PUBLISHER: Grand View Research | PRODUCT CODE: 1474949
PUBLISHER: Grand View Research | PRODUCT CODE: 1474949
The global regulatory consulting outsourcing services market size is expected to reach USD 1.90 billion by 2030, registering at a CAGR of 8.36%, according to a new report by Grand View Research, Inc. Rising number of outsourcing players to curb costs associated with clinical trials and stringent regulatory compliance are key drivers for this market. Healthcare regulatory compliance is complex and constantly evolving. Outsourcing allows organizations to access specialized expertise in regulatory affairs, compliance, and quality assurance without having to maintain an in-house team.
The regulatory consulting firms provide clinical trial regulatory services globally, assisting them through faster trial start-ups by combining centralized data administration with the capacity to manage various regulatory submissions simultaneously. For instance, in June 2023, FDA Announces Further Measures to Modernize Clinical Trials. The Agency Seeks Input on the Proposed Guidelines and Their Applicability Across a Range of Trial Varieties and Data Resources. As regulatory frameworks evolve and clinical trial processes modernize, healthcare companies encounter greater complexity in navigating compliance requirements. This complexity is expected to drive demand for regulatory consultancy services to ensure adherence to changing regulations.
Globalization of biopharmaceuticals and medical device companies is likely to be one of the major market drivers. Biopharmaceutical and medical device companies expanded their operations globally to tap into new markets. Emerging economies like China, India, Brazil, and others offer significant growth opportunities due to rising healthcare expenditures, increasing demand for advanced medical treatments, and improving regulatory environments. Regulatory consulting firms are crucial in facilitating market entry by providing strategic advice on regulatory pathways, product registration, and compliance strategies tailored to specific markets.