Allied Market Research

2024

Medical Affairs Outsourcing Market

Medical Affairs Outsourcing Market Size, Share, Competitive Landscape and Trend Analysis Report by Service and by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

LS : Healthcare IT

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Author's: | Roshan Deshmukh
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Medical affairs are playing an important function in current biotechnology, pharmaceutical, and medical device companies. Moreover, these services are witnessing development in both earlier (pre-production) and later stages (post-production) of medical products. Medical affairs outsourcing services assist the original equipment manufacturing (OEM) companies with scalable and flexible solutions that support them to use healthcare personnel resources, resource components, and strategic management. The growth in the number of clinical trials being conducted is principally linked to the rising cases of many non-communicable and communicable diseases, which is boosting the demand for the development of medical devices or new drugs, which in turn increases the need for medical affairs outsourcing services.

COVID-19 Impact analysis

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome corona virus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

The global outbreak of COVID-19 leads to an ongoing downturn of the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

 Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which boosts the growth of the medical affairs outsourcing market.

Top Impacting Factors

  • Rise in number of clinical trials, surge in demand for the outsourcing of medical affairs services, increase in R&D expenditures are factors that drive the growth of the medical affairs outsourcing market.
  • In addition, increase in healthcare expenditure and technological advancements, are some factors, which boost the market growth for medical affairs outsourcing.
  • However, rise in costs of clinical trials and drug development hinders the market growth.

Medical Affairs Outsourcing Market Trends

New product launches to flourish the market

In February 2020, Icon, Inc. declared the acquisition of MedPass International, a leading European medical device CRO, reimbursement & regulatory consultancy that specializes in medical device development and market access. This acquisition has increased the commercialization and medical affairs service offering of the company.

Key Benefits of the Report

  • This study presents the analytical depiction of the medical affairs outsourcing industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the medical affairs outsourcing market share.
  • The current market is quantitatively analyzed to highlight the medical affairs outsourcing market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed medical affairs outsourcing market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the medical affairs outsourcing Report

  • Which are the leading players active in the medical affairs outsourcing market?
  • What are the current trends that will influence the medical affairs outsourcing market in the next few years?
  • What are the driving factors, restraints, and opportunities of the medical affairs outsourcing market?
  • What future projections would help in taking further strategic steps?
  • What is “Medical affair outsourcing "?
  • What is "Medical affairs outsourcing" Market prediction in the future?
  • Who are the leading global players in the "Medical affairs outsourcing" Market?
  • What are the current trends and predicted trends?
  • What are the key benefits of the "Medical affairs outsourcing" Market report?                                                                                                                                          

Medical Affairs Outsourcing Market Report Highlights

Aspects Details
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By Service
  • Medical Writing and Publishing
  • Medical Science Liaisons
  • Medical Information
  • Other
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By End User
  • Pharmaceuticals and Biopharmaceuticals
  • Medical Devices
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Key Market Players

Covance, Parexel, The Avoca Group, IQVIA, Syneos Health, inVentiv Health Clinical, Chiltern, PRA Health Sciences, WorldWide Clinical Trials, ICON plc

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Medical Affairs Outsourcing Market

Global Opportunity Analysis and Industry Forecast, 2023-2032