Market Introduction
The North America Medical Affairs Outsourcing Market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American medical affairs outsourcing market in 2019. Increasing demand for clinical trials, growing pharmaceutical and medical device industries, increasing healthcare expenditure, high R&D spending, and the presence of well-known market players are some of the prominent factors propelling the market growth. In Canada, the market is expected to grow in a faster pace, owing to the development of the healthcare systems, high quality medical services, and presence of expert research clinicians. Moreover, Mexico is likely to experience growth opportunities in medical affairs outsourcing market due to growing pharmaceutical and medical device industries and diverse demographic profile for clinical trial in the region.
The COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are felt across several markets. While SARS, H1N1, and other outbreaks have occurred in the healthcare sector in the last few years, the severity of COVID-19 has made the situation more complicated due to its mode of transmission. North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has undergone a profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also being severely affected by disruptions in both new enrollments and keeping existing patients on therapies. The impact of COVID-19 has placed many regulatory and outsourcing teams under pressure. However, it also has had a positive impact on the bio/pharmaceutical outsourcing industry, wherein the demand for R&D activity is increasing, leading to a rise in medical affairs assistance. This rising demand has caused various CROs to focus on their outsourcing and other operations.
Market Overview and Dynamics
The medical affairs outsourcing market in North America is expected to grow from US$ 641.58 million in 2020 to US$ 1,369.08 million by 2027; it is estimated to grow at a CAGR of 11.4% from 2020 to 2027. The contract research organization (CRO) services’ industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large, full-service, North America CROs. There are few barriers to entry for smaller CROs into the North America market, whereas a full-service CRO with capabilities requires building the necessary infrastructure with the ability to simultaneously manage multiple complex testing services across numerous geographies, establishing the requisite relationships with strategic partners, developing relevant therapeutic and development of expertise to serve the needs of the end users. Over the past few years, the consolidation across the industry is an emerging trend followed by the majority of the prime players to strengthen their service offerings and garner the major market share in the North America CRO market. For instance, For instance, Parexel International Corp. acquired The Medical Affairs Company in 2017.
Key Market Segments
North America medical affairs outsourcing market is segmented into services, application, and country. The North America 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 North America 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 North America medical affairs outsourcing market is segmented into US, Canada, and Mexico. US 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 North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ICON PLC, Indegene, IQVIA Inc, PAREXEL INTERNATIONAL CORPORATION, PPD Inc, Syneos Health, UDG Healthcare plc., and WuXi AppTec.
Reasons to buy report
North America Medical Affairs Outsourcing Market Segmentation
North America Medical Affairs Outsourcing Market - By Services
North America Medical Affairs Outsourcing Market - By Application
North America Medical Affairs Outsourcing Market - By Country
North America Medical Affairs Outsourcing Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 641.58 Million |
| Market Size by 2027 | US$ 1,369.08 Million |
| CAGR (2020 - 2027) | 11.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Services
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Medical Affairs Outsourcing Market is valued at US$ 641.58 Million in 2020, it is projected to reach US$ 1,369.08 Million by 2027.
As per our report North America Medical Affairs Outsourcing Market, the market size is valued at US$ 641.58 Million in 2020, projecting it to reach US$ 1,369.08 Million by 2027. This translates to a CAGR of approximately 11.4% during the forecast period.
The North America 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 North America Medical Affairs Outsourcing Market report:
The North America Medical Affairs Outsourcing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Affairs Outsourcing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Affairs Outsourcing Market value chain can benefit from the information contained in a comprehensive market report.
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