Favorable Conditions for Conducting Clinical Trials in Developing Countries to Drive Growth of Medical Affairs Outsourcing Market During 2020–2027
According to our new research study on “Medical Affairs Outsourcing Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Services and Application,” the market is expected to reach US$ 3,287.12 million by 2027 from US$ 1,415.00 million in 2019. The market is estimated to grow at a CAGR of 11.2% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Increasing number of clinical trials and rising trend of outsourcing and escalating investments in R&D are driving the growth of the medical affairs outsourcing market. However, the surging costs of drug development and clinical trials hinder the market growth.
Growing healthcare sector in developing regions, especially in Asia Pacific, creates considerable business expansion opportunities for the medical affairs outsourcing market players. The huge population suffering from various medical conditions in these countries is generating demand for more clinical trials. The number of clinical trials conducted in Asia Pacific is greater than those conducted in the US or Europe. The preference for conducting clinical trials in Asia Pacific is increasing due to low operational costs, large patient recruitment potential, wide CRO presence, favorable regulatory environment, and better clinical trials capacity and quality. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU as the doctor visits and medical treatments and procedures are less pricey in Asian countries. Thus, such favorable conditions for conducting clinical trials in Asian countries is expected to boost the demand for outsourcing medical affairs from pharmaceutical and biopharmaceutical companies in the coming years.
ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec, SGS SA, PPD Inc, PAREXEL INTERNATIONAL CORPORATION, Indegene, Excelya, and UDG Healthcare plc. are among the leading companies operating in the medical affairs outsourcing market.
The report segments global medical affairs outsourcing market as follows:
- Medical Writing and Publishing
- Medical Science Liaisons (MSLs)
- Medical Information
- Medical Monitoring
- Medical Devices
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South and Central America (SCAM)
- Rest of SCAM