Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Medical Affairs Outsourcing Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The Medical Affairs Outsourcing market has demonstrated significant growth with projections indicating a rise from $1.67 billion in 2023 to $1.85 billion in 2024, marking an impressive compound annual growth rate (CAGR) of 11.1%. This trajectory is forecasted to continue, with expectations of the market growing to $2.83 billion by the year 2028 at a CAGR of 11.2%. This growth is attributed to various factors such as the increase in patent expirations, advancements in communication methods, and the burgeoning life sciences industry.
A notable driver for this market expansion is the increasing prevalence of infectious diseases, which necessitate enhanced interventions and disease management strategies facilitated by medical affairs outsourcing. The expertise offered by outsourced medical affairs significantly contributes to clinical trial management, regulatory compliance, and improved medical communication. For instance, the reported rise in tuberculosis cases in the UK underscores the growing need for the medical affairs outsourcing services.
Technological Innovations
The market is witnessing key developments driven by technological innovation, particularly the integration of artificial intelligence (AI) within the medical affairs domain. These advancements are enabling more efficient data management and analysis, optimizing clinical trial processes, and ensuring compliance. Companies are employing AI-driven platforms that generate valuable insights through data analytics to inform decision-making and refine medical affairs strategies.
Strategic Acquisitions
Strategic mergers and acquisitions by leading players in the market are further enhancing capabilities and service offerings. Recent acquisitions underscore the industry’s focus on improving regulatory testing services, exemplifying the sector’s commitment to compliance and operational excellence.
Global Market Dynamics
The North American region has emerged as the largest market for medical affairs outsourcing in 2023, with Asia-Pacific projected to be the fastest-growing region over the forecast period. The extensive report covers data spanning various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The comprehensive analysis provides insights into the dynamics and trends shaping the market’s future.
About Medical Affairs Outsourcing
Medical Affairs Outsourcing is an essential facet of the healthcare industry, enabling organizations to leverage external expertise for managing functions closely associated with medical affairs. Service providers in this domain cater to a wide array of needs, including medical writing, medical monitoring, and medical science liaison services, amongst others. The goal of outsourcing is to allow organizations to focus on their core operations while benefiting from specialized competencies in a cost-effective manner.
The market report discussed herein provides an in-depth perspective on the current and projected market landscape, inclusive of market shares, growth factors, and technological advancements, equipping industry participants with the essential insights required to navigate the medical affairs outsourcing landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $1.85 Billion |
| Forecasted Market Value (USD) by 2028 | $2.83 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
The major companies profiled in this Medical Affairs Outsourcing market report include:
- Thermo Fisher Scientific Inc.
- CROMSOURCE Inc.
- Boehringer Ingelheim International GmbH
- IQVIA Holdings Inc.
- Laboratory Corporation of America Holdings
- ICON plc
- WuXi AppTec Co. Ltd.
- Syneos Health Inc.
- Charles River Laboratories International Inc.
- PAREXEL International Corporation
- Veeva Systems Inc.
- Medpace Holdings Inc.
- Indegene Inc.
- Caidya Inc.
- Cytel Inc.
- Alira Health Inc.
- inVentiv Health Inc.
- Ashfield Healthcare Communications (part of Ashfield an UDG Healthcare company)
- Bioscript Group Limited
- The Medical Affairs Company LLC
For more information about this report visit https://www.researchandmarkets.com/r/rm62oo
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- Medical Affairs Outsourcing Market
