Medical Affairs Outsourcing Market is Projected to Surpass US$ 3.51 Bn by 2030

The global medical affairs outsourcing market is expected to grow at a CAGR of 12.5% from 2021 to 2030 and is projected to reach over US$ 3.51 billion by 2030.

Medical affairs are a critical role in today’s pharmaceutical, biotechnology, and medical device firms. Furthermore, these services are developing in both the early and late stages of medical product development. The medical affairs outsourcing services provide flexible and scalable solutions to original equipment manufacturers, allowing them to better utilize healthcare people, strategic management, and resource components. The risk in the number of clinical trials being undertaken is mostly due to the increased incidence of numerous non-communicable and communicable diseases, which is driving up demand for medical equipment and novel pharmaceuticals, which in turn is driving up demand for medical affairs outsourcing services on a large scale.

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Medical writing is the most popular service category of medical affairs outsourcing, due to an increase in the number of different pharmaceutical goods. Medical writing is a specialized field that necessitates experience in order to develop and provide specifics and well-structured materials in a clear and simple manner. All medicines and treatments go through a lengthy process of testing, clinical trials, and regulatory procedures before being approved for sale. Medical professionals value well written, clear articulation of medical knowledge, and standard compliant materials since they are easy to read and understand.

The advancement of medical education as well as surge in the number of orphan therapies used to treat rare diseases are driving the medical affairs outsourcing market expansion. As a result, healthcare businesses are looking to help to position the therapeutic outcomes of these therapies in the market in a methodical way. The medical affairs outsourcing function is clearly playing an important part in current world, with the rising complexity of medical field operations and the healthcare industry. Outsourcing medical services and products is becoming more popular among pharmaceutical, medical, biotechnological, diagnostic, and medical device industries. All these aforementioned factors is boosting the growth of the medical affairs outsourcing market over the projection period.

Report Highlights:

• Based on the services, the medical writing and publishing segment dominated the global medical affairs outsourcing market in 2020 with highest market share. The majority of large pharmaceutical corporations outsource their clinical data management to medical writing and publishing service providers. The demand for professional medical writers has risen dramatically as a result of the surge in number of various pharmaceutical products being launched in the medical affairs outsourcing market, which is expected to assist the segment’s growth.
• Based on the industry, the pharmaceutical segment dominated the global medical affairs outsourcing market in 2020 with highest market share. The demand for medical affairs service providers to provide versions of new patents has surged as a result of numerous patent expirations.
• North America is the largest segment for medical affairs outsourcing market in terms of region. The scarcity of medical affairs professionals is a serious issue, prompting North American biopharmaceutical and medical device businesses to outsource certain responsibilities to persons with extensive experience in the field.
• Asia-Pacific region is the fastest growing region in the medical affairs outsourcing market. This is attributed to the region’s contract research organizations’ cost-effective service offerings. Furthermore, the industry is predicted to develop due to a better regulatory framework and the availability of a trained workforce.

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Future of Medical Affairs Outsourcing Market

Doctors’ desire to be more clinically aware and educated about new and advanced technical treatments and idea breakthroughs has led to the outsourcing of this duty. As these sectors are outside the scope of commercial players and responsible sales agents, the medical affairs outsourcing market is expected to grow significantly. The medical affairs outsourcing is mostly performed in health economics, clinical operations, and medical communications to name a few sectors.

COVID-19 Impact Analysis:

• During the COVID-19 pandemic, the patients with moderate symptoms were required to consult online as a part of the social distancing strategies.
• Furthermore, it significantly decreased the load on hospitals already overcrowded by COVID-19 patient counts.
• Medical IoT devices that live with patients at home are now being utilized to improve outpatient therapy and reduce recurrent visits and these devices can even be employed in an emergency. As a result of the pandemic, there were severe resource restrictions.
• This is projected to lead to the development of competitive pricing and value based pricing models, boosting the medical affairs outsourcing market’s growth.

Key Developments in the Marketplace:

• MedPass International, a major European medical device contract research organization, reimbursement consultant and regulatory firm that specializes in medical device development and market access was acquired by Icon, Inc. in February 2020.

Some of the key players in themedical affairs outsourcing market include:

• ICON plc
• Wuxi Clinical Development, Inc
• Pharmaceutical Product Development, LLC
• Ashfield Healthcare Communications
• Indegene Inc.
• IQVIA Holdings Inc
• The Medical Affairs Company (TMAC)
• SGS SA
• Syneos Health Inc
• ZEINCRO Group

Market Segmentations:

By Services

• Medical Monitoring
• Medical Writing & Publishing
• Medical Information
• Medical Science Liaisons
• Others

By Industry

• Medical Devices
• Pharmaceutical
• Biopharmaceutical

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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