Global Pharmaceutical Regulatory Affairs Market, By Product type (Regulatory Consulting, Legal Representation, Regulatory Writing and Publishing, Product Registration and Clinical Trial Application, and Other Services), By Application (In-house, and Outsourcing) and opportunities and forecast 2020-2027
Pharmaceutical Regulatory Affairs Market Overview
The global Pharmaceutical Regulatory Affairs market is expected to grow at a moderate rate during the forecast period. An increase in demand for the faster approval process and changes in the regulatory landscape in the healthcare sector are boosting the growth of the global healthcare biometric market. An increasing growing field including specialty therapies, orphan drugs, and personalized expands the growth of the market.
Moreover, governments in many countries are supporting and taking initiatives for the adoption of pharmaceutical regulatory affairs is the important factor expected to boost the growth of the Pharmaceutical Regulatory Affairs market in near future. In addition to this, growing health care expenditure is further driving the expansion of this market globally.
On the other hand, healthcare along with the challenges associated with the pharmaceutical regulatory affairs is likely to hamper the global Pharmaceutical Regulatory Affairs market during the forecast period.
Covid-19 Impact on Pharmaceutical Regulatory Affairs Market:
In addition, the current Pharmaceutical Regulatory Affairs Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Pharmaceutical Regulatory Affairs Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
According to Product type, the market is segmented into Regulatory Consulting, Legal Representation, Regulatory Writing and Publishing, Product Registration and Clinical Trial Application, and Other Services. Among these Regulatory Consulting holds the largest share of the market mainly because of the growing incidences of novel diseases which requires newer products for combatting with the disease, propelling the demand for regulatory consulting. This segment is hence anticipated to propel the growth of the pharmaceutical regulatory affairs market in the coming years.
Based on application, the market is further segmented into in-house and outsourcing. In addition, outsourcing segment are expected to grow at the highest rate in the coming years. Furthermore, surge in innovations and development of new products for the management of the diseases, requiring fulfilment of regulatory norms and higher cost of such testing leads the companies to outsource the regulatory services, thus boosting the demand for Pharmaceutical Regulatory Affairs globally.
Market Analysis, Insights and Forecast – By Product type
· Regulatory Consulting · Legal Representation · Regulatory Writing and Publishing · Product Registration and Clinical Trial Application · Other Services
Market Analysis, Insights and Forecast – By Application
Region-wise, North America dominated the global Pharmaceutical Regulatory Affairs market and is expected to continue its dominance during the forecast period. Factors such as the rising number of product innovations, and high health care expenditure propels the growth of the market in North America. Similarly, Asia Pacific is also expected to account for the fastest growth in the global market owing to well-established health care infrastructure. Factors such as development in the health care infrastructure, rising awareness about health, a surge in investment in pharmaceuticals and biotechnology sectors, and growing adoption of outsourcing services for fulfilment of regulatory norms given by authorities of a specific country, are expected to escalate the growth of the Pharmaceutical Regulatory Affairs market in the Asia Pacific region.
Pharmaceutical Regulatory Affairs Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Some key developments and strategies adopted by manufacturers in the Pharmaceutical Regulatory Affairs are highlighted below.
· In March 2021, PharmaVentures announced that it acted as exclusive M&A advisor on the sale of the ERA Consulting Group to PharmaLex GmbH. ERA Consulting is a leading strategic product development and regulatory consulting group serving the global biopharmaceutical industry. This would help the pharmaceutical regulatory affairs market gain traction in the coming years.