The global medical affairs outsourcing market is projected to reach USD 4.37 billion by 2028, growing at a CAGR of 10.9%. Increasing number of clinical trials and inclination of life science companies to manage product life cycles effectively while saving cost is driving the global medical affairs outsourcing market.
Adroit Market Research report on global medical affairs outsourcing market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global medical affairs outsourcing market have been studied in detail.
During the past 20 years, the decision to hire contract service providers was driven in large part by the need to employ a variable head count to support peak periods of drug development activity. Lately, many pharmaceutical and biotechnology companies have experienced enormous downsizing and consolidation, in part due to global economic conditions. As a result of downsizing and other cost-saving measures, pharmaceutical and biotechnology companies are turning to outsourcing to supplement or replace critical functional support that is no longer available internally
The global medical affairs outsourcing market is categorized based on service and industry. On the basis of service, the market is segmented into medical writing & publishing, medical monitoring, medical science liaisons, medical information, and others. The medical writing & publishing segment dominated the market in 2019, while the medical science liaisons is expected to grow at a highest CAGR over the forecast period.
North America dominated the market for medical affairs outsourcing in 2019, while Asia Pacific is anticipated to grow at a highest CAGR owing to increasing contract research organizations. Key players of the global medical affairs outsourcing market include ICON plc, The Medical Affairs Company (TMAC), IQVIA Holdings Inc., Syneos Health Inc., Ashfield Healthcare Communications, Pharmaceutical Product Development, LLC., ZEINCRO Group, SGS SA, Wuxi Clinical Development, Inc., Indegene Inc. among others.
Key segments of the global medical affairs outsourcing market
Services Overview, 2018-2028 (USD Billion)
- Medical Writing & Publishing
- Medical Monitoring
- Medical Science Liaisons (MSLs)
- Medical Information
Industry Overview, 2018-2028 (USD Billion)
- Medical Devices
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa