About Functional Service Provider
A functional service provider (FSP) is a personnel sourcing model in which a clinical research organisation (CRO) delivers staff to biotechnology and pharmaceutical businesses on a contract basis and under the sponsor's procedures to do certain activities in a devoted manner. Clinical trial sponsors benefit from the FSP model because it reduces personnel recruitment and management expenses while also providing quick and flexible access to highly qualified clinical operations and biometrics professionals.
|Value (USD Million)
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing towards the production technologies, efficiency enhancement and product life. There is various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Functional Service Provider market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IQVIA (United States), Syneos Health (United States), Parexel International Corporation (United States), PRA Health Sciences (United States), Pharmaceutical Product Development (United States), Charles River Laboratories (United States), Icon (Ireland), WuXi Apptec (China), Medpace Holdings (United States) and Covance (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Chiltern (United Kingdom) and Fisher Clinical Services (United States).
AMA Research has segmented the market of Global Functional Service Provider market by and Region.
On the basis of geography, the market of Functional Service Provider has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Pharmacovigilance will boost the Functional Service Provider market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-users, the sub-segment i.e. Hospitals will boost the Functional Service Provider market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increase in Adoption of New Technologies
Market Growth Drivers:
Increase in R & D Costs
Unavailability of Skilled Resources
Hidden Costs of Outsourcing
Rising in Consolidation in the Healthcare Market
Market Leaders and their expansionary development strategies
In October 2020, Syneos Health, the only fully integrated biopharmaceutical solutions organization combining a CRO (Contract Research Organization) and a CCO (Contract Commercial Organization), acquired Synteract, a full-service CRO focused on the rapidly growing emerging biopharma segment. The acquisition will enhance Syneos Health’s leading position in the marketplace, particularly for serving customers across the small to mid-sized (SMID) category – further diversifying the Company’s customer base and expanding support to the high-growth pre-revenue segment.
In 2022, Parexel, a leading global clinical research organization (CRO), and n-Lorem, a nonprofit foundation, announced a new partnership in support of n-Lorem’s effort to discover and provide experimental antisense oligonucleotide (ASO) medicines to nano-rare disease patients (1 to 30 patients worldwide) for free, for life. Parexel brings significant expertise to the partnership, having managed approximately 400 rare disease clinical studies over the past five years that contributed to 17 FDA drug approvals.
Key Target AudienceVenture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.