What are the factors boosting the Global Regulatory Affairs Outsourcing Market?
The global regulatory affairs outsourcing market is projected to secure a market value of US$15.11 billion by 2032. The market value is projected to be US$7 Bn in 2022, with an estimated growth rate of 8% during the forecast period. 2022 to 2032.
The growing number of clinical trial applications and increasing product registrations are the major factors driving the expansion of the industry. The rapid development of pharmaceutical and biotechnology sectors is expected to provide significant growth opportunities in the market.
Factors boosting the Global Regulatory Affairs Outsourcing Market:
Increase out-of-pocket spending to strengthen global regulatory affairs services market
The increasing pressure on individual wallets and escalating measures taken by the governments of various countries is expected to propel the market growth during the forecast period. The ongoing development in healthcare sectors along with extensive research and development (R&D) are other major factors driving the growth of the market.
In addition, the growing demand for cost reduction in the life sciences industry is driving the demand for third party services for regulatory matters. Moreover, the advent of efficient software that keeps track of regulatory matters is anticipated to give a significant boost to the growth of the market over the forecast period.
The COVID-19 outbreak created an urgency for regulatory authorities such as the FDA and the EU to authorize the emergency use of various COVID-19 testing equipment, which provided a significant force to market growth during the lockdown.
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