Medical Affairs Outsourcing Market Growth is Driven by Cost Savings
Medical affairs outsourcing involves contracting various medical functions related to research and development, scientific communication, clinical trials, and post-marketing surveillance to specialized third-party service providers. Key services include consulting on regulatory approvals, pharmacovigilance and risk management, medical information, and ongoing medical education and communication. The Medical Affairs Outsourcing Market Demand has evolved significantly over the years with growing demand for specialized expertise and focus on compliance. Medical affairs outsourcing helps pharmaceutical and biotech companies to reduce costs by obtaining medical services without investing in development of in-house capabilities. It enhances flexibility to meet changing business priorities. With outsourcing companies offering global delivery models and scale, medical affairs functions can be managed more efficiently.
The Global Medical Affairs Outsourcing Market is estimated to be valued at US$ 5.21 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Affairs Outsourcing are IQVIA Holdings Inc., Ashfield (part of UDG Healthcare plc), Syneos Health, Parexel International Corporation, ICON plc, PRA Health Sciences, Pharmaceutical Product Development (PPD), WuXi AppTec, SGS SA, Covance Inc. (part of LabCorp), Indegene, The Medical Affairs Company (TMAC), Synergy Pharmaceuticals, Charles River Laboratories, KOLgroups, ZS Associates, McKinsey & Company (Healthcare Practice), Accenture. With specialist expertise and global capabilities, these companies offer end-to-end medical affairs outsourcing solutions to pharmaceutical sponsors.
The growing demand in medical research and new product development is driving increased reliance on outsourcing of medical functions. With complex drug development process and tight regulatory environment, pharma companies look to partners with therapeutic and regional experts to manage communication and surveillance activities efficiently. Functional outsourcing helps gain access to best resources without investing in development of dedicated internal team.
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