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Regulatory Affairs Outsourcing Global Market Analysis, Trends, Growth, Research And Forecast 2033
Regulatory Affairs Outsourcing Global Market
Regulatory Affairs Outsourcing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $13.83 billion In 2028 At A CAGR Of 13.0% :
The regulatory affairs outsourcing market size has grown rapidly in recent years. It will grow from $7.6 billion in 2023 to $8.49 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to globalization of regulatory standards, evolving regulatory landscape, industry-specific regulations, cost containment strategies, focus on core competencies.
The regulatory affairs outsourcing market size is expected to see rapid growth in the next few years. It will grow to $13.83 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to increasing complexity of submissions, digital transformation in regulatory processes, emphasis on compliance and risk management, shift in product development trends, growing complexity in submissions. Major trends in the forecast period include expansion of life sciences industry, sustainability and environmental regulations, demand for strategic guidance, utilization of advanced analytics, enhanced risk management.
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Regulatory Affairs Outsourcing Market Major Segments
The regulatory affairs outsourcing market covered in this report is segmented -
1) By Service: Legal Representation, Regulatory Consulting, Product Registration & Clinical Trial Application, Regulatory Writing & Publication, Other Services
2) By Indication: Neurology, Oncology, Immunology, Cardiology, Other Indications
3) By Category: Biologics, Drugs, Medical Devices, By Company Size: Small, Medium, Large
4) By End User: Medical Device Company, Biotechnology Company, Pharmaceutical Company
Key Driver - R&D Surge In Healthcare Fuels Expansion Of Regulatory Affairs Outsourcing Market
The growth in R&D activities for new vaccines, therapeutics, and medical devices is expected to propel the growth of the regulatory affairs outsourcing market. The companies operating in the medical device, pharmaceutical, and biotechnological sectors are increasingly investing in R&D activities to develop innovative products and expand their business across the globe. Additionally, these companies are inkling toward outsourcing regulatory affairs to reduce the operational costs and increase the speed of the regulatory process by utilizing professionals involved in it. For instance, in March 2022, according to National Health Expenditures (NHE) report, prepared by the Office of the Actuary at the Centers for Medicare & Medicaid Services (CMS) suggests that the annual growth in national health spending is expected to average 5.1% over 2021-2030, and to reach nearly $6.8 trillion by 2030. Therefore, the growth in R&D activities for new vaccines, therapeutics, and medical devices is expected to drive the growth of the regulatory affairs outsourcing market.
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Prominent Trend - Transformative Software Solutions Reshaping The Regulatory Affairs Outsourcing Landscape
The advent of efficient software that keeps the record of regulatory affairs is a key trend gaining popularity in the regulatory affairs outsourcing market. Key players operating in the regulatory affairs outsourcing market are focusing on developing efficient software that keeps the record of regulatory affairs. For instance, in December 2021, SureClinical, a provider of health science cloud applications and services, launched new Eclinical Ecosystem ECO Applications and Platform Bundle. With the ECO Bundle, clinical research organizations can connect people, projects, programs, and processes everywhere for a single clinical view. In addition to project management, document management, site management, and quality management, the ECO bundle also supports multiple audits and centralized data and documents.
Regulatory Affairs Outsourcing Market Players
Major companies operating in the regulatory affairs outsourcing market report are Thermo Fisher Scientific Inc. (PPD), IQVIA, ICON plc, Eurofins Scientific, WuXi App Tec, Syneos Health, Catalent Pharma Solutions, Charles River Laboratories International. Inc., Parexel International Corporation, Medpace, Curia, Certara L.P., Amicus GMP, Pace Life Sciences, CTI Clinical Trial & Consulting, Accell Clinical Research LLC, Consumer Product Testing Co, Promedica International, Clinilabs Inc., CliniExperts Pvt Ltd., Covance Inc, Global Regulatory Services (GRS), Pharma Design Limited, PharmaLex, Hiray Pharma Solutions, LGM Pharma, BlueReg Group, EPiC Auditors Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the regulatory affairs outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the regulatory affairs outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Regulatory Affairs Outsourcing Market Report Structure
3. Regulatory Affairs Outsourcing Market Trends And Strategies
4. Regulatory Affairs Outsourcing Market - Macro Economic Scenario
5. Regulatory Affairs Outsourcing Market Size And Growth
…..
27. Regulatory Affairs Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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