Report : Europe Medical Affairs Outsourcing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Services (Medical Writing and Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information, and Others) and Application (Pharmaceutical, Biopharmaceutical, and Medical Devices)
Pharmaceutical Segment to Dominate Europe Medical Affairs Outsourcing Market during 2020–2027
According to a new market research study on “Europe Medical Affairs Outsourcing Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Services and Application” is expected to reach US$ 891.80 million by 2027 from 436.93 US$ million in 2020. The market is estimated to grow at a CAGR of 10.7% from 2020 to 2027. The report provides trends prevailing in the Europe medical affairs outsourcing market along with the drivers and restraints pertaining to the market growth. Rising R&D expenditures along with adoption of outsourcing activities is the major factor driving the growth of the Europe medical affairs outsourcing market. However, issues associated with drug development and clinical trials requiring huge expenditure hinders the growth of Europe medical affairs outsourcing market.
Europe medical affairs outsourcing market is segmented into services, application, and country. The Europe 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 Europe 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 Europe medical affairs outsourcing market is segmented into France, Germany, Italy, Spain, UK, and rest of Europe. Germany held the largest market share in 2019.
In Europe, there is an exponential growth of COVID-19 cases. Spain, Germany, France, Italy, and the UK are the most affected countries in Europe. The growing research activities to develop a treatment against COVID-19 are likely to favor the market's growth. As the COVID-19 pandemic has heavily impacted Europe, extensive clinical research is currently being conducted to identify effective therapies. The UK dominates the COVID-19 research space and accounts for the largest number of clinical trials (24.5%), which is then followed by Spain (13.2%), France (9.5%), Italy (5.3%), Russia (4.8%), and Germany (3.8%). Reliable and timely COVID-19 testing is an integral part of the monitoring, prevention, touch recording, control of infections, and clinical management of COVID-19. The European center for disease prevention and control (ECDC) has proposed an analytical testing strategy for the EU with concrete guidelines on the level of dissemination of viruses in the population, considering the available public health tools and testing ability. Companies in Europe are adopting various strategies to overcome this situation.
Excelya, ICON PLC, Indegene, IQVIA Inc, PAREXEL INTERNATIONAL CORPORATION, PPD Inc, SGS SA, Syneos Health, UDG Healthcare plc., and WuXi AppTec are among the leading companies in the Europe 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.