Medical Affairs Outsourcing Market is expected to grow at a Compound Annual Growth Rate of 12.2% by 2028

Medical Affairs Outsourcing Industry Overview

The global medical affairs outsourcing market size is expected to reach USD 3.47 billion by 2028 registering a CAGR of 12.2%, according to a new report by Grand View Research, Inc. Transformation in medical education and the rising number of orphan therapies for the treatment of rare diseases are some of the key factors propelling the market growth. The pharmaceutical companies are looking for assistance to systematically position the therapeutic outcomes of these therapies in the market. According to a report published by IQVIA in 2020, the U.S. FDA has approved 80 orphan indications in 2017 and about 57 in early 2020.

The market is growing at a significant rate due to the surge in clinical trials. Changes in the 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 promote off-shoring of medical affairs outsourcing in countries like India and China. Pharmaceutical companies are outsourcing medical affairs services to get high-quality documents, control the R&D cost, and reduce investment costs required to train the medical affairs team. Furthermore, the pharmaceutical and medical device companies are outsourcing their medical affairs services to diverge their business activities and manage product life cycles.

Medical Affairs Outsourcing Market Segmentation

Grand View Research has segmented the global medical affairs outsourcing market on the basis of services, industry, and region:

Based on the Services Insights, the market is segmented into Medical Writing & Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others

• Medical writing & publishing was the largest service segment in 2020 and accounted for a revenue share of 35%.
• The medical science liaisons (MSLs) segment is anticipated to register the fastest CAGR of 12.8% from 2021 to 2028.

Based on the Industry Insights, the market is segmented into Pharmaceutical, Biopharmaceutical, and Medical Devices

• The pharmaceutical segment held the largest market share of over 52% in 2020 and is estimated to retain its leading position throughout the forecast years.
• The pharmaceutical industry has been experiencing slow growth, delayed drug approvals, and insufficiency in the pharma production supply chain has anticipated a long-term impact on the pharmaceutical sector due to the global pandemic.
• The biopharmaceutical segment is anticipated to register the fastest CAGR of over 13.5%. The biopharma industry is focusing more on the core activities related to drug development, which is expected to drive demand for medical affairs outsourcing services in the segment.

Medical Affairs Outsourcing Regional Outlook

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

Key Companies Profile & Market Share Insights

Most of the companies are focusing on various growth strategies, such as partnerships, merger & acquisitions, and product portfolio expansion to retain their market position.

Some prominent players in the global Medical Affairs Outsourcing market include:

• ICON plc
• IQVIA Holdings, Inc.
• The Medical Affairs Company
• Syneos Health, Inc.
• Pharmaceutical Product Development, LLC
• Ashfield Healthcare Communications
• Zeincro Group
• Wuxi Clinical Development, Inc.
• SGS S.A.
• Indegene, Inc.

Order a free sample PDF of the Medical Affairs Outsourcing Market Intelligence Study, published by Grand View Research.