What Has Been The Evolution of the Medical Affairs Outsourcing Market in Recent Years?
The medical affairs outsourcing market has seen considerable growth due to a variety of factors.
• In recent times, we've witnessed a swift augmentation in the size of the medical affairs outsourcing market. There's a projection that this market will increase from $1.85 billion in 2024 to $2.07 billion in 2025, equating to a compound annual growth rate (CAGR) of 11.3%.
Factors contributing to growth during the historical period include an upward trend in patent expirations, an increase in virtual interactions, a heightened focus on Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs), the introduction of novel communication techniques, and the expansion of the life sciences industry.
What Are the Future Growth Projections for the Medical Affairs Outsourcing Market?
The medical affairs outsourcing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for medical affairs outsourcing is set to experience a significant rise in the forthcoming years, with anticipated growth to $3.15 billion by 2029, reflecting a compound annual growth rate (CAGR) of 11.1%.
The forecasted surge for this period can be attributed to the escalating prevalence of both communicable and non-communicable diseases, growing numbers of biopharmaceutical firms, increased clinical trials, the expansion of FDA-approved manufacturing facilities, and heightened demand for real-world evidence. Key trends during this forecast period comprise the creation of new medicines, advancements in technology, the evolution of digital transformation, initiation of patient-focused strategies, and the integration of outsourced medical affairs services.
What Are The Core Factors Supporting Growth In The Medical Affairs Outsourcing Market?
The escalating occurrence of transmissible ailments is predicted to accelerate the expansion of the medical affairs outsourcing market. Transmissible diseases, which can be spread through several methods such as person-person contact, airborne transmission or vectors, are increasing due to factors like rapid urbanization, lifestyle transformations, insufficient access to healthcare facilities, and environmental factors. Outsourcing medical affairs can lessen the rise of communicable diseases by offering proficiency in handling clinical trials, boosting regulatory compliance, and advancing medical communication and details. This can aid in better disease management and formulating effective intervention strategies. For example, the UK Health Security Agency, a governmental department in the UK, stated that tuberculosis (TB) instances in England witnessed a surge of 10.7% from 4,380 in 2022 to 4,850 in 2023 in February 2024. Consequently, the growing occurrence of infectious diseases fuels the medical affairs outsourcing market.
What Are The Major Segments Within The Global Medical Affairs Outsourcing Market?
The medical affairs outsourcingmarket 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
Subsegments:
1) By Medical Writing and Publishing: Regulatory Writing, Clinical Writing, Scientific Publications, Safety Writing
2) By Medical Monitoring: On-site Monitoring, Remote Monitoring, Risk-Based Monitoring
3) By Medical Science Liaisons (MSLs): MSL Training and Development, Field Medical Support, KOL Engagement and Management
4) By Medical Information: Inquiry Management, Adverse Event Reporting, Medical Content Development
5) By Other Services: Regulatory Affairs Support, Compliance Management, Pharmacovigilance, Biostatistics And Data Management
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What New Trends Are Influencing The Medical Affairs Outsourcing Market?
In the medical affairs outsourcing market, major businesses like Envision Pharma Group are focusing on the incorporation of advanced technologies like artificial intelligence (AI) and other technology-driven procedures to boost data management, simplify clinical research, and advance regulatory compliance, ultimately enhancing the effectiveness and efficiency of disease intervention and management strategies. These technological advancements aid in improving precision, effectiveness and decision making processes in handling medical interactions, procedures, and data. For example, in July 2024, the UK-based pharmaceutical firm, Envision Pharma Group, initiated 4Sight Drive, a platform powered by artificial intelligence that utilizes machine-learning algorithms for identifying patterns, predicting results, and supporting decision-making within medical affairs. This platform features unique functions like processing diverse data, offering personalized insights for each client, and adapting through user feedback. By exploiting artificial intelligence, businesses can polish their medical affairs strategies, amplify stakeholder engagement, and enhance patient results.
Who Are the Key Players In The Medical Affairs Outsourcing Market?
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
What Is The Most Dominant Region In The Medical Affairs Outsourcing Market?
North America was the largest region in the medical affairs outsourcing market in 2024. 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.
