Asia-Pacific Medical Affairs Outsourcing Market
APAC includes countries such as China, Japan, India, Australia, South Korea, and the Rest of APAC. This region accounted for being fastest-growing region of the global Medical Affairs Outsourcing Market in 2019 owing to increasing Cost efficiency and high level of quality offered by the CROs; rise in the government funding for the introduction of new medical affairs outsourcing; growing healthcare expenditure; rising number of hospitals in India and China; expanding research base across India, China, and Japan; and increasing incidences of chronic and acute and infectious diseases.
Countries in APAC are facing an increasing incidence of COVID-19. Currently, India is the second worst-hit country worldwide. The COVID-19 pandemic has severely impacted the region; however, it has also allowed stakeholders to realign their future path based on strategic intent and focus. India and China are the most preferred destinations for outsourcing, where a large pool of skilled labor is available at a lower cost. With the increasing pressure to reduce manufacturing costs and accelerate time-to-market, many devices and diagnostics companies are looking to conduct clinical trial operations in APAC. Countries such as China, Japan, Singapore, and South Korea are seeing an increased interest in clinical trials. High costs in western countries are also contributing to the flow of medical affairs outsourcing to APAC. To expand sales to the Asian market, pharmaceutical companies are becoming aware of new and changing regulatory environments for drugs, devices, and in-vitro diagnostics. New or improved regulations are implemented frequently in Asia, including changes in GMP standards, drug price controls, and medical device regulatory systems. Third-party guidance and advice are required as part of any acquisition or any improvement of current standards. Increasingly, third-party outsourcing service providers are playing a greater role in supporting and managing the delivery of the key business functions like drug development, sales and marketing, and regulatory compliance services in APAC.
Strategic insights for the Asia-Pacific Medical Affairs Outsourcing provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 356.69 Million |
| Market Size by 2027 | US$ 776.42 Million |
| Global CAGR (2020 - 2027) | 11.8% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Services
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Medical Affairs Outsourcing refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The medical affairs outsourcing market in APAC is expected to grow from US$ 356.69 million in 2020 to US$ 776.42 million by 2027; it is estimated to grow at a CAGR of 11.8% from 2020 to 2027. The drug development and discovery is time-consuming and expensive process. The process from early discovery or design to development to regulatory approval can take more than 10 to 15 years. Throughout the development phase of a drug substance, various testing services are required to check the quality and efficacy of the product. Therefore, the pharmaceutical and biotechnology companies prefer to outsource the services to the contract research organizations (CROs) in order to save the cost and time, which is expected to drive the growth of the market.
APAC medical affairs outsourcing market is segmented into services, application, and country. The APAC 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 APAC 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 APAC medical affairs outsourcing market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2019.
A few major primary and secondary sources referred to for preparing this report on the medical affairs outsourcing market in APAC 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,
The Asia-Pacific Medical Affairs Outsourcing Market is valued at US$ 356.69 Million in 2020, it is projected to reach US$ 776.42 Million by 2027.
As per our report Asia-Pacific Medical Affairs Outsourcing Market, the market size is valued at US$ 356.69 Million in 2020, projecting it to reach US$ 776.42 Million by 2027. This translates to a CAGR of approximately 11.8% during the forecast period.
The Asia-Pacific 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 Asia-Pacific Medical Affairs Outsourcing Market report:
The Asia-Pacific Medical Affairs Outsourcing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Medical Affairs Outsourcing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Medical Affairs Outsourcing Market value chain can benefit from the information contained in a comprehensive market report.
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