U.K. Biotechnology & Pharmaceutical Services Outsourcing Market 2021-2028 Report: Regulatory Affairs Segment Anticipated to Register a Lucrative CAGR of 7.9% Over Forecast Period – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share & Trends Analysis Report By Service (Consulting, Regulatory Affairs), By End-use (Pharma, Biotech), And Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.

The U.K. biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 4.1 billion by 2028, according to a new report by the publisher. The market is expected to expand at a CAGR of 6.9% from 2021 to 2028. This is due to the change in the regulatory landscape and increased outsourcing of R&D activities. Pharma and biotech companies are outsourcing regulatory affairs services to CROs, which helps them focus on core competencies.

Outsourcing helps in reducing variable costs, which in turn enables geographic expansion. Regulatory support activities include regulatory intelligence, product labeling, regulatory document submissions, liaison with regulatory authorities, and planning regulatory strategies. Increasing requirements of the complex regulatory documentation processes and the high cost related to clinical trials have led to the shift from in-house management of regulatory affairs to outsourcing to CROs.

However, the covid-19 pandemic would have a long-term impact on biopharmaceutical manufacturing. Traditional vaccinations are too time-consuming and complex to produce. They are not vertically scalable, and they pose a safety risk. Advanced vaccines, on the other hand, are extremely safe and can quickly and effectively respond to viruses with high pandemic potential and high fatality rates. The demand for advanced vaccines, in particular, would have an impact on the biopharmaceutical industry’s growth after COVID-19. The additional vaccine production capacity would force developers to reconsider items that were previously deemed too costly to manufacture.

U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Report Highlights

• The consulting services segment dominated the market and accounted for the largest revenue share of 22.7% in 2020. This is due to an increase in the demand for CRO consultants in the industry
• The regulatory affairs segment is anticipated to register a lucrative CAGR of 7.9% over the forecast period
• The pharmaceutical companies segment held the largest revenue share of 54.6% in 2020. The increasing R&D investments are a factor supporting market growth. The pharmaceutical R&D accounted for 27.0% of all the U.K. manufacturing R&D
• The biotechnology companies segment is projected to witness the fastest growth rate of 7.3% over the forecast period. This is due to a lack of capacity and capability in completing regulatory affairs responsibilities, as well as the presence of severe regulatory standards in developed countries

Market Dynamics

Market Driver Analysis

• Increasing outsourcing of R&D activities
• Changing regulatory landscape
• Growing drug development costs coupled with high clinical development failure rates
• Increasing mergers and collaborations

Market Restraint Analysis

• Monitoring issues and lack of standardization
• Loss of control
• Data security issues

Companies Mentioned

• The Quantic Group
• Iqvia Holdings, Inc
• Parexel International Corporation
• Lachman Consultant Services
• GMP Pharmaceuticals
• Concept Heidelberg GmbH
• Covance, INC.
• PRA Health Sciences
• Charles River Laboratories
• ICON plc

For more information about this report visit https://www.researchandmarkets.com/r/z2qr5r

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