies in gaining access to highly skilled professionals and managing fluctuating work volumes. The COVID-19 pandemic affected hundreds of clinical trials, with a global average of patients entering studies year-on-year seeing a reduction of 79%. There is an increased utilization of FSP in response to crises by companies. The companies that want to start trials of new COVID-19 diagnostics, treatments, or vaccines, or repurpose existing drugs, for COVID-19, employ FSP services. Biopharmaceutical and biotechnology companies are now involved in the development of new drugs for new disease treatments. This has resulted in a rise in the number of R&D activities around the globe. The COVID-19 outbreak has been spreading rapidly globally. However, the demand for FSP solutions has increased due to their growing demand from end customers.
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