Market Snapshot
| Study Period: | 2019-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 11.6 % |
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Market Overview
The Medical Affairs Outsourcing Market is expected to register a CAGR of 11.6% during the forecast period.
The coronavirus pandemic has caused enormous damage across all industries. The healthcare system has been impacted not just by the high number of infections, complications, and hospitalizations caused by the coronavirus but also by the lockdown and other measures' consequences on managing other medical disorders. Because of this, medical affairs professionals in the pharmaceutical industry have had to modify their work schedules due to the emergence of the coronavirus epidemic. According to the study "Medical Affairs Post-COVID 19: Are We Ready to Take the Baton?" published in "Perspective in Clinical Research" Journal in July 2020, there have been three main consequences of the spread of COVID-19 across the world on the working of medical affairs teams. The number of visits of Medical Scientific Liaisons to healthcare professionals (HCP) and institutions has decreased to a significant extent. The face-to-face interchange of scientific information and the collection of insights, both of which are core roles of Medical Scientific Liaisons (MSLs) are negatively impacted. MSL teams have also moved on to one-on-one virtual engagements with specialists and key opinion leaders. Healthcare professionals have mostly adopted this new method of communication, finding it useful and appropriate. As per the same study, these are expected to have a longer-term and practice-changing impact on interactions between Medical Affairs teams and healthcare professionals.
A key factor contributing to the global market growth in pharmaceutical and medical device businesses is outsourcing medical affairs services to Contract Research Organizations (CROs) to lower operating costs, eliminate regulatory compliance risk, and avoid process delays by collaborating with a well-trained outsourcing organization. Additionally, the growing number of clinical trials on the account of the rising prevalence rate of rare disorders across the globe are pushing the market growth further. For instance, according to the European Patent Office released in March 2021, the United Kingdom (UK) made 290 patent applications in the pharmaceutical industry in 2020. Furthermore, as per the BCG - Medizinische Biotechnologie in Deutschland updated in June 2021, in 2020, 274 biopharmaceutical drugs were in clinical phase I, 261 in phase II, and 122 biopharmaceutical drugs were in phase III in Germany. Hence, the need for specialized medical affairs specialists in therapeutic applications is expected to increase as the number of medications in pipelines expands, thereby increasing the outsourcing of these services.
Scope of the Report
Medical affairs are the department within a medical device or a pharmaceutical company that communicates accurate information to healthcare providers. By Services (Medical Monitoring, Medical Writing & Publishing, Medical Information, Medical Science Liaisons, Others), By Industry (Medical Devices and Pharma & biopharmaceuticals), and By Geography (North America, Europe, Asia-Pacific, Middle East & Africa, South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the market size and forecasts in value (USD million) for the above segments.
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| Medical Monitoring | |
| Medical Writing & Publishing | |
| Medical Information | |
| Medical Science Liaisons | |
| Other Services |
| By Industry | |
| Medical Device | |
| Pharma and Biopharmaceutical |
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Key Market Trends
Medical writing and publishing Hold Significant Share in the Medical Affair Outsourcing Market
Medical writing and publishing were the most promising segment, with the highest revenue share. Currently, most pharmaceutical companies outsource their clinical data management to specialized medical writing and publishing service providers. Due to the increasing introduction of various pharmaceutical products into the market, demand for experienced medical writers is expected to increase significantly. For instance, in September 2021, with the recent foundation of the Getting into Medical Writing (GIMW) group, the European Medical Writers Association (EMWA) announced that it will take its Medical Writing session (formerly Internship Forum) to a new level. The goal of this organization is to assist new EMWA members in launching their careers as medical writers seamlessly and successfully. This is expected to drive the medical writing and publishing market segment over the forecast period.
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North America Dominates the Medical Affair Outsourcing Market
The North American medical affairs outsourcing market is expected to witness significant growth in the studied period. Pharmaceutical companies in the United States spend more money, time, and effort on research and development activities than any industry. According to the National Institutes of Health, clinical research funding was roughly USD 17.6 billion in the fiscal year 2020, compared to USD 15 billion in the fiscal year 2019. In addition, due to the expanding burden of diseases, complex compounds, and therapy segments, pharmaceutical companies' R&D costs have expanded in recent years. Furthermore, as diseases become more prevalent, the number of clinical trials is likely to increase in the coming years. In turn, the medical affairs outsourcing service is expected to surge in the region, which is eventually anticipated to grow the overall target market in the given timeframe.
Furthermore, the presence of many companies, cost benefits associated with medical affairs outsourcing, and expertise required for medical affairs is expected to propel the market growth over the forecast period in the region.
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Competitive Landscape
Companies in the medical affairs outsourcing market are expected to see significant growth during the projection period led to the extensive acceptance of the company's growth strategies such as collaboration, acquisition, and partnerships. For instance, in April 2020, Pfizer Inc. and ICON plc signed a three-year agreement. The partnership is based on ICON's global competence in clinical trial strategy, management, execution, and conduct. Pfizer has the option to extend the contract for a further two years under the provisions of the deal.
Key players operating in the target industry are ICON plc, Wuxi Clinical Development, Inc., Pharmaceutical Product Development, LLC, Ashfield Healthcare Communications, Indegene Inc., IQVIA Holdings Inc., and The Medical Affairs Company (TMAC), SGS SA, Syneos Health Inc., and ZEINCRO Group.
Recent Development
- In February 2021, ICON plc acquired PRA Health Sciences, Inc. in a cash and stock transaction valued at approximately USD 12 billion. This acquisition has strengthened the medical affairs service offering of the company.
- In February 2020, MedPass International, a prominent European medical device CRO, regulatory and reimbursement consultant that specializes in medical device development and market access, was acquired by Icon, Inc. The company's marketing and medical affairs service offerings have been strengthened because of this purchase.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost efficiency and high level of quality offered by the CROs
4.2.2 Increasing number of clinical trials Coupled with Increasing R&D Expenditures
4.3 Market Restraints
4.3.1 Increasing Costs of Drug Development and Clinical Trials
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Service
5.1.1 Medical Monitoring
5.1.2 Medical Writing & Publishing
5.1.3 Medical Information
5.1.4 Medical Science Liaisons
5.1.5 Other Services
5.2 By Industry
5.2.1 Medical Device
5.2.2 Pharma and Biopharmaceutical
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ICON plc
6.1.2 IQVIA Holdings, Inc.
6.1.3 The Medical Affairs Company
6.1.4 Syneos Health, Inc.
6.1.5 Pharmaceutical Product Development, LLC
6.1.6 Ashfield Healthcare Communications
6.1.7 Zeincro Group
6.1.8 Wuxi Clinical Development, Inc.
6.1.9 SGS S.A.
6.1.10 Indegene, Inc.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Affairs Outsourcing Market market is studied from 2019 - 2027.
What is the growth rate of Global Medical Affairs Outsourcing Market?
The Global Medical Affairs Outsourcing Market is growing at a CAGR of 11.6% over the next 5 years.
Which region has highest growth rate in Global Medical Affairs Outsourcing Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Affairs Outsourcing Market?
North America holds highest share in 2021.
Who are the key players in Global Medical Affairs Outsourcing Market?
ICON plc, IQVIA Holdings, Inc., The Medical Affairs Company, Syneos Health, Inc., Pharmaceutical Product Development, LLC are the major companies operating in Global Medical Affairs Outsourcing Market.
