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Regulatory Affairs Outsourcing Market 2021 Size, Growth Analysis Report, Forecast to 2028

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Swapnil GVR
Regulatory Affairs Outsourcing Market 2021 Size, Growth Analysis Report, Forecast to 2028

The global regulatory affairs outsourcing market size was valued at 6.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028. The outsourcing of regulatory affairs has become an increasingly important practice in the healthcare industry. An increase in geographical expansion activities by companies that aim for speedy approvals in local markets is expected to contribute to the adoption of outsourcing models for regulatory services.

Regulatory affairs is a profession established from the desires governments which helps to protect public health by analysing and monitoring the safety and efficacy of products in areas including pharmaceuticals, medical devices, agrochemicals, pesticides, veterinary medicines cosmetics and complementary medicines. Regulatory affairs outsourcing are the services offered by the pharmaceutical, biotech and medical devices manufacturing industries. Regulatory affair outsourcing services help to achieve fast regulatory approvals. Regulatory affairs outsourcing industries are helping to get approval for new products, preparing protocol for conducting clinical trial, publishing report etc. Regulatory outsourcing services provide various types of services including regulatory consultant, regulatory writing & publishing, product registration & clinical trial applications, legal representation, patent application. Pharmaceutical companies play major role in contributing largest market share in global regulatory affair outsourcing market. 

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Regulatory affairs functions are challenging. The increasing need to obtain approval for new products, maintain compliance, and do more with less has increased during the last decade. Simultaneously, investments in the regulatory information systems have increased considerably to keep pace with the need to automate activities, like publishing and regulatory operations. For example, LifeSphere Regulatory software is regulatory affairs and compliance software that offers companies regulatory solutions and can help in other departments, such as clinical trial registration, product registration, agency interactions, submission planning, and forecasting, global change management, and performance tracking. In this scenario, outsourcing is gradually becoming a vital part of the regulatory capability mix.

Key Player Mentioned:

  • WuXi AppTec, Inc.
  • Medpace
  • Pharmaceutical Product Development, LLC (PPD)
  • Charles River Laboratories International, Inc.
  • ICON plc
  • Covance
  • Parexel International Corporation, Inc.
  • Freyr

Product Segment Analysis:

  • Regulatory Consulting
  • Legal Representation
  • Regulatory Writing & Publishing
  • Product Registration & Clinical Trial Applications
  • Other Services

Regional Segment Analysis:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Access Press Release @ https://www.grandviewresearch.com/press-release/global-regulatory-affairs-outsourcing-market

 

The pressure to reduce costs by life sciences companies is very high. The shift toward an outcome-based model, increase in the use of generics, and demand for drugs and medical devices at a lesser price are expected to increase the need to reduce healthcare costs. An increase in out-of-pocket expenses, uneven economic growth, and measures taken by various governments to contain the cost of drugs are expected to contribute to the economic and competitive pressure.

 

Other indications included in the scope of the study are neurology, cardiology, immunology, and others. The neurology segment is expected to register a high CAGR over the forecast period. Neurology disorders are recognized as a major cause of death globally. According to the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) Report 2016, around 95% of people were suffering from neurological disease. It is estimated that the global population will reach 9 billion by 2050. Proactive government initiatives and an increase in external funding for R&D are among the key factors driving the market. Furthermore, rapid advancement in the field of neurology and technology has provided startups with opportunities to investigate new products.

COVID-19 Impact:

The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum Glucose to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for Glucose in the next 2 to 3 years.

Good Reasons to Buy a Global Regulatory Affairs Outsourcing Market Report:

  • Offers detailed market breakdown and data triangulation that will help guide the market trends.
  • The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
  • Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.
  • Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
  • Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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