Regulatory Affairs Outsourcing Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Regulatory Affairs Outsourcing Market Size accounted for USD 6,921 Million in 2021 and is estimated to achieve a market size of USD 16,605 Million by 2030 growing at a CAGR of 10.4% from 2022 to 2030. The increase in research and development activities for new vaccines, drugs, and medical equipment is expected to boost the regulatory affairs outsourcing market growth. Furthermore, the introduction of effective software that keeps track of regulatory affairs is a crucial trend, which is driving the regulatory affairs outsourcing market value.

Regulatory Affairs Outsourcing Market Report Key Highlights

• Global regulatory affairs outsourcing market revenue is estimated to expand by USD 16,605 million by 2030, with a 10.4% CAGR from 2022 to 2030.
• Asia-Pacific regulatory affairs outsourcing market share accounted for over 37% of total market shares in 2021
• Europe regulatory affairs outsourcing market growth will observe highest CAGR from 2022 to 2030
• Based on service, regulatory writing and publishing segment accounted for over 36% of the overall market share in 2021
• Among end-user, pharmaceutical companies engaged more than 41% of the total market share
• Changing regulatory environment over the globe, drives the regulatory affairs outsourcing market size

Regulatory affairs outsourcing is growing more prevalent in the healthcare industry. The implementation of regulatory outsourcing systems is expected to be assisted by an increase in regional expansion operations by enterprises looking for quick permits in marketplaces. The regulatory affairs outsourcing sector is expanding due to an increase in R&D operations, coupled with a growth in the number of ongoing clinical study applications and product registration. Governments in various locations are continually putting pressure on companies to secure clinical licenses in a reasonable timeframe.

Global Regulatory Affairs Outsourcing Market Trends

Market Drivers

• Changing regulatory environment over the globe
• Life science businesses that emphasize their core strengths
• Increasing demand for a faster clearance process for novel medicines and devices
• Growing adoption of new solutions in the healthcare industry

Market Restraints

• Risks related to data security
• Monitoring concerns and a lack of standardization

Market Opportunities

• Increasing investments in research and development of novel biologic pharmaceuticals
• High costs related to the operations of regulatory affairs

Regulatory Affairs Outsourcing Market Report Coverage

Ascend in R&D exercises, especially in the life science industry for the decrease in the overall approval process by lessening delays in administrative filings and the improvement in the Return on Investment (ROI) and cost productivity are anticipated to drive the development. Also, great administrative commands are foreseen to drive the adoption Food and Drug Administration (FDA) published ICH E17 direction on multi-territorial clinical preliminaries. This activity is required to bring worldwide clinical preliminaries under a solitary convention, put together by various experts in various regions.

A few medical gadget and pharmaceutical organizations are confronting exceptionally focused weight, over the world. Relevant issues, for example, expanded challenges, differential drug pricing systems of individual countries, and geopolitical issues, for example, Brexit has pressured organizations to redistribute their activities to regional organizations. Likewise, the rising R&D expenses and the strain to curtail cost is empowering the regulatory affairs outsourcing trend.

Regulatory Affairs Outsourcing Market Insights

Extensive organizations address limited issues and the absence of expertise in their internal departments by redistributing to smaller mid-size organizations. It likewise wipes out the extra remaining burden and combines administrative offices to keep away from duplication of work. Regulatory affairs incorporate exercises, for example, drug shipment approvals for clinical trials, drug master files, labeling, technical writing, serious adverse events reporting, review of Chemistry, Investigational New Drug (IND) maintenance, Manufacturing, eCTD conversion, Controls (CMC), and query management.

Regulatory affairs outsourcing saw a couple of critical industry occasions. For example, in August 2018, U.K.-based Syneos Health gained Kinapse, a supplier of pharmaco-vigilance consulting and post-industry regulatory services. With this procurement, the organization intends to twofold it is counseling impressions in Europe and related business administrations. Also, in October 2018, PAREXEL International Corporation presented the new China Advisory Services to help pharmaceutical organizations looking for market opportunities in China, to have an early mover advantage. The administrations incorporate office commitment, market access, and business methodologies. This occurred on the scenery of late changes actualized by the National Medicinal Products Administration (NMPA, for example, expedited approvals, quicker Multi-provincial Clinical Trials (MCT) applications, and clinical trial permission in two months.

Regulatory Affairs Outsourcing Market Segmentation              

The worldwide regulatory affairs outsourcing market segmentation is based on the service, end-user, and geography.

Regulatory Affairs Outsourcing Market By Service

• Regulatory Consulting
• Legal Representation
• Product Registration And Clinical Trial Application
• Regulatory Writing And Publishing
• Other Regulatory Service

According to regulatory affairs outsourcing market analysis, the regulatory writing and publishing segment accounted for the largest market share in 2021. These services are provided starting with initial product development and continuing through the post-marketing authorization stage. Due to the widespread use of outsourcing of such services by big and mid-sized biopharmaceutical and medical product businesses, this sector is expected to lead the market over the forecast period.

Regulatory Affairs Outsourcing Market By End-user

• Pharmaceutical Companies
• Medical Device Companies
• Biotechnology Companies

According to the regulatory affairs outsourcing market forecast, the medical device and biotechnology companies categories are predicted to grow at the fastest rate in the coming years. This growth is due to rising demand for bioactive molecules, vaccinations, innovative medical equipment, and other products. The rapid growth of wearable devices, combined with recent pandemic events, is increasing the market share of these categories.

Regulatory Affairs Outsourcing Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)