According to the report, global demand for regulatory affairs outsourcing market was valued at approximately USD 4,001.9 million in 2018, and is likely to generate revenue of around USD 5,126.1 million by end of 2025, growing at a CAGR of around 12.1% between 2019 and 2025.
The report covers forecast and analysis for the global regulatory affairs outsourcing market. The study provides historic data from 2016 to 2018 along with forecast from 2019 to 2025 based on revenue (USD Million). In-depth secondary research is used to ascertain overall market size, top industry players, top product, industry associations, etc. Macro-economic indicators such as healthcare industry outlook, healthcare spending, research funding, GDP along with company websites, company annual reports, white papers, financial reports and other sources have also been considered to arrive at the indicated market numbers.
Along with the pharmacovigilance and regulatory affairs, outsourcing is gradually becoming an exceptionally prevalent practice in the biotech and pharmaceutical industry. Regulatory outsourcing has become a norm as several businesses are seeking partners to handle any kind of operational duties that include submitting, publishing and publishing reports. Small and large life science firms prefer to outsource suppliers to handle tactical duties while helping to implement best practices.
The study provides a decisive view on the regulatory affairs outsourcing market by segmenting the market based on services, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. Based on services the market is segmented into regulatory consulting, legal representation, product registration & clinical trial application, regulatory writing & publishing, and other regulatory services. Regulatory writing & publication retained the highest market share in 2018 and over the forecast period is anticipated to continue to lead. The segment is expected to account for market share in excess of 35.0% by 2025. Legal representation over the forecast period is expected to be the fastest increasing segment. Increasing demand for legal representatives in advanced regions such as Europe and North America is getting traction for market permission ideas for businesses that want to set up a base in the nation concerned. Regional segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries.
The study also includes drivers and restraints for the regulatory affairs outsourcing along with the impact they have on the demand over the forecast period. Besides, the report includes the study of opportunities and trends available in the regulatory affairs outsourcing market on global level. The regulatory affairs outsourcing industry, especially in clinical research organizations, is anticipated to experience important growth owing to services. The increasing numbers of patent expirations with increasing R&D spending are the most significant variables that influence the growth of the outsourcing industry for worldwide regulatory relations. Biopharmaceutical and healthcare organizations are planned to collaborate with several outsourcing firms to approve their equipment and drugs on the worldwide market. A device or drug's authorization time is considered time-consuming, expensive, as well as a documentation-centered method. Expert service providers are increasingly required to specialize primarily in information processing associated to regulatory affairs, thereby further improving the need for reliable service suppliers to outsource regulatory affairs.
The report also provides company market share analysis in order to give a broader view of the key players in the market. Industry insights and information is delivered in the required format. ZMR develops a list of industry players (manufacturers), distributors, retailers and industry experts. Some of the key players included in the market are Covance, Inc., Medpace, Inc., Pharmaceutical Product Development (PPD) LLC, ICON Plc, Charles River Laboratories International, Inc., Accell Clinical Research, Wuxi AppTec, Genpact Ltd., PARAXEL International Corporation, and Criterium, Inc.
This report segments the global regulatory affairs outsourcing market as follows:
Global Regulatory Affairs Outsourcing Market: Services segment Analysis
Global Regulatory Affairs Outsourcing Market: Regional Segment Analysis