Medical Information Market By Service Provider (In House, Outsourcing), By Therapeutic Area, By Product Life Cycle, By Company Size, By End-use- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Medical Information market gathered revenue around USD 4.1 Billion in 2020 and market is set to grow USD 6.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.1% during the prediction period 2021 to 2027.
Increasing demand for new drug development coupled with the emergence of technologically advanced healthcare solutions, timely accessible information pertinent to healthcare products is anticipated to fuel the market growth.
Increasing healthcare expenditure and growing awareness about adverse drug events can increase the possibility of patients seeking medical information. Increase in adoption of social media for discussions on adverse events, ingredients, and other drug-related information.
The market expansion is a result of an increased number of clinical trials and due to the high prevalence of chronic diseases. Moreover, manufacturers of health products are outsourcing MI services to Contract Research Organizations (CROs) to limit the accountability of stringent regulatory compliances by working with a well-established outsourcing partner company. This helps them in reducing operational costs, regulatory compliance risk, and minimizing process delays.
The key factors attributing to the increased demand for outsourcing of medical information services are rising costs of pre-clinical research, drug development, clinical trials, and post-marketing surveillance. The healthcare sector is witnessing paradigm changes in the past decade, due to the depleting product pipeline, patent cliff, and regulatory constraints in new product development. This is expected to boost the adoption of contract outsourcing activities over the forecast period.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Medical Information market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Medical Information market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 6.4 Billion by 2027|
|Growth Rate||CAGR of 9.1% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Service provider, product life cycle, therapeutic area, company size, end-use And Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||IQVIA; Parexel International Corporation; C3i Solutions; PrimeVigilance; McKesson Corporation; Propharma Group; Accenture; Cognizant; Infosys Limited; PharmCentre|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Medical Information market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the industry with a revenue share of 36.2% in 2020. This is attributable to the presence of a well-established regulatory framework in the region. Moreover, the presence of major service providers focusing on novel drug development is expected to fuel the adoption rate of the market for medical information over the forecast period.
Asia Pacific region is anticipated to register a lucrative growth in the forthcoming years owing to the rising awareness among patients, increasing investments and favorable government initiatives for meeting the healthcare demands are the factors driving regional growth. In addition, geographical expansion by various healthcare companies is a major factor that has created a demand for MI solutions. These solutions are generally outsourced to countries such as China and India as they provide skilled labor at a low cost.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Medical Information Market include: IQVIA; Parexel International Corporation; C3i Solutions; PrimeVigilance; McKesson Corporation; Propharma Group; Accenture; Cognizant; Infosys Limited; PharmCentre
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Service Provider
- In house
- Contract outsourcing
- By Therapeutic Area
- By Product Life Cycle
- Post Market Approval
- By Company Size
- Large Scale
- By End-use
- Biotechnology Companies
- Medical Device Manufacturers
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Medical Information market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Medical Information market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Medical Information markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Medical Information Market Study:
- Growth of Medical Information in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Medical Information and How to Navigate
- Key Product Innovations and Regulatory Climate
- Medical Information Consumption Analysis
- Medical Information Production Analysis
- Medical Information and Management