Regulatory Affairs Outsourcing Market to Reach USD 17.3 Billion by 2028

In a recent study conducted by Transparency Market Research, the global regulatory affairs outsourcing market has been projected to grow significantly, reaching a value of US$ 17.3 billion by the end of 2028. The market, valued at US$ 4.5 billion in 2020, is estimated to expand at a remarkable Compound Annual Growth Rate (CAGR) of 19% from 2021 to 2028.

The surge in research and development activities within the life sciences industry worldwide is identified as a primary driver propelling the global market during the forecast period. Factors such as the increasing number of clinical trials, advancements in biosimilars, personalized medicine, and orphan pharmaceuticals contribute to this growth trajectory.

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Key findings from the report include:

Drivers of Growth: The rise in investment in Research & Development activities aimed at developing biosimilar, orphan, and generic drugs, coupled with a heightened focus on product development to expand supply, are key drivers boosting the global regulatory affairs outsourcing market. Additionally, the increase in the number of FDA-approved manufacturing plants signifies growth opportunities within the industry.

Market Opportunities: The report identifies significant opportunities for both global and mid-sized market players, including the delivery of low-cost regulatory services and intensified marketing activities. Despite the challenges posed by the COVID-19 pandemic, which has placed pressure on regulatory and outsourcing teams, there has been a positive effect on the bio/pharmaceutical outsourcing industry, with growing demand for R&D activities leading to increased demand for regulatory affairs assistance.

Risk Factors: Risks associated with outsourcing and data sharing are identified as potential impediments to market growth. Concerns about sensitive data access by outsourcing partners pose threats to data security for companies operating within the industry.

The report profiles major players in the global regulatory affairs outsourcing market, including Accell Clinical Research, LLC, Charles River Laboratories International, Inc., Clinilabs, Inc., Covance, Inc., and others. These profiles encompass company overviews, financial summaries, product portfolios, business strategies, and recent developments.

Key developments in the market include:

Freyer's development of new regulatory affairs outsourcing software, offering end-to-end regulatory document management solutions.

Parexel International Corporation's expansion of regulatory services through medical writing offerings.

Charles River Laboratories International, Inc.'s acquisition of Citoxlab, aimed at broadening the company's product offering and enhancing market position.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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This release was published on openPR.