Market Introduction
Europe holds the second-largest share in the global medical affairs outsourcing market. The European market includes the consolidated markets for France, Germany, United Kingdom, Italy, Spain, and Rest of Europe. Increasing number of clinical trials, presence of prominent players in the CROs market, and rapid growth in the pharmaceutical and medical device original equipment manufacturers (OEMs) are likely to be the major factors driving the growth of this market in the European region.
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.
Market Overview and Dynamics
The medical affairs outsourcing market in Europe is expected to grow from US$ 436.93 million in 2020 to US$ 891.80 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027. Pharmaceutical companies as well as medical device companies are increasing adopting the outsourcing trend in order to reduce expenses. Outsourcing clinical trial services make the tedious process easier, faster, and cheaper thereby increasing the manufacturing processes as well as allowing medical device and pharmaceutical companies to divert their focus on revenue generating areas such as distribution, sales and marketing. Additionally, increasing pressure on the pharmaceutical and medical device giants to improve the return of their investments is further encouraging the outsourcing activities is likely to propel the growth of medical affairs outsourcing market during the forecast years.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the medical affairs outsourcing market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Excelya, ICON PLC, Indegene, IQVIA Inc, PAREXEL INTERNATIONAL CORPORATION, PPD Inc, SGS SA, Syneos Health, UDG Healthcare plc., and WuXi AppTec.
Reasons to buy report
Europe Medical Affairs Outsourcing Market Segmentation
Europe Medical Affairs Outsourcing Market - By Services
Europe Medical Affairs Outsourcing Market - By Application
Europe Medical Affairs Outsourcing Market - By Country
Europe Medical Affairs Outsourcing Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 436.93 Million |
| Market Size by 2027 | US$ 891.80 Million |
| CAGR (2020 - 2027) | 10.7% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Services
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Medical Affairs Outsourcing Market is valued at US$ 436.93 Million in 2020, it is projected to reach US$ 891.80 Million by 2027.
As per our report Europe Medical Affairs Outsourcing Market, the market size is valued at US$ 436.93 Million in 2020, projecting it to reach US$ 891.80 Million by 2027. This translates to a CAGR of approximately 10.7% during the forecast period.
The Europe Medical Affairs Outsourcing Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Medical Affairs Outsourcing Market report:
The Europe Medical Affairs Outsourcing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Medical Affairs Outsourcing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Medical Affairs Outsourcing Market value chain can benefit from the information contained in a comprehensive market report.
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