According to a new market research report published by sheer analytics and insights, “The Global 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 Regulatory Affairs Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The outsourcing of regulatory affairs is becoming an essential practice in the biotechnology and pharmaceutical industry. An increasing geographical expansion activity by the companies that aim for speedy approvals in global markets is expected to drive the adoption of outsourcing models for regulatory affairs. However, the outsourcing market for regulatory affairs is expanding rapidly for the rising in R&D activities, product registration, clinical trial applications, and drug pipeline. Furthermore, companies are under constant pressure to procure timely in every clinical approval from regulators in different regions. Regulatory approval procedures are becoming more time-consuming, and stringent and market players aim to obtain permission for the product in the first attempt to gain higher market shares. These are some of the key factors that drive market growth during the forecast period.
However, in this current pandemic of COVID-19, the motors market affected much. It changes the growth rate graph slightly in the Regulatory Affairs market. But it has been expected that after the pandemic situation, the global regulatory affairs market will reach a high position in the graph. Apart from that, the rising of the Regulatory Affairs sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Regulatory Affairs Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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 Regulatory Affairs Market Has Been Segmented into:
Global Regulatory Affairs Market: By Service Outlook
Global Regulatory Affairs Market: By Company Size
Global Regulatory Affairs Market: By Category
Global Regulatory Affairs Market: By Indication Outlook
Global Regulatory Affairs Market: By Stage Outlook
Global Regulatory Affairs Market: By End-User
Global Regulatory Affairs Market: By Region