The Global Medical Affairs Outsourcing Market is projected to reach $3.99 billion by 2028, from a value of $1.83 billion in 2022, by registering a CAGR of 13.9% during the forecast period. An increasing number of orphan therapies used to treat rare diseases, and a rise in the number of clinical trials are the major factors propelling the growth of the market. However, the rise in costs of clinical trials and drug developments are hampering the market growth. Moreover, technological advancements and increases in healthcare expenditure are creating ample opportunities across the globe.
Recent Developments
In Feb 2021, ICON plc acquired PRA Health Sciences Inc as part of a focus on innovative and high-quality clinical trials. Services provided by the acquisition will have a broader geographic reach, a deeper understanding of drug therapies, and wider expertise in healthcare technology innovation. PRA Health Sciences brings to ICON both mobile and connected health platforms with real-world data and information solutions.
In July 2020, Covance, Inc. acquired GlobalCare to expand Covances decentralized clinical trials capabilities globally, enabling recruitment and increasing access to trials. Covance will leverage GlobalCares mobile healthcare services, site staffing support, patient transport assistance, and contracted central pharmacy services.
In Feb 2020, ICON plc acquired MedPass International, the leading European medical device CRO, regulatory and reimbursement consultancy, that specializes in medical device development and market access. This acquisition further enhances ICONs Medical Device and Diagnostic Research Services, through the addition of new regulatory and clinical capabilities in Europe.
In April 2019, Cardinal Health acquired mscripts®, a company that delivers patient adherence and engagement solutions through innovative, easy-to-use mobile and web-based health management platforms. The capabilities that gain from the acquisition of mscripts® support patient adherence to prescriptions and improve overall health results.
Competitive Landscape
Quintiles Transnational Corporation, Clinilabs, Inc., PRA Health Sciences, Inc., Excelya, Covance, Inc., Medpace, Inc., ICON plc, Genpact Ltd, PARAXEL International Corporation, Criterium, Inc., WuXi AppTec Group, Pharmaceutical Product Development, LLC, Charles River Laboratories International, Inc., Accell Clinical Research, Promedica International and Cardinal Health are some of the major players in the global Medical Affairs Outsourcing market.