Ottawa, April 12, 2024 (GLOBE NEWSWIRE) -- The global medical affairs outsourcing market size was accounted for USD 1.82 billion in 2023 and it is predicted to increase at USD 3.43 billion by 2032, according to Precedence Research.
Key Pointers
- North America medical affairs outsourcing market size was valued at USD 663.8 million in 2023 and it is expected to reach around USD 1,271.4 million by 2033 with a CAGR of 6.8% from 2024 to 2033.
- Europe medical affairs outsourcing market size was valued at USD 351.1 million in 2023 and it is expected to reach around USD 614.6 million by 2033 with a CAGR of 5.8% from 2024 to 2033.
- Asia Pacific medical affairs outsourcing market size was valued at USD 596.6 million in 2023 and it is expected to reach around USD 1,360.4 million by 2033 with a CAGR of 8.6% from 2024 to 2033.
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Market Overview
The medical affairs outsourcing market involves pharmaceutical, biotechnology, and medical device companies outsourcing medical affairs functions to third-party service providers, including medical writing, MSL services, and publication planning. Medical affairs are critical for removing barriers to accessing healthcare providers and offering them transparent, neutral, and up-to-date medical information. They must collect high-level data and interpret it to create valuable insights and programs for a variety of stakeholders, including HCPs, patients, and government agencies. Medical affairs outsourcing services provide scalable and adaptable solutions, enabling organizations to leverage resource-based and strategic management in addition to healthcare experts with specific experience. This flexibility enables quick recruiting and training, as well as modifying personnel to changing business dynamics and market conditions.
Regional Stance
North America dominated the medical affairs outsourcing market in 2023. Outsourcing is critical for pharmaceutical and biotechnology businesses' research and development, including regulatory affairs services. Increased clinical trials in emerging markets, patent expirations, price fluctuations, awards, and recognition all contribute to demand. IQVIA, Charles River Laboratories, Medpace, Syneos Health Inc., Accell Clinical Research LLC., and PAREXEL International Corporation are some key companies boosting the growth of the market. The U.S. medical affairs outsourcing market size was evaluated at USD 546.9 million in 2023 and is expanding around USD 1,087.6 million by 2033, growing at a CAGR of 7.1% from 2024 to 2033.
- In October 2023, Icon ICLR announced a solid third-quarter performance, with revenue exceeding $2 billion, up 6% from the prior year. The fair value estimate for the company continues at $243 per share, and the stock is currently trading in a 3-star zone, with a narrow economic moat and medium uncertainty ratings.
Global Medical Affairs Outsourcing Market Revenue, by Region 2020 - 2023 (US$ Mn)
| Region | 2020 | 2021 | 2022 | 2023 |
| North America | 531.0 | 573.4 | 623.8 | 663.8 |
| Europe | 288.8 | 309.0 | 333.1 | 351.1 |
| Asia Pacific | 450.6 | 496.0 | 550.1 | 596.6 |
| LAMEA | 163.7 | 177.6 | 194.2 | 207.3 |
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Report Highlights
Services Insights
The medical writing & publishing segment dominated the medical affairs outsourcing market in 2023. Evidence-based decision-making and technological improvements are driving fast change in the healthcare sector. Medical affairs are critical for providing accurate information.
and managing contacts with stakeholders. However, healthcare organizations encounter difficulties in managing their operations due to resource restrictions and regulatory complexity. Outsourcing specialized services, such as medical writing and stakeholder involvement, has gained popularity in product development, clinical research, and commercialization.
The Medical Science Liaisons (MSLs) services segment is expected to grow at the fastest rate during the forecast period. MSLs have a variety of tasks, including engaging external stakeholders, cooperating with internal stakeholders, and maintaining MSL knowledge. They create KOL engagement programs, gather insights, locate clinical investigators, disseminate medical data, and support research. They also train, support clinical research teams, and serve as subject matter experts on cross-functional teams. MSLs also coordinate activities with people in other fields in their jurisdiction.
Global Medical Affairs Outsourcing Market Revenue, By Services 2020 - 2023 (US$ Mn)
| Services | 2020 | 2021 | 2022 | 2023 |
| Medical Writing & Publishing | 469.2 | 512.6 | 564.4 | 607.6 |
| Medical Monitoring | 134.7 | 146.9 | 161.4 | 173.4 |
| Medical Science Liaisons | 301.6 | 314.1 | 329.7 | 338.4 |
| Medical Information | 377.4 | 407.4 | 443.2 | 471.5 |
| Others | 151.3 | 175.0 | 202.5 | 227.9 |
Industry Insights
The pharmaceutical segment dominated the medical affairs outsourcing market in 2023. Medical Affairs (MA) teams in pharmaceutical companies work to communicate the clinical value of innovative medicines to stakeholders in the healthcare ecosystem, such as healthcare professionals and administrators. They accomplish this through their scientific and research knowledge, management skills, and unique organizational position as a liaison between R&D and Commercial/Marketing operations. MA staff also oversee external scientific engagements with stakeholders from academia and the life-science ecosystems. The strategic value of MA has gained widespread recognition.
Global pharmaceutical companies should build strong internal communication channels for sharing content and knowledge, as well as supplying affiliates with up-to-date information. The flow of communication varies according to the life cycle stage, with the global MA team receiving information first during pre-launch. Following the launch, the data flow reverses due to everyday clinical practice.
Global Medical Affairs Outsourcing Market Revenue, By Services 2020 - 2023 (US$ Mn)
| Industry | 2020 | 2021 | 2022 | 2023 |
| Pharmaceutical | 755.8 | 820.8 | 898.3 | 961.4 |
| Biopharmaceutical | 191.3 | 208.4 | 228.8 | 245.6 |
| Medical Devices | 487.0 | 526.8 | 574.1 | 611.9 |
Market Dynamics
Drivers
Retain strategic focus within the organization
Outsourcing in medical affairs helps function leaders maintain their strategic focus by forming a virtual team of experts. This reduces distractions and provides peace of mind by guaranteeing that daily tasks are completed while under full supervision. This virtual solution enables executives to focus on value-added, strategic initiatives, hence enhancing organizational productivity.
Ability to scale
The ability to scale is a key driver of the medical affairs outsourcing market. Outsourcing can be a cost-effective but dangerous strategy for international organizations and young biotech businesses wishing to establish a medical affairs staff in new areas. Recruiting a permanent crew can be expensive and time-consuming. The skills gap in the pharmaceutical sector is a major challenge, making it difficult to locate employees with the necessary experience. A virtual medical affairs solution can help by eliminating recruitment and retention issues, allowing firms to access professional capabilities on demand and respond to changing business needs.
Restraint
Cultural clashes
Outsourcing regulatory concerns frequently results in cultural tensions. To function efficiently, organizations must retain compatibility and cultural understanding. In times of cultural conflicts, senior management should actively participate in the outsourcing process. Building long-term partnerships with CRO partners is critical for pharmaceutical companies seeking to maximize their CRO partners' performance. A practical communication plan for the organization and the CRO must be created, managed, and updated.
Knowing the individual contact is critical, and an internal strategy should be devised to ensure the outsourced process is managed successfully. Outsourcing activities should be carried out efficiently and successfully within the firm, as individual outsourcing might result in increased expenses, poor responsiveness, and a lack of partnership relations. Developing an outsourcing process is the most efficient and successful way to outsource.
Opportunity
Digital platforms for outsourcing in the Global Village
Digital platforms and activities are critical in today's interconnected society, especially within the context of the "global village." Marshall McLuhan coined the term to characterize the global village, in which technology and electronic communication have made the world smaller, allowing for worldwide connectivity and collaboration. Digital activities and platforms make outsourcing easier, more efficient, and less expensive. Healthcare organizations can readily collaborate with external service providers via Internet platforms such as freelancer markets or specialist medical affairs outsourcing platforms.
These platforms provide for safe information exchange, project management, and communication, making it easier to discover compatible partners, negotiate contracts, and work remotely. Real-time collaboration and information sharing are possible regardless of geographical location, thanks to cloud-based document management systems, video conferencing capabilities, and project management software that facilitate effective communication and collaboration between pharmaceutical companies and their outsourcing partners. Digital platforms also provide enhanced data security and privacy protections, safeguarding the confidentiality and integrity of sensitive information shared by pharmaceutical companies and their outsourced partners.
Recent Developments
- In January 2024, a leading medical outsourcing company, ICON plc, released a whitepaper titled "Optimizing biotech funding," which outlines strategies for biotech companies to attract and use investment funding. A survey of 130 biotech executives revealed that 60% expected to increase R&D spending, while only 2% planned to reduce funding,
- In August 2023, Ingene, a medical affairs outsourcing company, introduced InvisageTM, an AI-powered platform that optimizes life sciences organizations' go-to-market strategies. To deliver individualized outcomes, the platform analyzes data from over 2 million healthcare professionals and over 200 million interactions. It blends data, AI-driven modeling, and strategic insights to increase healthcare practitioners' reach and optimize interactions, hence addressing access and cost issues.
- In February 2023, Indegene, a medical affair outsourcing company, launched metaverse capabilities to support life sciences organizations in various use cases, including healthcare provider interactions, HCP education, and patient education. This technology offers flexibility and enables immersive healthcare experiences.
Key Companies in the Medical Affairs Outsourcing Market
- ICON plc
- Wuxi Clinical Development, Inc
- Pharmaceutical Product Development, LLC
- Ashfield Healthcare Communications
- Indegene Inc.
- IQVIA Holdings Inc
- The Medical Affairs Company (TMAC)
- SGS SA
- Syneos Health Inc
- ZEINCRO Group
Segments Covered in the Report
By Services
- Medical Monitoring
- Medical Writing & Publishing
- Medical Information
- Medical Science Liaisons
- Others
By Industry
- Medical Devices
- Pharmaceutical
- Biopharmaceutical
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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