Industry Background:
Regulatory affairs is also known as government affairs, is a profession inside regulated industries including medical devices, energy, banking, pharmaceuticals, agrochemicals, and many others. Increasing clinical trial applications are the major key driver for the market. Additionally, patent expiries and the rising number of the viral, chronic, and bacterial disease are the factors that have been increasing regulatory affairs outsourcing. However, increasing monitoring Problems and lack of standardization is limiting the overall growth of the market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Accell Clinical Research (United States), Genpact Ltd (United States), Criterium, Inc. (United States), PRA Health Sciences, Inc. (United States), Promedica International (United States), Wuxi AppTec (China), Medpace IntermediateCo Inc. (United States), Pharmaceutical Product Development (PPD), LLC (United States), PARAXEL International Corporation (United States) and Charles River Laboratories International, Inc (United States) |
According to AMA, the market for Regulatory Affairs Outsourcing is expected to register a CAGR of 11.79% during the forecast period to 2027. This growth is primarily driven by Upsurging Need for Regulations and Other Legal Compliances in Financial Sector and Rising Instances of Money Laundering and Terrorist Funding.
Globally, a noticeable market trend is evident Growing Adoption of Know Your Customer (KYC) Laws has Minimized Frauds
The Data Processing & Outsourcing sector in the North Amercia region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Accell Clinical Research (United States), Genpact Ltd (United States), Criterium, Inc. (United States), PRA Health Sciences, Inc. (United States), Promedica International (United States), Wuxi AppTec (China), Medpace IntermediateCo Inc. (United States), Pharmaceutical Product Development (PPD), LLC (United States), PARAXEL International Corporation (United States) and Charles River Laboratories International, Inc (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On March 19, 2019, a global technology company that provides commerce solutions in the areas of e-commerce, shipping, mailing, finance, and data, "Pitney Bowes Inc.", has partnered with a global professional services firm focused on delivering digital transformation "Genpact". This partnership will allow Pitney Bowes to leverage a best-in-class digital technology platform to expand its lending capabilities.
In June 2017, IBM Corporation has developed a new Watson-powered RegTech software to help financial services firms manage their growing compliance responsibilities. The new software is developed to help advisors and financial professionals better understand their regulatory requirements, identify potential financial crimes, and manage financial risks. Moreover, in October 2018, Thomson Reuters signed a definitive agreement to acquire Integration Point, an international leader in Global Trade Management (GTM) operations.
Influencing Trend:
Growing Adoption of Know Your Customer (KYC) Laws has Minimized Frauds and Adoption of Artificial Intelligence IoT Enabled Regulatory Platforms in Fraud Detection
Market Growth Drivers:
Upsurging Need for Regulations and Other Legal Compliances in Financial Sector and Rising Instances of Money Laundering and Terrorist Funding
Challenges:
Growing Levels of Regulation and More Challenging Regulatory Anticipations and Skilled Workforce Required for Analyzing Reports Generated by REGTECH Service Providers
Restraints:
Robust Information Technology Infrastructure Requirements will Exceed Overall Cost Incurred and Volatile Regulations or Varying Regulations with respect to Different Countries
Opportunities:
Continues Integration of Regulatory Technology with Variety of Operations Applications and Growing Digitalization in the Financial Sector and Increasing Financial Regulations
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Regulatory Affairs Outsourcing Market
- Analysis about New Entrants in Regulatory Affairs Outsourcing Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Regulatory Affairs Outsourcing Study Sheds Light on
The Regulatory Affairs Outsourcing Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Regulatory Affairs Outsourcing industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Regulatory Affairs Outsourcing industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.