Global Healthcare Regulatory Affairs Outsourcing Market Size Worth USD $12.14 Billion By 2028 | CAGR 5.5%(Including COVID-19 Impact Analysis): Zion Market Research
NEW YORK, Feb. 28, 2022 /PRNewswire/ -- As per Zion Market Research study, Healthcare Regulatory Affairs Outsourcing industry amassed returns worth nearly US$ 5.23 billion in 2020 and is set to register profits of approximately US$ 12.14 billion by 2028. Moreover, Healthcare Regulatory Affairs Outsourcing market is slated to register CAGR of almost 5.5% in 2021-2028.
Healthcare regulatory affairs outsourcing market over assessment period can be credited to rise in chronic disorders and huge costs related to research activities. In addition to this, surge in new drug approval time and increase in medical device costs will spur market trends. Apparently, tedious documentation and need for saving time & focusing on core operations has forced firms to outsource healthcare regulatory affairs to third parties, thereby expediting growth of healthcare regulatory affairs outsourcing industry. However, data security concerns can create hurdles in growth path of healthcare regulatory affairs outsourcing market.
Clinical Trial Applications & Services Registrations To Dominate Services Segment By 2028:
Surge in expansion of clinical trial applications & services registrations segment over forecast timeline is subject to rise in outsourcing of clinical trial applications & services in both developed & developing countries. Furthermore, these kinds of services have resulted into huge demand from mid-sized firms, pharmaceutical firms, medical equipment manufacturers, food & beverage firms, and biotech firms.
Biotechnology Companies Segment To Contribute Huge Market Share Over 2021-2028:
Growth of biotechnology companies segment over assessment period is owing to substantial demand for healthcare regulatory affairs outsourcing solutions in biotechnology sector. Need for quick new drug approval and avoid tedious process of documentation related to healthcare regulations affairs will accelerate demand for healthcare regulatory affairs outsourcing activities in biotech sector.
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Asia Pacific Market To Record Double Digit CAGR Over Forecast Timespan:
Rapid expansion of healthcare regulatory affairs outsourcing market in Asia Pacific over forecast timespan can be attributed to easy access to skilled workforce at reduced wages. In addition to this, rise in number of clinical tests in pharmaceutical firms based in India and China will proliferate regional market size. Moreover, giant pharmaceutical companies are shifting their base in Asian countries, namely, India, Japan, Taiwan, China, Singapore, and Thailand. Moreover, these moves require documentation of healthcare regulatory activities along with product registrations & clinical trials applications and this will create huge demand for outsourcing healthcare regulatory affairs, thereby driving regional market growth.
Report Scope:
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The Global Healthcare Regulatory Affairs Outsourcing Market is segmented as follows:
Healthcare Regulatory Affairs Outsourcing Market : By Services Outlook (2021-2028)
- Regulatory Writing & Publishing
- Regulatory Submissions
- Clinical Trial Applications & Services Registrations
- Regulatory Consulting & Legal Representation
Healthcare Regulatory Affairs Outsourcing Market: By End-User (2021-2028)
- Solutions
- Services
Healthcare Regulatory Affairs Outsourcing Market: By Region Outlook (2021-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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- Zion Market Research methodology
List of Key Players of Healthcare Regulatory Affairs Outsourcing Market :
- Accell Clinical Research
- Criterium Inc.
- Medpace Inc.
- Freyr Solutions
- Wuxi AppTec
- Labcorp Drug Development
- PRA Health Sciences Inc.
- Promedica International
- PARAXEL International Corporation
- Quintiles IMS Holdings Inc.
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Healthcare Regulatory Affairs Outsourcing Market?
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- What are the most important companies in the Healthcare Regulatory Affairs Outsourcing Market Industry?
- What segments does the Healthcare Regulatory Affairs Outsourcing Market cover?
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