The medical affairs outsourcing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Medical Affairs Outsourcing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The medical affairs outsourcing market size has grown rapidly in recent years. It will grow from $1.67 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to the rising number of patent expirations, rise in virtual engagements, rising emphasis on CROs and CMOs, rising new methods of communication, and growing life sciences industry.
The medical affairs outsourcing market size is expected to see rapid growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to the increasing prevalence of communicable and non-communicable diseases, increasing number of biopharmaceutical companies, increasing number of clinical trials, rise in number of FDA-approved manufacturing plants, and rising demand for real-world evidence. Major trends in the forecast period include developing new drugs, technological advances, developing digital transformation, launching patient-centric approaches, integration of outsourced medical affair services.
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Scope Of Medical Affairs Outsourcing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Affairs Outsourcing Market Overview
Market Drivers –
The increasing prevalence of infectious diseases is expected to propel the growth of the medical affairs outsourcing market going forward. Infectious diseases are infections that can be transmitted from one person to another through various means, such as direct contact, airborne particles, or vectors. The rise in infectious diseases is driven by increased urbanization, lifestyle changes, inadequate healthcare access, and environmental influences. Medical affairs outsourcing helps mitigate the increase in communication diseases by providing expertise in managing clinical trials, enhancing regulatory compliance, and improving medical communication and information, which supports better disease management and intervention strategies. For instance, in February 2024, according to the UK Health Security Agency, a UK-based governmental department, tuberculosis (TB) cases in England rose by 10.7% from 4,380 in 2022 to 4,850 in 2023. Therefore, the increasing prevalence of infectious diseases drives the medical affairs outsourcing market.
Market Trends —
Major companies operating in the medical affairs outsourcing market are focusing on technological advancements such as artificial intelligence (AI) and technology-enabled approaches to enhance data management, streamline clinical trials, and improve regulatory compliance, ultimately driving efficiency and effectiveness in disease management and intervention strategies. Artificial intelligence (AI) and technology-enabled approaches use advanced technologies to enhance efficiency, accuracy, and decision-making in managing medical data, processes, and interactions. For instance, in July 2024, Envision Pharma Group, a UK-based pharmaceutical company, launched 4Sight Drive, an AI-driven platform utilizing machine learning algorithms to detect trends, forecast outcomes, and aid decision-making within medical affairs. Its unique features encompass processing structured and unstructured data from diverse sources, providing personalized insights for each client, and evolving through user feedback. By leveraging artificial intelligence, organizations can refine their medical affairs strategies, boost stakeholder engagement, and improve patient outcomes.
The medical affairs outsourcing market covered in this report is segmented —
1) By Services: Medical Writing And Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, Other Services
2) By Software: Cloud Based Software, On Premise Software
3) By Industry: Pharmaceutical, Biopharmaceutical, Medical Devices
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Regional Insights —
North America was the largest region in the medical affairs outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical affairs outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the medical affairs outsourcing market are Thermo Fisher Scientific Inc., CROMSOURCE Inc., Boehringer Ingelheim International GmbH, IQVIA Holdings Inc., Laboratory Corporation of America Holdings, ICON plc, WuXi AppTec Co. Ltd., Syneos Health Inc., Charles River Laboratories International Inc., PAREXEL International Corporation, Veeva Systems Inc., Medpace Holdings Inc., Indegene Inc., Caidya Inc., Cytel Inc., Alira Health Inc., inVentiv Health Inc., Ashfield Healthcare Communications (part of Ashfield an UDG Healthcare company), Bioscript Group Limited, The Medical Affairs Company LLC
Table of Contents
1. Executive Summary
2. Medical Affairs Outsourcing Market Report Structure
3. Medical Affairs Outsourcing Market Trends And Strategies
4. Medical Affairs Outsourcing Market — Macro Economic Scenario
5. Medical Affairs Outsourcing Market Size And Growth
…..
27. Medical 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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