Press release
Global Life Sciences Consulting Services Market is expected to grow at a 10% CAGR by 2026 - IQVIA, Parexel, Certara, Huntsworth, PharmaLex, Halloran, Ashfield, Fishawack, Indegene
The global life science market is evolving rapidly and is witnessing growing complexity, stringent regulations, the need for faster innovation, and the trend towards digitalization. This in turn drives the demand for pharma and biotech consulting services including drug development, regulatory affairs, scientific writing, economic affairs, quality assurance and compliance, real-world evidence (RWE), and pharmacovigilance (PV).
Increasing Demand for Advanced Therapies Consulting Services
Advanced therapies, such as cell and gene therapies and personalized vaccines require specialized expertise throughout the development, manufacturing, and regulatory process. Due to the rapidly evolving Advanced Therapy Medicinal Products (ATMP) landscape, it's crucial to have up-to-date knowledge and expertise to successfully develop a product and gain a centralized market authorization (MA) in Europe and/or a Biologic License Authorization (BLA) in the US. With rapidly expanding research on cell and gene therapies, there is robust demand for ATMP consulting as it requires experts with specific experience in regulatory strategy, CMC, medical communications, and clinical development.
Product Commercialization/Market Access - A Key Element for the Success of a New Medical Drug
Earlier, market access for a drug depended on product efficacy and safety. However, pharmaceutical companies are now increasingly required to demonstrate how a new drug improves patient outcomes, reduces the burden of the healthcare system as a whole, and is worth its price. To support these criteria, pharmaceutical companies are looking at a more holistic view of patient treatment, providing better RWE and therefore a stronger value proposition for decision-makers. Moreover, complex regulatory and reimbursement pathways, varied evidence requirements, and long procedural timelines pose risk to successful access and launch. All these factors are boosting the demand for market access services including Health Economics and Outcomes Research (HEOR), PV, and RWE strategy and consulting across the globe.
Demand for Medical Technology/IT Consulting Services Picking Up Fast
Pharmaceutical and biotechnology industry is increasingly seeking technology/IT consulting services to digitize their operations, migrate to the cloud, make use of advanced technologies like AI/ML, and modernize existing IT infrastructures.
Regional Analysis: North America Leads the Adoption of Life Sciences Consulting Services Market
North America has the higher market share of life sciences consulting services market. This is mainly attributed to the growing biopharmaceutical industry, significant R&D spendings in USA, the presence of several established pharmaceutical companies like J&J and Pfizer in this regions, rapid adoption of digital and IT, strict FDA regulations, and a greater focus on advanced therapies.
Competitive Landscape Analysis: Life Sciences Consulting Services Market
The global life sciences consulting services market is highly competitive and fragmented. Some of the established and promising players operating in this market are IQVIA, Parexel, Certara, Huntsworth, PharmaLex, Halloran Consulting, Ashfield, Fishawack, Envision Pharma, Science Group, Indegene, Fingerpaint, Eversana, Lumanity, ClearView, ProPharma, ProductLife Group, Deallus, RTI, Evidera (PPD), Target RWE, OPEN Health, Genesis Research, and QbD Group.
Explore Detailed Insights on Life Sciences Consulting Services Market with Report TOC @ https://meditechinsights.com/life-sciences-consulting-services-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Increasing Demand for Advanced Therapies Consulting Services
Advanced therapies, such as cell and gene therapies and personalized vaccines require specialized expertise throughout the development, manufacturing, and regulatory process. Due to the rapidly evolving Advanced Therapy Medicinal Products (ATMP) landscape, it's crucial to have up-to-date knowledge and expertise to successfully develop a product and gain a centralized market authorization (MA) in Europe and/or a Biologic License Authorization (BLA) in the US. With rapidly expanding research on cell and gene therapies, there is robust demand for ATMP consulting as it requires experts with specific experience in regulatory strategy, CMC, medical communications, and clinical development.
Product Commercialization/Market Access - A Key Element for the Success of a New Medical Drug
Earlier, market access for a drug depended on product efficacy and safety. However, pharmaceutical companies are now increasingly required to demonstrate how a new drug improves patient outcomes, reduces the burden of the healthcare system as a whole, and is worth its price. To support these criteria, pharmaceutical companies are looking at a more holistic view of patient treatment, providing better RWE and therefore a stronger value proposition for decision-makers. Moreover, complex regulatory and reimbursement pathways, varied evidence requirements, and long procedural timelines pose risk to successful access and launch. All these factors are boosting the demand for market access services including Health Economics and Outcomes Research (HEOR), PV, and RWE strategy and consulting across the globe.
Demand for Medical Technology/IT Consulting Services Picking Up Fast
Pharmaceutical and biotechnology industry is increasingly seeking technology/IT consulting services to digitize their operations, migrate to the cloud, make use of advanced technologies like AI/ML, and modernize existing IT infrastructures.
Regional Analysis: North America Leads the Adoption of Life Sciences Consulting Services Market
North America has the higher market share of life sciences consulting services market. This is mainly attributed to the growing biopharmaceutical industry, significant R&D spendings in USA, the presence of several established pharmaceutical companies like J&J and Pfizer in this regions, rapid adoption of digital and IT, strict FDA regulations, and a greater focus on advanced therapies.
Competitive Landscape Analysis: Life Sciences Consulting Services Market
The global life sciences consulting services market is highly competitive and fragmented. Some of the established and promising players operating in this market are IQVIA, Parexel, Certara, Huntsworth, PharmaLex, Halloran Consulting, Ashfield, Fishawack, Envision Pharma, Science Group, Indegene, Fingerpaint, Eversana, Lumanity, ClearView, ProPharma, ProductLife Group, Deallus, RTI, Evidera (PPD), Target RWE, OPEN Health, Genesis Research, and QbD Group.
Explore Detailed Insights on Life Sciences Consulting Services Market with Report TOC @ https://meditechinsights.com/life-sciences-consulting-services-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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