Market Research Future (MRFR) announces the publication of its research report –Global Healthcare Regulatory Affairs Outsourcing Market, 2018-2023. The global healthcare regulatory affairs outsourcing market held a market value of USD 3,120.4 million in 2017 and is projected to grow at a CAGR of 9.4% over the forecast period. The healthcare regulatory affairs outsourcing offers medical writing and publishing which plays an important role to develop high-quality documents for the clinical research process. The rising, increasing number of patent expirations and growing research and development activities are some factors that are likely to propel the market growth during the assessment period.
Currently, the global healthcare regulatory affairs outsourcing market is dominated by numerous prominent players. The key players operating in this market offer comprehensive knowledge in managing healthcare regulatory affairs. These companies mainly intend to help firms overcome challenges and accelerate clinical processes.
On a regional basis, the global healthcare regulatory affairs outsourcing market in the Americas is segmented into two major regions, i.e., North America and Latin America. The North American region is likely to hold the major share in the region is due to the increasing prevalence of chronic diseases. The rising prevalence of cancer and other chronic diseases demands the discovery of newer and effective drugs which is anticipated to fuel the market growth in this region. For instance, according to the Centers for Disease Control and Prevention, in 2014, 9,421 new cases of tuberculosis were registered in the US. Moreover, according to the National Cancer Institute, in 2016, around 1,685,210 new cases of cancer had been diagnosed in the US.
The global healthcare regulatory affairs outsourcing market has been segmented into service and end user.
Some Of The Prominent Players In The Global Healthcare Regulatory Affairs Outsourcing Market Are Accell Clinical Research, LLC, Charles River Laboratories International, Inc., Clinilabs, Inc., Criterium Inc., ICON plc, Covance, Inc., Medpace, Inc., PAREXEL International Corporation, Pharmaceutical Product Development, (PPD) LLC, Promedica International, Quintiles Transnational Corporation, WuXi App Tec, and others.
The global Healthcare Regulatory Affairs Outsourcing Market is segmented into application, product and end user. Based on application, the market is segmented into therapy, research and cell, and tissue banking. The global Healthcare Regulatory Affairs Outsourcing Market by product is segmented into stem cell lines, instruments, consumables, and culture media. The stem cell lines segment is expected to lead the market and register a substantial CAGR to reach USD 9,366.9 million by the end of 2023. Due to its unique capabilities for tissue repair, replacement, and regeneration is expected to drive the market growth. Based on end user, the market is segmented into pharmaceutical/biotechnology companies CRO and hospitals stem cell banks.
Geographically, the global Healthcare Regulatory Affairs Outsourcing Market has been segmented into North America, Europe, Asia-Pacific, and the Middle East Africa. As per MRFR analysis, the Americas was the largest market for Carotid Artery Disease Market in 2017 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. Major factors influencing the growth of the market include the presence of major manufacturers, growing prevalence of cancer, growing healthcare expenditure, and increase in technologically-advanced products in Europe are driving the growth of the Healthcare Regulatory Affairs Outsourcing Market in the region. The Asia-Pacific Healthcare Regulatory Affairs Outsourcing Market is one of the fastest growing regions across the globe. Growing population and rising incidence of cancer are likely to drive the growth of the Asia-Pacific market.
Key Findings of the Study:
- The global Healthcare Regulatory Affairs Outsourcing Marketis projected to reach over USD 17,469.6 million by 2023 at 17.5% CAGR during the review period of 2018 to 2023.
- Americas accounted for the largest market share with North America being the major contributor to the growth of the market.
- By product, the stem cell line segment is projected to register the highest CAGR of 7.9% during the forecast period due to the unique capabilities for tissue repair, replacement, and regeneration.
- Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.