Regulatory Affairs Outsourcing Market Is Predicted To Grow Swiftly Due To Rising Demand For Changing Regulatory Landscape Till 2025: Grand View Research, Inc.
The global regulatory affairs outsourcing market is expected
to reach USD 12.4 billion by 2025, according to a new report by Grand View
Research, Inc. Outsourcing of regulatory affairs functions to CROs or other
individual service providers offers life science companies the benefit to
achieve cost efficiency and reduce the overall approval process time by
eliminating delays associated with regulatory submission requirements. These
benefits are primarily driving the outsourcing trend and hence impacting the
market over the forecast period.
The augmenting disease prevalence
in Asia Pacific and MEA regions and increasing number of clinical trials being
conducted is stimulating life science companies to expand into these regions
thereby increasing the demand of these services. Changing regulatory landscape
especially in developing regions and stringent directive requirements in
developed regions such as North America and Europe are driving the adoption of
outsourcing trend in regulatory affairs function. Growth in emerging areas such
as biosimilars and orphan drug is expected to stimulate the demand for
regulatory expertise thereby contributing to the growth of regulatory affairs
outsourcing market.
U.S. regulatory affairs
outsourcing market revenue, by service, 2014 - 2025 (USD Million)
Browse full research report on
Regulatory Affairs Outsourcing Market
Further key findings from the
report suggest:
- Based on
product, legal representation is expected to witness lucrative growth
during the forecast period owing to healthcare reforms especially in
emerging regions such as India and China. Also, rising demand of legal
representation in regions such as Europe for gaining market authorization
for companies who do not have an established base in the region. For
instance, small or mid-size biopharmaceutical companies having domestic
only, requires legal representative if they want to expand their presence
in European countries such as UK and Germany. Regulatory writing and
publishing is expected to be the leading segment during the forecast
period.
- Few of the
industry players for the regulatory affairs outsourcing market are
Clinical Research, Clinilabs Inc., Criterium Inc., PRA International,
Promedica International, Wuxi AppTec, Medpace Inc.The other major players
include Pharmaceutical Product Development(PPD), PAREXEL International
Corporation, Charles River Laboratories International Inc., and Covance
Inc.
- There has
been a trend of strategic partnership between services providers for
increasing service portfolio or expanding regional presence. For instance,
PPD formed a joint venture with Shin Nippon Biomedical Laboratories Ltd.
(SNBL), leading provider of development services to biopharmaceuticals, to
provide clinical development services in Japan including function based
services such as regulatory and pharmacovigilance.
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring relevant and
fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
Comments
Post a Comment