Pharmaceutical Contract Sales Outsourcing [CSO] Market (Service: Personal Promotion, Non-personal Promotion, and Others; Therapeutic Area: Cardiovascular Disorders, Oncology, Metabolic Disorders, Neurology, Orthopedic Diseases, Infectious Diseases, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Pharmaceutical Contract Sales Outsourcing [CSO] market size is evaluated at USD 9.4 billion in 2022 and is expected to hit around USD 16.5 billion by 2030, growing at a CAGR of 8.20% from 2022 to 2030. 

Pharmaceutical Contract Sales Outsourcing (CSO) Market: Overview

  • This report analyzes the current and future prospects of the global pharmaceutical contract sales outsourcing (CSO) market. Significant expenditure on research & development and surge in number of pharmaceutical companies are the key factors projected to fuel the growth of the global pharmaceutical contract sales outsourcing (CSO) market during the forecast period.
  • The report provides an elaborate executive summary, which comprises a snapshot of the various segments of the global pharmaceutical contract sales outsourcing (CSO) market. The report also provides information and data analysis of the global pharmaceutical contract sales outsourcing (CSO) market about segments based on service, therapeutic area, and region.
  • The overview section of the report provides detailed qualitative analysis of drivers and restraints affecting the global pharmaceutical contract sales outsourcing (CSO) market, along with opportunities in the global market
  • The global pharmaceutical contract sales outsourcing (CSO) market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global pharmaceutical contract sales outsourcing (CSO) market
  • The report includes data analysis on the global pharmaceutical contract sales outsourcing (CSO) market attractiveness by region and segments
  • The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global pharmaceutical contract sales outsourcing (CSO) market. It elaborates on the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global pharmaceutical contract sales outsourcing (CSO) market.

Report Scope of the Pharmaceutical Contract Sales Outsourcing [CSO] Market

Report Coverage

Details

Market Size

USD 16.5 Billion by 2030

Growth Rate

CAGR of 8.20% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2022

Forecast Period

2022 to 2030

Segments Covered

Service, Therapeutic Area, and Region,

Companies Mentioned

  • Ashfield (UDG Healthcare plc)
  • inVentiv Health, Inc. (Syneos Health)
  • IQVIA
  • Granard Pharmaceutical Sales & Marketing
  • Vanguard Pharma, Inc.
  • GTS Solution
  • EVERSANA
  • MaBiCo
  • QFR Solutions
  • Pharmaforce Ireland Ltd.
  • Sales Focus, Inc.
  • Amplity Health
  • PharmaLex GmbH

 Pharmaceutical Contract Sales Outsourcing (CSO) Market: Key Segments

  • In terms of service, the global pharmaceutical contract sales outsourcing (CSO) market has been classified into personal promotion, non-personal promotion, and others
  • The personal promotion segment has been split into promotional sales team, key account management, and vacancy management
  • The non-personal promotion segment has been segregated into tele-detailing, interactive e-detailing, customer service, medical science liaisons, patient engagement services, and others
  • Based on therapeutic area, the global pharmaceutical contract sales outsourcing (CSO) market has been categorized into cardiovascular disorders, oncology, metabolic disorders, neurology, orthopedic diseases, infectious diseases, and others
  • The market size and forecast for each of these segments have been provided from 2017 to 2030. The CAGR of respective segment has also been provided for the forecast period from 2022 to 2030, considering 2020 as the base year.

Contract Intelligence Platforms Help Improve Supplier Relations, Clinical Trails

The pharmaceutical contract sales outsourcing (CSO) market is projected to expand at a favorable CAGR of 8% during the assessment period. However, pharmaceutical firms are still warming up to the idea of outsourcing. Established companies who are witnessing an increased demand for products are opting for outsourcing to meet the needs of end users.

Pharmaceutical and biotech companies are presently grappling with complex drug trials, highly regulated promotional programs, and complex supply chains. Hence, companies in the pharmaceutical contract sales outsourcing (CSO) market are stepping in to provide unique platforms that streamline the operations. The Icertis Contract Intelligence (ICI) platform is being publicized for the same and has been preferred by Sanofi to accelerate drug trials whilst facilitating compliance in a tightly regulated environment. Such platforms are revolutionizing procurement contracting processes that result in improving supplier relations.

Part-time Contract Sales Teams Hold Potential to Reduce Business Risk

The pharmaceutical contract sales outsourcing (CSO) market is expected to reach US$ 14.7 Bn by 2030. The growing expectations of pharmaceutical manufacturers from contract sales companies involve saving time and effort on recruitment, building the sales team quickly, and reducing the sales team overhead. Thus, to achieve this, sales companies are attracting qualified medical sales representatives, networking with different contacts, and using a part-time contract sales team.

There is a need for reducing business risk among pharmaceutical manufacturers. Companies in the pharmaceutical contract sales outsourcing (CSO) market are gaining awareness and establishing part-time contract sales teams that eliminate the need to invest in and maintain a permanent infrastructure. Pharma companies are willing to see the CSO’s experience in the medical sales industry before agreeing to the contract.

Leveraging Outsourced Sales Teams Facilitates in Meeting New Sales Target

Pharmaceutical companies are leveraging outsourced sales teams. Apart from time and money savings of using outsourced sales services, pharmaceutical manufacturers are turning to outsource their sales processes, simply to minimize their management burden. Such trends are translating into revenue opportunities for stakeholders in the pharmaceutical contract sales outsourcing (CSO) market. Advantages of leveraging outsourced sales teams such as instant access to a large talent pool, cost savings on staff management, and flexibility in operations are grabbing the attention of pharma companies.

Outsourced sales services provide access to exclusive sales and customer relationship management tools. Companies in the pharmaceutical contract sales outsourcing (CSO) market are providing fresh strategic insight to help pharma companies gain a competitive edge over other manufacturers. Onboarding fresh outside talent to manage sales processes can provide a pharma company new insights on meeting new sales goals.

Pharmaceutical Contract Sales Outsourcing (CSO) Market: Regional Outlook

  • In terms of region, the global pharmaceutical contract sales outsourcing (CSO) market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
  • The report provides market size and forecast for each region and country/sub-region from 2017 to 2030. Compound annual growth rate (CAGR) of each of these regions and countries have also been provided for the forecast period from 2022 to 2030, considering 2020 as the base year. The pharmaceutical contract sales outsourcing (CSO) market study also covers the competitive scenario in these regions.

Some of the prominent players in the Pharmaceutical Contract Sales Outsourcing [CSO] Market include:

  • Ashfield (UDG Healthcare plc)
  • inVentiv Health, Inc. (Syneos Health)
  • IQVIA
  • Granard Pharmaceutical Sales & Marketing
  • Vanguard Pharma, Inc.
  • GTS Solution
  • EVERSANA
  • MaBiCo
  • QFR Solutions
  • Pharmaforce Ireland Ltd.
  • Sales Focus, Inc.
  • Amplity Health
  • PharmaLex GmbH

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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Pharmaceutical Contract Sales Outsourcing [CSO] market

By Service

  • Personal Promotion
    • Promotional Sales Team
      • Dedicated Sales Team
      • Syndicated Sales Team
    • Key Account Management
    • Vacancy Management
  • Non-personal Promotion
    • Tele-detailing
    • Interactive E-detailing
    • Customer Service
    • Medical Science Liaisons
    • Patient Engagement Services
    • Others
  • Others

By Therapeutic Area

  • Cardiovascular Disorders
  • Oncology
  • Metabolic Disorders
  • Neurology
  • Orthopedic Diseases
  • Infectious Diseases
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Pharmaceutical Contract Sales Outsourcing [CSO] industry analysis from 2022 to 2030 to identify the prevailing Pharmaceutical Contract Sales Outsourcing [CSO] industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Pharmaceutical Contract Sales Outsourcing [CSO] industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Pharmaceutical Contract Sales Outsourcing [CSO] industry trends, key players, market segments, application areas, and market growth strategies.

Report Detail

  • Report Code:7560
  • No. of Pages:150+
  • Format:PDF/PPT/Excel

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