Report : Middle East and Africa Healthcare Regulatory Affairs Outsourcing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Service Type (Regulatory & Scientific Strategy Development, Medical & Scientific Writing, eCTD & e-Submissions, Data Management Services, Life Cycle Management Services, Pharmacovigilance, Chemistry Manufacturing & Controls (CMC) Services, Regulatory Labelling, and Regulatory Artwork Services) and End User (Pharmaceutical Companies, Biotechnology Companies, and Medical Devices Companies)
Pharmacovigilance Segment is Expected to be the Fastest Growing During the Forecast Period for MEA Region
According to a new market research study on “MEA Healthcare Regulatory Affairs Outsourcing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 538.37 million by 2028 from US$ 291.72 million in 2021. The market is estimated to grow at a CAGR of 9.1% from 2021 to 2028. The report provides trends prevailing in the MEA healthcare regulatory affairs outsourcing market along with the drivers and restraints pertaining to the market growth. Soaring Market Consolidation Activitiesis the major factor driving the growth of the MEA healthcare regulatory affairs outsourcing market. However, issues associated with the dearth of skilled professionals hinder the growth of MEA healthcare regulatory affairs outsourcing market.
The MEA healthcare regulatory affairs outsourcing market has been segmented based on service type, end user, and country. On the basis of service type, the MEA healthcare regulatory affairs outsourcing market is segmented into medical & scientific writing, pharmacovigilance, data management services, life cycle management services, eCTD and e-Submissions, regulatory and scientific strategy development, chemistry manufacturing and controls (CMC) services, regulatory labelling, and regulatory artwork services. The medical & scientific writing segment dominated the market in 2020 and pharmacovigilance segment is expected to be the fastest growing during the forecast period. Based on end user, the market is segmented into pharmaceutical companies, biotechnology companies, and medical devices companies. The pharmaceutical companies segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Likewise, the medical devices companies segmented is categorized into medical device materials & biomaterials, medical device, biomarkers and in vitro diagnostics (IVD), medical device software (SaMD), medical device electromechanics, medical device substance-based, and medical device of combination product .Based on country, the healthcare regulatory affairs outsourcing market is classified into Saudi Arabia, South Africa, UAE, and Rest of SAM.
COVID-19 has had severe effect on South Africa, Israel, the UAE, and Saudi Arabia, among other countries in the Middle East and Africa. The pandemic has increased demand for home-care medical devices. The region is witnessing an increase in the number of patients being admitted to intensive care units (ICU), an increasing number of drugs that pose multiple diagnostic and therapeutic challenges to strained health systems, leading to an increase in medical devices. The Middle East and Africa, like the other regions, also experienced three waves of the pandemic. With the pandemic not over yet, governments must take steps to prevent it from spreading, protect hospitals from traffic jams, and ensure uncompromising care for all patients. The countries in the MEA region have taken strict precautionary measures to control the spread of COVID-19. Countries such as the UAE, Saudi Arabia, Jordan, Iraq, and Iran have strictly imposed lockdowns. The pharmaceutical market experiences different dynamics in different MENA countries. For example, high purchasing power and a cultural predilection for expensive foreign brands in Saudi Arabia compel them to import a large percentages (85%) of pharmaceutical products. The inclination of South Africa toward generics has increased in the recent years. Additionally, various healthcare companies are likely to refer to more regulatory advice during the recovery phase, post-pandemic, especially focusing on remote monitoring, telemedicine, data protection, etc. Also, with the growing emphasis on accelerating product development and obtaining quick approvals for therapies, vaccines, and devices effective against COVID-19, companies are likely to work even more closely with regulators. Medical matters play a central role in overcoming barriers to accessing health care professionals (HCPs). In addition, due to the compliance requirements, Medical Affairs is responsible for providing the HCPs in the MEA with unbiased and transparent medical information in real-time.
Arriello Ireland Ltd., IQVIA Inc., PAREXEL INTERNATIONAL CORPORATION, PHARMALEX GMBH, and ProductLife Group are among the leading companies in the MEA healthcare regulatory 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. 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, in 2020, Parexel and NeoGenomics announce strategic collaboration in precision medicine to improve study designs and accelerate patient matching in oncology clinical trials. This collaboration is expected to increase companies business activities in oncology clinical trials and regulatory consulting services.
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