Pharmaceutical Contract Sales Outsourcing [CSO] Market Size Report, 2023-2032
The global pharmaceutical contract sales organizations market size was exhibited at USD 8.70 billion in 2022 and is projected to hit around USD 19.67 billion by 2032, growing at a CAGR of 8.5% during the forecast period 2023 to 2032.A growing number of new drug launches, an increase in pharmaceutical R&D activities, and growing demand to reduce the cost associated with in-house sales are some of the key factors supporting the growth of the industry. During the COVID-19 pandemic, the sales activities of drugs were mostly done remotely. die., via phone, web conference, email, and through website engagement.
Key Takeaways:
Pharmaceutical Contract Sales Organizations Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 8.70 Billion |
| Market Size by 2032 | USD 19.67 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 8.5% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Segments Covered | Service, End-Use, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | CMIC Holdings Co., Ltd.; Axxelus; EPS Corp.; QFR Solutions; MaBico; Mednext Pharma Pvt. Ltd.; Peak Pharma Solutions Inc.; IQVIA, Inc.; Promoveo Health; Syneous Health |
This improved the adoption of new technologies in pharmaceutical contract sales. Moreover, post-pandemic, many COVID-19 vaccines are developed owing to the changing variant of the virus. This is expected to improve the demand for contract sales organization (CSO) activities even post-pandemic. Several drugs have been launched in the last 5 years. A rise in the launch of new drugs, regulatory scrutiny, and the growing need to remain competitive support industry growth. At the same time, promotional preferences and evolving provider habits are changing the traditional model of a sales representative visiting individual doctors.
These factors are expected to improve the demand for contract sales services among pharmaceutical companies and thus promote market growth. The pharmaceutical sales organization is trying to improve its CRM capabilities to improve its sales and marketing efficiencies by adopting digital tools, such as virtual interactions, omnichannel engagement, AI-driven insights, and personalized on-demand content. Adoption of these tools by pharmaceutical contract sales organizations is expected to boost the sales and marketing of pharmaceutical companies, and thus, support market growth.
Services Insights
Based on services, the industry has been segmented into personal promotion and non-personal promotion. The personal promotion segment dominated the industry in 2022 and accounted for the maximum share of 44.4% of the overall revenue. Pharmaceutical companies are increasingly investing in R&D activities, and due to this reason, commercial sales and marketing are essential for the overall revenue of the pharmaceutical company. Moreover, there is a growing interest among pharmaceutical companies to increase their revenue year-on-year, due to which, these companies focus on launching new products.
All these factors support the demand for personal promotion services. The non-personal promotion segment is expected to exhibit the highest CAGR over the forecast period. Non-personal promotion includes medical affairs solutions, remote medical science liaisons, nurse (clinical) educators, and others. There is a growing need to educate healthcare professionals in the area of medical affairs and to understand the side effects of medications to improve patient care. The non-personal promotion also includes medical science liaison services, which support the pharmaceutical company by informing them of business strategy in product development and market access. The high significance of all these services is expected to support segment growth.
End-use Insights
Based on end-uses, the industry has been segmented into pharmaceutical companies and biopharmaceutical companies. The pharmaceutical companies segment dominated the industry in 2022 and accounted for the maximum share of 59.5% of the overall revenue. An increase in the number of new small molecule drug launches worldwide and the presence of a significant number of pharmaceutical companies offering similar products are one of the key factors contributing to the demand for contract sales services among pharmaceutical companies. Moreover, recruiting and retaining efficient sales professionals for pharmaceutical companies is tough; this further supports the demand for CSO services for pharmaceutical companies.
The biopharmaceutical companies segment is expected to grow at the fastest CAGR during the forecast period. Biopharmaceutical companies are now focusing on improving their research capabilities. According to the Pharma R&D annual review, in 2022, over 45% of the total drugs in the pipeline were biopharmaceuticals. Owing to the high interest of biopharmaceutical companies in research, it is expected that these companies will outsource their sales activities to CSOs to focus on their research capabilities. This is expected to support segment growth.
Regional Insights
On the basis of geographies, the global industry has been further categorized into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global industry in 2022 and accounted for the maximum share of more than 34.45% of the overall revenue. The presence of a significant number of CSOs, such as EPS Corp., IQVIA, Inc., and Axxelus, in the region is one of the key reasons supporting its growth. The adoption of new technologies in the region for pharmaceutical sales and a significant number of new drug launches in the region are further supporting the demand for pharmaceutical CSOs.
On the other hand, the Asia Pacific region is expected to register the fastest growth rate during the forecast period. The region has a significant number of pharmaceutical and biopharmaceutical companies that are constantly inventing new therapeutics, which is increasing the demand for CSO activities in the region. The region provides CSO services at a low cost as compared to other developed regions; this is expected to improve the CSO activities, thereby supporting the segment market.
Some of the prominent players in the Pharmaceutical Contract Sales Organizations Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2032. For this study, Nova one advisor, Inc. has segmented the global Pharmaceutical Contract Sales Organizations market.
Service Outlook
Non-personal Promotion
End-use Outlook
By Region
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers