Medical Device Affairs Outsourcing Market : $8.1 Billion by 2031 Due to Rise in Outsourcing Regulatory Affairs Demand

Asia-Pacific is anticipated to grow at the highest rate during the medical device affairs outsourcing market analysis period.

WILMINGTON, DELAWARE , UNITED STATES, April 18, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Medical Device Affairs Outsourcing Market," The medical device affairs outsourcing market was valued at $4.6 billion in 2021, and is estimated to reach $8.1 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.

Many pharmaceutical companies are experiencing cost pressures and workforce challenges, making it increasingly difficult to obtain new marketing authorizations, maintain regulatory compliance, and manage operating costs. As a result, decision-makers are exploring the option of outsourcing regulatory affairs services to service providers. Outsourced activities often include clinical and nonclinical overviews, summaries, expert reports, and preparation of various regulatory documents such as clinical trial protocols and investigator brochures.

Reasons for outsourcing include reducing the workload on in-house regulatory affairs departments and cost-effectiveness. Medical affairs outsourcing provides scalable solutions for OEM companies, allowing them to utilize healthcare resources efficiently. The growth in clinical trials is driven by the increasing prevalence of diseases, further boosting demand for medical affairs outsourcing.

𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑪𝒐𝒑𝒚 𝒐𝒇 𝑹𝒆𝒑𝒐𝒓𝒕 https://www.alliedmarketresearch.com/request-sample/A17667

However, the COVID-19 pandemic has negatively impacted the medical device affairs outsourcing industry, complicating decision-making processes for medical device companies due to uncertainty. Clinical trials have been particularly affected by travel bans and restrictions, leading to challenges in meeting corporate milestones and maintaining data integrity.

The market for regulatory affairs outsourcing is classified into various services such as regulatory writing, submissions, consulting, and others. Regulatory writing and submissions are expected to grow rapidly due to their benefits for medical technology companies.

Cloud-based software dominates the market due to its advantages and is projected to continue growing, especially with increased R&D activities in medical devices.

End users include pharmaceutical and medical technology companies, with the latter dominating the market share due to increased product development. However, pharmaceutical companies are expected to grow rapidly as they increasingly prefer outsourcing for regulatory compliance.

Europe leads in revenue, driven by the presence of clinical research organizations and key players, while Asia-Pacific is expected to grow at the highest rate due to increased clinical trials and awareness of regulatory affairs outsourcing benefits.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical device affairs outsourcing market analysis from 2021 to 2031 to identify the prevailing medical device affairs outsourcing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the medical device affairs outsourcing market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global medical device affairs outsourcing market trends, key players, market segments, application areas, and market growth strategies.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬-
SGS SA
IQVIA Holdings Inc.
Charles River
Thermo Fisher Scientific, Inc.
Parexel International Corporation
Inizio
Wuxi AppTec
Excelya
Indegene Private Limited
Icon plc
Syneos Health, Inc.

𝐒𝐩𝐞𝐚𝐤 𝐭𝐨 𝐎𝐮𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐭-https://www.alliedmarketresearch.com/connect-to-analyst/A17667

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐒𝐓𝐔𝐃𝐘
By service, the others segment accounted for major share of the global medical device affairs outsourcing industry in 2021.
By software, the cloud based software segment is anticipated to grow with the highest CAGR during the medical device affairs outsourcing market forecast period.
By end user, the pharmaceutical companies segment is anticipated to grow with the highest CAGR during the forecast period.
Asia-Pacific is anticipated to grow at the highest rate during the medical device affairs outsourcing market analysis period.

David Correa
Allied Market Research
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