The global medical affairs outsourcing market expanding at a CAGR of 10.4% over the forecast period, according to a new report by Radiant Insights, Inc. Transformation in medical education and the rising number of orphan therapies and rare-disease are some of the key factors propelling the medical affairs outsourcing market growth. The pharmaceutical companies are looking for assistance to systematically position the therapeutic outcomes of these therapies in the market. According to the report published by IQVIA in 2018, the U.S. FDA approved 80 orphan indications, in 2017 and approved 57 in early 2018.
Changes in reimbursement scenario and pricing pressure are expected to increase the adoption of cost-saving measures by the pharmaceutical and medical device companies. This is anticipated to drive medical affairs outsourcing in countries like India and China. Pharmaceutical companies are outsourcing the medical affairs services to get high-quality documents, control the R&D cost, and reduce investment costs to train the medical affairs team.
The pharmaceutical and medical device companies are outsourcing their medical affairs services in order to diverge their business activities and manage product life cycles. In addition, contract research organizations offer cost efficient solutions and compliance with the health authority requirements, thereby propelling market growth.
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Further Key Findings from the Report Suggest:
• The medical writing & publishing segment is expected to grow lucratively over the forecast period owing to the increasing need for marketable written content to convey medical information to healthcare professionals and patients
• North America dominated the medical affairs outsourcing market owing to the presence of a large number of pharmaceutical and medical devices companies in the region. Also, High cost of medical affairs services is a major challenge, which has encouraged various medical device companies in North America to outsource functions to third-party vendors with high level of expertise in the domain.
• Asia Pacific is anticipated to grow lucratively over the forecast period owing to cost-efficient service offering by the contract research organizations in the region. In addition, improved regulatory framework and availability of skilled workforce in the region are some factors propelling market growth.
• Few of the market players are ICON plc, IQVIA Holdings Inc., The Medical Affairs Company (TMAC), Syneos Health Inc., Pharmaceutical Product Development, LLC., Ashfield Healthcare Communications, ZEINCRO Group, Wuxi Clinical Development, Inc., SGS SA, and Indegene Inc.
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope1.1.1. Services1.1.2. Industry1.1.3. Regional scope1.1.4. Estimates and forecast timeline1.2. Research Methodology1.3. Information Procurement1.3.1. Purchased database1.3.2. GVR’s internal database1.3.3. Secondary sources1.3.4. Primary research1.4. Information or Data Analysis1.4.1. Data analysis models1.5. Market Formulation & Validation1.6. Model Details1.6.1. Commodity flow analysis (Model 1)1.6.1.1. Approach 1: Commodity flow approach1.6.2. Volume price analysis (Model 2)1.6.2.1. Approach 2: Volume price analysis1.7. List of Secondary Sources1.8. List of Primary Sources1.9. Objectives1.9.1. Objective 1: Understanding the market dynamics1.9.2. Objective 2: Understanding the market estimates and forecasts1.9.3. Objective 3: Understanding the attributes such as strategy framework, competitor categorization1.9.4. Objective 4: Understanding the key services and industry scopes to conclude on the market size
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Chapter 2. Executive Summary2.1. Market Outlook2.2. Segment Outlook2.3. Competitive Insights
Chapter 3. Medical Affairs Outsourcing Market Variables, Trends & Scope3.1. Market Lineage outlook3.1.1. Parent market outlook3.1.2. Related/ancillary market outlook3.2. Penetration & Growth Prospect Mapping3.3. Market Dynamics3.3.1. Market Driver Analysis3.3.1.1. Increasing number of clinical trials3.3.1.2. Cost efficiency and high level of quality offered by the CROs3.3.2. Market Restraint Analysis3.3.2.1. Stringent regulatory scenario3.3.3. Industry Challenges3.4. Medical Affairs Outsourcing: Market Analysis Tools3.4.1. Industry Analysis – Porter’s3.4.1.1. Supplier Power3.4.1.2. Buyer Power
Chapter 4. Medical Affairs Outsourcing Market: Segment Analysis, by Services, 2015 – 2026 (USD Million)4.1. Definitions & Scope4.2. Services market share analysis, 2018 & 20264.3. Segment Dashboard4.4. Medical Affairs Outsourcing Market, by Services, 2015 to 20264.5. Market Size & Forecasts and Trend Analyses, 2015 to 2026 for the following4.5.1. Medical Writing & Publishing4.5.2. Medical Monitoring
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