Latin America Healthcare Regulatory Affairs Outsourcing Market
Latin America Healthcare Regulatory Affairs Outsourcing Market Size By Application (Mid-Size Pharmaceutical Companies, Large Pharmaceutical Companies), By Product (Regulatory Writing and Publishing, Regulatory Consulting and Legal Representation), And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Latin America Healthcare Regulatory Affairs Outsourcing Market Size By Application (Mid-Size Pharmaceutical Companies, Large Pharmaceutical Companies), By Product (Regulatory Writing and Publishing, Regulatory Consulting and Legal Representation), And Forecast
Latin America Healthcare Regulatory Affairs Outsourcing Market Size And Forecast
Latin America Healthcare Regulatory Affairs Outsourcing Market size was valued at USD 467.09 Million in 2024 and is projected to reach USD 969.27 Million by 2031, growing at a CAGR of 10.54% during the forecast period 2024-2031.
Regulatory affairs outsourcing services have a wide range of applications across mid-size pharmaceutical companies, large pharmaceutical companies, biotechnology companies, medical device manufacturers, and food & beverage companies. Thus, the demand for healthcare regulatory affairs outsourcing services is growing over the insourcing or handling of healthcare regulatory affairs on-premises during the forecasted period. The Latin America Healthcare Regulatory Affairs Outsourcing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Latin America Healthcare Regulatory Affairs Outsourcing Market Definition
Healthcare regulatory affairs outsourcing refers to the services provided by contract research organizations (CROs) or outsourcing companies to offer regulatory approvals, regulatory writing & publishing, and clinical trial registrations, amongst others. Healthcare regulatory affairs outsourcing services integrate newly developed technologies (analytics and insights), medical devices (instruments, monitoring devices, surgical instruments, etc.), and efficient regulatory approval procedures for drugs and biological products. Healthcare regulatory affairs outsourcing services offer various benefits over insourcing or handling healthcare regulatory affairs on-premises.
The advantages offered by healthcare regulatory affairs outsourcing include greater flexibility in operations, a swifter regulatory process, and better freedom to focus on the critical processes and core functions of the business, such as product development, technological advancements, product launches, promotional activities, and advertisement, amongst others. There are different services such as regulatory writing & publishing, regulatory submissions, clinical trial applications, product registrations, regulatory consulting and legal representation, and others.
Regulatory affairs outsourcing services have a wide range of applications across mid-size pharmaceutical companies, large pharmaceutical companies, biotechnology companies, medical device manufacturers, and food & beverage companies. Thus, the demand for healthcare regulatory affairs outsourcing services is growing over the insourcing or handling of healthcare regulatory affairs on-premises during the forecasted period.
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Latin America Healthcare Regulatory Affairs Outsourcing Market Overview
It's becoming more common to see folks in Latin America dealing with chronic illnesses like cancer, heart problems, autoimmune issues, and neurological disorders. For example, the Global Cancer Incidence, Mortality and Prevalence (GLOBOCAN) Report, 2020, found that new cancer cases are on the rise in Latin America, with 1,470,274 new cases and about 713,414 deaths. Prostate cancer is the most frequent type affecting people of all ages. In Brazil alone, there were 592,212 new cancer cases in 2020, and sadly, 259,949 deaths. According to the International Agency for Research on Cancer, part of the World Health Organization, there were 1,563,761 prevalent cancer cases from 2016 to 2020. Thankfully, the Brazilian government is stepping up to fight these diseases.
Regulatory affairs outsourcing services offer various benefits over in-sourced processing as the whole and sole responsibility to handle the regulatory affairs goes to the CROs or the outsourcing organizations. However, the regulatory affairs outsourcing services incur high costs to businesses across Latin America. According to the Pharmaceutical Regulatory AffairsOpen Access, regulatory affairs outsourcing provides values and advantages; nevertheless, it can be expensive as it incurs a high cost to the company. For giant and prominent key players, the high outsourcing cost doesn’t matter much. But it does matter for the new entrants, small-sized and mid-sized companies across the healthcare and life-sciences industry.
The life science and biologics industry across Latin America is going through a revolutionary phase as the major countries such as Brazil and Argentina are taking initiatives to reduce various chronic diseases and develop the COVID-19 vaccines for the Latin American population. Brazil has started producing its own COVID-19 vaccines at the Fiocruz-Bio-Manguinhos vaccine production lab. Brazil produced the first Covid-19 vaccine doses on 14th February with active pharmaceutical ingredients from Brazil. Brazil was created in a new vaccine production facility run by the Oswaldo Cruz Foundation (Fiocruz) and the Immunobiological Technology Institute (Instituto de Tecnologia em Imunobiológicos, or Bio-Manguinhos), in partnership with AstraZeneca. It is forecasted to produce 120 million Covid-19 doses by the middle of 2022 at this new vaccine development site. Bio-Manguinhos is also one of the two major institutes in Latin America producing mRNA vaccines under a technology-transfer agreement with the World Health Organization and partners.
Latin America Healthcare Regulatory Affairs Outsourcing MarketSegmentation Analysis
The Latin America Healthcare Regulatory Affairs Outsourcing Market is segmented on the basis of Application, Product, and Geography.
Latin America Healthcare Regulatory Affairs Outsourcing Market, By Application
Mid-Size Pharmaceutical Companies
Large Pharmaceutical Companies
Medical Devices Manufacturer
Biotechnology Companies
Food & Beverage Companies
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Based on Application, the market is bifurcated into Mid-Size Pharmaceutical Companies, Large Pharmaceutical Companies, Medical Devices Manufacturer, Biotechnology Companies, and Food & Beverage Companies. The Mid-Size Pharmaceutical Companies segment is accounted for the largest market share in 2021 and is projected to grow at a CAGR of 11.14% during the forecast period. It is projected that the presence of multiple established mid-sized providers, mainly privately held ones, will help to increase this sector’s share.
Furthermore, the lack of resources among medium-sized pharmaceutical and medical device businesses to build an internal regulatory affairs team fuels the need for regulatory affairs outsourcing. To reduce total manufacturing costs, full-time regulatory affairs outsourcing models are increasingly being adopted as the demand for effective pharmaceutical product development and manufacturing grows. Small and medium-sized businesses are using regulatory consultants to oversee their outsourcing of regulatory activities in new countries. To stay afloat in the fierce competition, pharmaceutical businesses are actively attempting to increase productivity and efficiency, streamline clinical trials, and adhere to stricter regulations and quality assurance standards.
Latin America Healthcare Regulatory Affairs Outsourcing Market, By Product
Regulatory Writing and Publishing
Regulatory Consulting and Legal Representation
Regulatory Submissions
Clinical Trial Applications
Product Registrations
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Based on Product, the Latin America Healthcare Regulatory Affairs Outsourcing Market has been segmented into Regulatory Writing and Publishing, Regulatory Consulting and Legal Representation, Regulatory Submissions, Clinical Trial Applications, Product Registrations, and Others. The Regulatory Writing and Publishing segment is accounted for the largest market share and is projected to grow at the highest CAGR of 11.04% during the forecast period. Due to the widespread usage of these services from the initial phases of product development to the premarket approval stage, the regulatory writing and publication segment had the largest market share.
Various regulatory documents, including those related to biostatistics, medical affairs, quality control, regulatory, and clinical operations, are needed for regulatory submissions. The industry is expanding due to the rising demand for regulatory writing and publishing services to create regulatory file documents in a standard, thorough, trustworthy, and convincing manner. The growing need for top-notch paperwork to enable swift drug approvals in developing nations is the primary driver of the regulatory writing and publishing market.
Key Players
The “Latin America Healthcare Regulatory Affairs Outsourcing Market” study report will provide a valuable insight with an emphasis on the market including some of the major players such as Merck & Co., Inc., Labcorp Drug Development (Covance), IQVIA, ICON, GenPact Ltd, and Others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above.
Key Developments
In June 2022, Through a real-world data partnership with HealthVerity, Labcorp strengthens its clinical trial and drug development capabilities.
In June 2019, For FSP, Parexel introduces an improved integrated outsourcing delivery model. The whole range of outsourcing solutions, from full service to functional to a hybrid approach, are offered by Parexel FSP to biopharmaceutical clients in a variety of specialist disciplines, including Clinical, Data Management, Safety, Regulatory, and Medical Affairs.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Merck & Co., Inc., Labcorp Drug Development (Covance), IQVIA, ICON, GenPact Ltd, and Others.
SEGMENTS COVERED
By Application
By Product
By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.
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