Market Trends of Medical Affairs Outsourcing Industry
Medical Information Hold Significant Share in the Medical Affair Outsourcing Market
Medical information is scientific and clinical information related to medicinal product usage, efficacy, and safety, which a pharmaceutical company provides in response to unsolicited inquiries from healthcare professionals, payers, and managed healthcare organizations and consumers. Contract research organizations (CROs) allow small and midsize companies to enter the complex drug development process. For instance, according to the March 2021 published article by Anju Life Sciences Software, high data quality, better safety decisions, reduced trial operation costs, and faster study execution are making early phase trials more successful. Thus, the advantage offered by CRO increases the demand for outsourcing services thereby driving segmental growth.
Additionally, market players' increasing strategies are also expected to contribute to segment growth. For instance, in March 2021, Hospital Alemão Oswaldo Cruz partnered with TriNetX to join the global health research network to contribute to the acceleration of clinical research and find a path to better outcomes for its patients. Furthermore, through the hospital's Center for Innovation, Research, and Education, Hospital Alemão Oswaldo Cruz will help drive future expansion of the TriNetX network through its relationships with other healthcare organizations to cultivate the data cluster for clinical research in Brazil and Latin America. Such an initiative is expected to increase the demand for medical affair outsourcing, thereby driving regional growth.
Hence, the factors mentioned above are expected to drive segment growth over the forecast period.
North America is Expected To Hold a Significant Share in the Medical Affair Outsourcing Market
The North American medical affairs outsourcing market is expected to witness significant growth which is attributed to pharmaceutical companies spending more money, time, and effort on research and development activities than any industry. For instance, the National Institute of Health (NIH) is funding heavily on clinical research, and it invested USD 17,610 million in 2020, which increased to USD 17,681 million in 2021 and USD 18,405 million by the end of 2022. Additionally, the data provided by Health Canada in November 2021 reported that biological medicines approved in Canada make up a large share of pharmaceutical sales in international markets. Such increasing investments in the pharmaceutical industry are anticipated to create opportunities for numerous clinical trials. Hence, driving the studied market growth in the region.
Additionally, technological advances and innovation in this domain also boost market growth. For instance, in November 2021, USA-9 Technology Magazine listed Freyr in the "10 Best Technology Solution Providers of 2021". Fryer continues to design innovative software solutions and support clients in their respective compliance objectives. This has helped the company gain popularity.
Hence, the region is anticipated to grow during the forecast period due to the abovementioned factors.
