According to FutureWise analysis the market for medical affairs outsourcing in 2023 is US$ 1.93 billion, and is expected to reach US$ 5.45 billion by 2031 at a CAGR of 13.82%.
Contract research organizations (CROs) provide medical affairs services to pharmaceuticals and medical devices companies for a number of reasons, including liability protection, operational cost reduction, regulatory compliance risk minimization, and process acceleration. Pharmaceutical, biotechnology, and medical device companies are increasingly relying on medical affairs. The development of these services occurs at both the pre-production and post-production stages of medical products. Medical affairs outsourcing enables original equipment manufacturers (OEMs) to maximize the use of healthcare personnel, resource components, and strategic management by providing scalable and flexible solutions. Medical affairs outsourcing services are increasingly in demand due to the increasing number of uncomplicated and communicable diseases that are being diagnosed. This increases the demand for new medical devices and drugs. Future healthcare reforms are expected to include technological advancements, cost containment, and improved access. As the ongoing outbreak continues, digital health and telehealth are taking center stage.
Telehealth growth has been slowed by regulatory and behavioral barriers in recent years. The segment should experience growth over the next two years due to the fact that so many healthcare providers are using video conferencing and telephone calls at present. Patients with moderate symptoms were also required to consult online as part of the social distancing measures. In the near future, medical IoT devices will be able to monitor and optimize outpatient treatment and minimize repeat visits by living at home with patients, and these devices can also be utilized in crisis situations. Due to the pandemic, resources were severely limited. Due to this, value-based pricing models and competitive pricing are expected to develop, and this is expected to stimulate the medical affairs outsourcing market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Medical Affairs Outsourcing Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Medical Affairs Outsourcing Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.