Medical Affairs Outsourcing Market to Hit $4.21bn by 2031 – Report

The importance of the medical affairs function within the healthcare sectors, including pharmaceuticals, biotechnology, medical devices, and diagnostics, is on the rise.

This surge in significance is largely due to the increasing need for more in-depth clinical knowledge among practicing physicians about new therapeutic concepts and advancements.

A recent report by Straits Research highlights the burgeoning market for medical affairs outsourcing, projecting its value to soar from USD 1.53 billion in 2022 to USD 4.21 billion by 2031, at a compound annual growth rate (CAGR) of 11.9%.

This growth is attributed to pharmaceutical and biopharmaceutical companies leveraging contract medical affairs services to streamline costs and enhance efficiency, amidst rising R&D expenses and a push towards cost conservation.

The escalation in clinical trials and research studies worldwide, especially in oncology, has further amplified the demand for medical affairs services. Mint Medical reports a significant increase in the number of oncological clinical trials since 2007, highlighting a growing market need.

Geographically, North America leads the charge as the most significant shareholder in the global medical affairs outsourcing market, expected to grow at a CAGR of 11.80% within the forecast period.

The region’s robust biotechnology product pipeline and stringent regulatory demands are driving this growth.

Conversely, the Asia-Pacific region is predicted to witness the highest growth rate at a CAGR of 13.90%, attributed to improved regulatory environments, reduced costs, and an expanding biopharmaceutical industry.

Europe is also poised for significant growth, fueled by the necessity for regulatory consultancy among small and mid-sized biopharmaceutical firms.

In terms of services, medical writing and publishing are identified as the highest contributing segment to the market, with an expected CAGR of 12.60% during the forecast period.

Similarly, the pharmaceutical segment is deemed the largest industry contributor, projected to grow at a CAGR of 11.90%.

The competitive landscape of the global medical affairs outsourcing market includes major players like ICON plc, IQVIA Holdings, Inc., The Medical Affairs Company, Syneos Health, Inc., and others, with ICON plc notably enhancing its services through the acquisition of PRA Health Sciences Inc in February 2021.

This market’s expansion is a testament to the evolving landscape of medical affairs, underscoring the sector’s crucial role in the broader healthcare industry’s future. –