The global regulatory affairs outsourcing market is anticipated to exhibit a CAGR of 14.60% between 2014 and 2020. The market was valued at US$1.56 bn in 2013. This market is expected to reach US$4.49 by the end of 2020, according to a research report released by Transparency Market Research. The report, titled "Regulatory Affairs Outsourcing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," provides projections for this market till the given end of the forecast period. The report is available on the company website.
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According to the data published in the report, the key driver of the global regulatory affairs outsourcing market are the several advantages that availing an effective outsourcing strategy can provide. The advantages of utilizing the global regulatory affairs outsourcing market will substantially benefit the manufacturers of pharmaceuticals and medical devices, along with the research companies of life sciences.
The global regulatory affairs outsourcing market provides an effective strategy for players in the global healthcare industry in terms of managing clinical trial services for the makers of medical devices, medical writing, and pharmacovigilance. It also includes exhaustive information pertaining to the industries ancillary to biotechnology and pharmaceuticals, such as medical packaging.
The report's segmented perspective of the global regulatory affairs outsourcing market presents a simple yet descriptive explanation regarding the market's future. The report segments the market according to services and geography.
According to services, the global regulatory affairs outsourcing market is segmented into regulatory writing and publishing, legal representation and consulting, and regulatory affairs. Of these, the global regulatory affairs outsourcing market was dominated by regulatory writing and publishing in 2014, when it held 40.0% of the market. The report's forecast analysis shows that this segment will maintain its position as the leading service in the global regulatory affairs outsourcing market for the given forecast period. The segment owes its lead to the high requirement for such services by multiple medical organizations in developed economies.
The report offers a descriptive regional analysis of the global regulatory affairs outsourcing market, through which it is revealed that North America not only led the market in 2013, but may also continue to lead it during the report's forecast period. North America managed a high growth rate earlier than other regions due to a growth in the number of clinical trials along with the major cost-efficient means achieved through outsourcing, in comparison to nurturing an in-house team for the same.
Key players in the global regulatory affairs outsourcing market are Charles River Laboratories International, Inc., Promedica International, Clinilabs, Inc., Accell Clinical Research, LLC, Pharmaceutical Product Development, and ICON Plc.
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Key segments of the Global Regulatory Affairs Outsourcing Market
Regulatory Affairs Outsourcing Market, by Services
- Regulatory Affairs
- Clinical Trial Applications and Product Registrations
- Regulatory Writing and Publishing
- Regulatory Consulting and Legal Representation
Regulatory Affairs Outsourcing Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)