According to a new market research report published by sheer analytics and insights, “The Global Healthcare Regulatory Affairs Market was valued at $56.1 Billion in 2020. Growing at a high CAGR of more than 10.21% between 2021 and 2031, it is estimated to reach $167.1 Billion by 2031”, as per the latest market research report titled Global Healthcare Regulatory Affairs Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The healthcare regulatory affairs authorities are creating new avenues through outsourcing their processes with private or other state bodies. An increasing geographical expansion activity by the companies that aim for speedy approvals of clinical in global markets is expected to drive the adoption of outsourcing models for healthcare regulatory affairs. However, the healthcare regulatory affairs outsourcing market is expanding rapidly due to rising R&D activities, product registration, clinical trial applications, and increasing drug pipeline. Furthermore, companies are under constant pressure to procure timely clinical approval from regulators in different countries with their respective bodies. Regulatory approval procedures are becoming more time-consuming due to stringent policies in developing nations, and market players aim to obtain permission for the product in the first attempt to gain higher market shares. These are some of the critical factors that drive market growth during the forecast period.
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COVID-19 had helped regulatory affairs bodies expedite the process of approval with the initial task of fast and convincing testing of the respective process, which hospitals or many other essential processes that require emergency time. Apart from that, the rising of the private healthcare regulatory affairs allies worldwide is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
The healthcare regulatory affairs market is geographically divided into global regions like North America, Europe, Asia- Pacific, Latin America, the Middle East, and Africa. North America is expected to lead the market due to stringent and faster approval policies. Asia-Pacific, specifically China and Japan, is expected to be the fastest-growing market through the forecast period.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Accell Clinical Research LLC, Charles River Laboratories International, Inc., Clinilabs, Inc., Covance, Inc., Criterium Inc., Freyr, Inc., ICON PLC IQVIA, Medpace, Inc., PAREXEL International Corporation, Pharmaceutical Product Development LLC, WuXi AppTec, PRA Clinical Research, LLC, Promedica International, and Certara, L.P. among others.
The Global Healthcare Regulatory Affairs Market Has Been Segmented into:
Global Healthcare Regulatory Affairs Market: By Service Outlook
Global Healthcare Regulatory Affairs Market: By Company Size
Global Healthcare Regulatory Affairs Market: By Category
Global Healthcare Regulatory Affairs Market: By Indication Outlook
Global Healthcare Regulatory Affairs Market: By Stage Outlook
Global Healthcare Regulatory Affairs Market: By End-User
Global Healthcare Regulatory Affairs Market: By Region
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