SAN FRANCISCO, Feb. 1, 2021
SAN FRANCISCO, Feb. 1, 2021 /PRNewswire/ -- 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.
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Read 90 page research report with ToC on "Medical Affairs Outsourcing Market Size, Share & Trends Analysis Report By Services (MSLs, Medical Writing & Publishing), By Industry (Pharmaceutical, Biopharmaceutical), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/medical-affairs-outsourcing-market
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.
In addition, Contract Research Organizations (CROs) offer cost-efficient solutions and compliance with the health authority requirements, thereby propelling market growth. The bio/pharmaceutical outsourcing industry has seen a rise in R&D demand because of the COVID-19 pandemic. This increase in demand, as well as other impacts from the pandemic, such as rising demand for clinical trials and its outsourcing services, have caused some CROs to shift focus and adjust their operations. The pandemic has pushed more pharmaceutical companies and regulators to use new technologies for remote quality audits and inspections, thus driving positive changes in the pharma industry.
Grand View Research has segmented the global medical affairs outsourcing market on the basis of services, industry, and region:
List of Key Players of Medical Affairs Outsourcing Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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