Global Pharmaceutical Outsourcing Services Market Segmentation, Demand And Supply 2017 To 2023
Summary – A New Market Study, “Pharmaceutical Outsourcing Services Market, By Service (Product design, Product testing, Consulting, Auditing and Assessment, Regulatory Affairs, Product maintenance, and Training), and Geography (NA, EU, APAC, and RoW) – Analysis, Share, Trends, Size, & Forecast From 2016 – 2027- COVID- 19 Updated” Has Been Featured On Wiseguyreports.
REPORT HIGHLIGHT
The pharmaceutical/biotechnology services outsourcing market
is estimated to represent a global market of USD 50.8 billion by 2019 with
growth rate of 7.8%.
Market Dynamics
Driving factors such as increasing approval of new
therapeutics coupled with strategic mergers & acquisitions of key players
to expand their presence in pharma & biotech industries are expected to
remain on the top spot for the growth of pharmaceutical outsourcing services
industry globally. For example, in December 2019, as per the article published
by the Regulatory Affairs Professional Society, the number of new molecular
entity published by the U.S. FDA (around 46) in 2019, was the highest compared
to the new drugs approved till 2016.
On contrary, the drug development cost is increasing at a
significant rate. According to the estimates of Pharmaceutical Research and
Manufacturers of America (PhRMA), the total drug development related R&D
spending in 2014 amounted to USD 51.2 billion. Thus, outsourcing process helps
a company to save hefty amount, which is spent on R&D; hence, increasing
demand for consulting services. On the flip side, raising issues on data
security and growing concerns over third-party performance restrain the
industry growth to some extent.
Service Takeaway
Service segment is bifurcated into Product design, Product
testing, Consulting, Auditing and Assessment, Regulatory Affairs, Product
maintenance, Training, and others. Of these, consulting service holds the
highest share throughout the study period. In 2019, this segment has captured
around 18.5% share and is likely to show robust growth during the forecast
period. Consulting services such as remediation, quality management systems,
and regulatory compliances are covered under this segment. On another side,
regulatory affairs outsourcing is considered to grow with the highest growth
rate over the forecast period. Associated benefits such as cost-effectiveness,
reduce documentation, and pro-active risk management helps this segment to
capture significant revenue share during the future period.
COVID-19 Impact and Recovery Analysis
The published research on pharmaceutical/biotechnology
services outsourcing market provides a bird’s eye view of the current COVID-19
outbreak. Further, the study also considers the post-COVID-19 impact and offers
a clear assessment of the projected industry fluctuations. The different
factors that are likely to impact the overall market dynamics, including top
performer segments, marginal growth segments and top loser segments and more
are discussed in detail in this research report.
Regional Takeaway
In terms of region, developed regions such as North America
and Europe accounted for the highest share. In 2019, these regions have
captured over 75% revenue share collectively. However, Asia Pacific region is
anticipated to show double-digit growth rates (11.2% from 2019-2021-2027) in
during the future period. This region is considered to grow with the highest CAGR
as it is well positioned to become a preferred destination for pharmaceutical
studies. Furthermore, factors such as speedy recruitment, large patient pool,
cost-effectiveness, and presence of high-quality infrastructure support the
regional growth over the forecast period.
Key Vendor Takeaway
Also Read : http://www.digitaljournal.com/pr/4410326
Companies such as Quantic Group, Parexel International,
Lachman Associates, Concept Heidelberg, and GMP Pharmaceuticals are profiled in
detail. Bolstered by a revival in the pharmaceutical industry, market profit of
these players is expected to increase at a significant rate over the future
period. Since the industry is fragmented in nature, with no one player
accounting for significant revenue share, service-based competition is very
high.
Key players are actively engaged in accelerating their pace
of change by reducing service cost, focusing on core-competency, and reducing
documentary burden. For instance, in July 2016, Quality context Ltd.
collaborated with Clarity Compliance Solutions to offer computer system
validation services to assure a specific process will consistently produce a
product that meets quality attributes and predetermined specifications.
The market size and forecast for each segment has been
provided for the period 2016 to 2027, considering 2019 as the base year. The
report also provides the compounded annual growth rate (% CAGR) for the
forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19
impact, and anticipated change on the future market scenario on this industry,
by taking into the account the economic, political, technological, and social,
parameters.
SCOPE OF THE REPORT
The scope of this report covers the market by its major
segments, which include as follows:
MARKET, BY SERVICE
Product Design
Product Testing
Consulting
Auditing and Assessment
Regulatory Affairs
Product Maintenance
Training
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
.About Us:
Wise Guy Reports Is Part Of The Wise Guy Research Consultants Pvt. Ltd. And Offers Premium Progressive Statistical Surveying, Market Research Reports, Analysis & Forecast Data For Industries And Governments Around The Globe.
Contact Us:
Norah
Trent
Sales@Wiseguyreports.Com
Ph:
+162-825-80070 (Us)
Ph: +44
2035002763 (Uk)
Comments
Post a Comment