The global Regulatory Affairs Market size is expected to reach USD 27.0 billion by 2030, registering a CAGR of 8.7% over the forecast years, according to a new report by Grand View Research, Inc. The factors expected to contribute to the growth of this market include changing regulatory requirements based on business activities and geographies, an increase in clinical trials & drug approvals along with accelerated regulatory approval, and technological advancement in regulatory software. Also, the evolution of personalized medicines, the increasing need for companies to focus on core business activities, and economic and competitive pressures are other factors that are contributing to the growth of the market. The global market showed lucrative growth during the COVID-19 pandemic.
The
pharmaceutical and regulatory agencies joined forces to rapidly develop
vaccines and medical products required to fight against COVID-19. The
regulatory authorities take numerous precautions to ensure patient and
personnel safety during a clinical trial, as well as data integrity and good
laboratory practices, are maintained. Growth in markets for biosimilars,
orphan drugs, personalized medicines, companion diagnostics, and adaptive trial
designs are projected to boost the demand for regulatory specialization in
these areas. As companies venture into newer fields, the growing need to comply
with regulations is boosting the demand for specialized service providers with
expertise in regulatory affairs. Patent expiration of biologics, such as
Simulect, Vectibix, Mircera, and Kineret, is increasing the demand and
development of biosimilars, thereby contributing to the demand for regulatory
services in this segment.
Related Press
Release@ Regulatory
Affairs Market Report
Regulatory Affairs Market Report Highlights
- The
regulatory writing & publishing segment dominated the market in 2021
due to an increase in the outsourcing of these services by large- and
mid-size medical device and biopharmaceutical companies
- Based on
indications, the oncology segment accounted for the largest revenue share
in 2021. The segment share is attributed to the high prevalence of cancer,
which is creating the need for safe and effective treatments
- Based on
end-uses, the pharmaceutical companies segment accounted for the largest
market share in 2021. A rise in the number of approved pharmaceutical
products is the key factor responsible for the segment’s growth
- Asia Pacific
is projected to witness the fastest growth rate during the forecast period
on account of the improved regulatory landscape and growing venture
activities by biopharmaceutical companies
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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