The global Medical Affairs Outsourcing Market is forecast to reach $3,287.12 million by 2027 from $1,415.00 million in 2019, growing at a CAGR of 11.2% from 2020 to 2027. Key players include PPD, Inc., ICON plc, and Accelerated Enrollment Solutions (AES), which have expanded services and made strategic partnerships. Medical affairs outsourcing services are relied upon by pharmaceutical, medical device, and biotechnology companies at various stages of product development.
A growing number of clinical trials worldwide, a rising R&D expenditure, and increased outsourcing are driving market growth. However, increasing drug development costs and clinical trials could hinder the market growth. Due to the high demand for clinical trials, businesses have excellent expansion opportunities in developing regions like the Asia Pacific. The report also highlights that the Clinical Research Organization (CRO) service industry is highly fragmented, with consolidation emerging as a significant trend. Key secondary sources include the WHO, PhRMA, EFPIA, and the NHS.
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[Source: BioSpace, May 15th, 2023]