Albany, NY, Nov. 10, 2015 (GLOBE NEWSWIRE) -- The global regulatory affairs outsourcing market is exhibiting a CAGR of 14.6% within the period from 2014 to 2020. The market's value in 2013 was US$1.56 bn. By the end of 2020, the global regulatory affairs outsourcing market will be valued at US$4.49 bn, according to a research report released by Transparent Market Research, titled " Regulatory Affairs Outsourcing Market (Services: Regulatory Affairs, Clinical Trial Applications and Product Registrations, Regulatory Writing and Publishing, Regulatory Consulting and Legal Representation and Others (Post Approval Maintenance, Reimbursement Consulting etc.)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 ".
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According to the report, the primary drivers that propel the global regulatory affairs outsourcing market are the advantages that it provides its end users, particularly medical device manufacturers, pharmaceuticals manufacturers, and life sciences researchers. The global regulatory affairs outsourcing market thus becomes an efficient provider of pharmacovigilance, medical writing, and clinical trial services to medical device makers, along with the pharma and biotech-related industries.
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The global regulatory affairs outsourcing market is a rapidly growing segment of the global outsourcing market. The report expresses all the aspects that influence the global regulatory affairs outsourcing market and the impact that the market has on its adjacent ones. The report elaborates on the fact that a large number of biopharmaceuticals manufacturers could easily gather the services of the global regulatory affairs outsourcing market in order to seek drug approvals. Owing to the high number of extremely strict regulations in the global medical industry, the global regulatory affairs outsourcing market can be an opportunity to save cost, infrastructure, and resources in order to attain the required regulatory compliances.
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The report divides the global regulatory affairs outsourcing market using the various services offered in it, such as regulatory affairs, regulatory consulting and legal representation, regulatory writing and publishing, and the clinical trial applications and product registrations. Of these, the report reveals that the regulatory writing and publishing had dominated the global regulatory affairs outsourcing market in 2014, when it held a share of 40.0%. The report also states that the segment is expected to maintain its lead till 2020, due to the heavy need for regulatory writing and publishing services in medical organizations.
The regulatory consulting and legal representation services segment is estimated to exhibit a CAGR of 14.0% within the report's forecast period due to an increase in demand for efficacy and product safety evaluations.
The key players in the global regulatory affairs outsourcing market are ICON Plc., Pharmaceutical Product Development, Accell Clinical Research, LLC., Clinilabs, Inc., Promedica International, and the Charles River Laboratories International, Inc.
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
- Others
Regulatory Affairs Outsourcing Market, by Geography
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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