DUBLIN–(BUSINESS WIRE)–The “Medical Information Market Size, Share & Trends Analysis Report by Service Provider (In House, Outsourcing), by Therapeutic Area, by Product Life Cycle, by Company Size, by End-use, by Region, and Segment Forecasts, 2020 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The global medical information market size is expected to reach USD 3.66 Billion by 2027. The market is projected to progress at a CAGR of 7.4% during the forecast period.
Increasing demand for new drug development coupled with the emergence of technologically advanced healthcare solutions, timely accessible information pertinent to healthcare products is anticipated to fuel the market growth.
Increasing healthcare expenditure and growing awareness about adverse drug events can increase the possibility of patients seeking medical information. Increase in adoption of social media for discussions on adverse events, ingredients, and other drug-related information.
The market expansion is a result of an increased number of clinical trials and due to the high prevalence of chronic diseases. Moreover, manufacturers of health products are outsourcing MI services to Contract Research Organizations (CROs) to limit the accountability of stringent regulatory compliances by working with a well-established outsourcing partner company. This helps them in reducing operational costs, regulatory compliance risk, and minimizing process delays.
The key factors attributing to the increased demand for outsourcing of medical information services are rising costs of pre-clinical research, drug development, clinical trials, and post-marketing surveillance. The healthcare sector is witnessing paradigm changes in the past decade, due to the depleting product pipeline, patent cliff, and regulatory constraints in new product development. This is expected to boost the adoption of contract outsourcing activities over the forecast period.
Rising drug development cost, high investments needed for drug discovery, clinical research, and post-marketing surveillance are some of the key contributors to the market growth. The medical sector is witnessing paradigm shifts over the last decade, owing to an increasing number of patent cliffs, regulatory constraints, and the depleting product pipeline.
Medical Information Market Report Highlights
- The contract outsourcing segment is anticipated to witness a lucrative CAGR of around 8.8% from 2020 to 2027 owing to the increasing number of manufactures opt for outsourcing their MI management activities to third party vendors in order to improve the return on investment, maintain product quality and cost, profitability, and to achieve capacity restrictions.
- Based on the therapeutic area, the immunology segment is projected to ascend at a revenue-based CAGR of 9.0% over the forecast period
- The clinical trial phase segment dominated the market with a revenue share of 47.0% in 2019, owing to the increasing number of clinical trials and pressure from regulatory bodies to meet standards and compliances
- The medium-sized companies’ segment is projected to expand at a CAGR of 7.7% to reach the value of USD 1.76 billion by 2027
- By end-use, biotechnology companies are anticipated to witness the fastest CAGR of around 8.1% over the forecast period. The increasing number of biologics in the market and a strong pipeline for innovative products are key attributing factors towards this segment’s growth
- Asia Pacific is projected to showcase a considerable CAGR of around 7.9% due to the presence of a large number of outsourcing organizations. Consequentially, there is improved productivity, cost-efficiency, and resource sharing, which is further anticipated to propel demand
- India and China are the key hubs for the life sciences outsourcing market. The abundant availability of low-cost and high-skilled labor, land, and other resources in this region provides a competitive advantage in terms of production costs and the back-end processing of several services
- The medical information industry is highly competitive and diverse with many numbers of the small, medium, and large scale enterprises vying for the market share
- Collaboration with CROs provides access to cutting-edge services, therefore, manufacturers, government organizations prefer assigning projects to them. This is expected to propel the demand for outsourcing MI services in coming years
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Medical Information Market Variables, Trends & Scope
3.1 Medical Information Market Dynamics
3.1.1 Market driver analysis
3.1.1.1 strategic initiatives by market players
3.1.1.2 increasing Adoption of artificial intelligence followed by growing demand for healthcare information systems in the healthcare organizations
3.1.1.3 outsourcing of medical information services
3.1.2 Market restraint analysis
3.1.2.1 data security and privacy concerns
3.1.2.2 issues with interoperability and high cost of integration
3.2 Regulatory Framework
3.2.1 Standard & Compliance
3.3 Medical information Market Analysis Tools: Porters
3.4 SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
Chapter 4 Pricing Analysis
4.1 Organization Structure Introduction
4.2 Pricing Models
4.2.1 Medical Affairs Budget allocation by activities
4.2.2 Pricing Level
4.2.2.1 Medical writing
Chapter 5 Emerging Trends in Medical Information Market
5.1 Artificial Intelligence, Machine Learning/Automation
5.2 Big Data and Analytics
5.3 Speech & Video Analytics
5.4 IoT
5.5 Cloud
5.6 Blockchain
Chapter 6 Medical Information Market: Competitive Analysis
6.1 Innovators
6.2 Public Companies
6.2.1 Company market share analysis
6.2.2 Vendor Landscape
6.3 Major Deals & Acquisitions
Chapter 7 Medical Information Market: Service Provider Estimates & Trend Analysis
7.1 Service Provider Market Share Analysis, 2019 & 2027
7.2 Service Provider Dashboard
7.2.1 In House
7.2.2 Contract Outsourcing
Chapter 8 Medical Information Market: Therapeutic Area Estimates & Trend Analysis
8.1 Therapeutic Area Market Share Analysis, 2019 & 2027
8.2 Therapeutic Area Dashboard
8.2.1 Oncology
8.2.2 Neurology
8.2.3 Cardiology
8.2.4 Immunology
8.2.5 Others
Chapter 9 Medical Information Market: Company size Estimates & Trend Analysis
9.1 Company Size Market Share Analysis, 2019 & 2027
9.2 Company Size Dashboard
9.2.1 Small
9.2.2 Medium
9.2.3 Large Scale
Chapter 10 Medical information Market: Product Life Cycle Estimates & Trend Analysis
10.1 Product Life Cycle Market Share Analysis, 2019 & 2027
10.2 Product Life Cycle Dashboard
10.2.1 Preclinical
10.2.2 Clinical
10.2.3 Post Market Approval
Chapter 11 Medical Information Market: Category Estimates & Trend Analysis
11.1 Category Market Share Analysis, 2019 & 2027
11.2 Category Dashboard
11.2.1 Pharmaceuticals
11.2.2 Biotechnology companies
11.2.3 Medical device manufacturers
Chapter 12 Medical Information Market: Regional Estimates & Trend Analysis by Segments
12.1 Regional Market Snapshot
12.2 Market Share Analysis by Country, 2019
Chapter 13 Company Profiles
13.1 Company overview
13.2 Financial performance
13.3 R&D expenditure
13.4 Geographic foothold
13.5 Organization structure & Team Composition
13.6 Platform benchmarking
13.7 Strategic initiatives
13.8 SWOT Analysis
- McKesson Corporation
- Parexel International Corporation
- IQVIA
- C3i Solutions, HCL Technologies Company
- PrimeVigilance
- ProPharma Group
- Accenture
- Cognizant
- Infosys Limited
- PharmCentre
For more information about this report visit https://www.researchandmarkets.com/r/arnfna
