Asia-Pacific Medical Affairs Outsourcing Market is expected to reach US$ 776.42 million by 2027

Medical Science Liaisons (MSLs) Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region

According to a new market research study on “APAC Medical Affairs Outsourcing Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Services and Application” is expected to reach US$ 776.42 million by 2027 from 356.69 US$ million in 2020. The market is estimated to grow at a CAGR of 11.8% from 2020 to 2027. The report provides trends prevailing in the APAC medical affairs outsourcing market along with the drivers and restraints pertaining to the market growth. Rising market collaboration is the major factor driving the growth of the APAC medical affairs outsourcing market. However, issues associated with significant expense in drug development and clinical trials hinders the growth of APAC medical affairs outsourcing market.

APAC medical affairs outsourcing market is segmented into services, application, and country. The APAC medical affairs outsourcing market, by services, is segmented into medical writing and publishing, medical monitoring, medical science liaisons (MSLs), medical information, and others. The medical writing and publishing segment held the largest share of the market in 2019. Based on application, the APAC medical affairs outsourcing market is segmented into pharmaceutical, biopharmaceutical, and medical devices. The medical devices market is further segmented into therapeutic medical devices, and diagnostic medical devices. The pharmaceutical segment held the largest share of the market in 2019. Based on country, the APAC medical affairs outsourcing market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2019.

Countries in APAC are facing an increasing incidence of COVID-19. Currently, India is the second worst-hit country worldwide. The COVID-19 pandemic has severely impacted the region; however, it has also allowed stakeholders to realign their future path based on strategic intent and focus. India and China are the most preferred destinations for outsourcing, where a large pool of skilled labor is available at a lower cost. With the increasing pressure to reduce manufacturing costs and accelerate time-to-market, many devices and diagnostics companies are looking to conduct clinical trial operations in APAC. Countries such as China, Japan, Singapore, and South Korea are seeing an increased interest in clinical trials. High costs in western countries are also contributing to the flow of medical affairs outsourcing to APAC. To expand sales to the Asian market, pharmaceutical companies are becoming aware of new and changing regulatory environments for drugs, devices, and in-vitro diagnostics. New or improved regulations are implemented frequently in Asia, including changes in GMP standards, drug price controls, and medical device regulatory systems. Third-party guidance and advice are required as part of any acquisition or any improvement of current standards. Increasingly, third-party outsourcing service providers are playing a greater role in supporting and managing the delivery of the key business functions like drug development, sales and marketing, and regulatory compliance services in APAC.    

ICON PLC, Indegene, IQVIA Inc, PAREXEL INTERNATIONAL CORPORATION, PPD Inc, Syneos Health, UDG Healthcare plc., and WuXi AppTec are among the leading companies in the APAC medical affairs outsourcing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Syneos Health launched the Company’s Catalyst Ophthalmology Site Network. The Catalyst Ophthalmology Site Network has helped to raise the caliber of work in ophthalmology clinical trials.