U. K. Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share & Trends Analysis Report By Service (Consulting, Regulatory Affairs), By End-use (Pharma, Biotech), And Segment Forecasts, 2021 - 2028.
New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share & Trends Analysis Report By Service, By End-use And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06187938/?utm_source=GNW
U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Growth & Trends
The U.K. biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 4.1 billion by 2028. The market is expected to expand at a CAGR of 6.9% from 2021 to 2028. This is due to the change in the regulatory landscape and increased outsourcing of R&D activities. Pharma and biotech companies are outsourcing regulatory affairs services to CROs, which helps them focus on core competencies. Outsourcing helps in reducing variable costs, which in turn enables geographic expansion. Regulatory support activities include regulatory intelligence, product labeling, regulatory document submissions, liaison with regulatory authorities, and planning regulatory strategies. Increasing requirements of the complex regulatory documentation processes and the high cost related to clinical trials have led to the shift from in-house management of regulatory affairs to outsourcing to CROs.
However, the covid-19 pandemic would have a long-term impact on biopharmaceutical manufacturing.Traditional vaccinations are too time-consuming and complex to produce.
They are not vertically scalable, and they pose a safety risk. Advanced vaccines, on the other hand, are extremely safe and can quickly and effectively respond to viruses with high pandemic potential and high fatality rates.The demand for advanced vaccines, in particular, would have an impact on the biopharmaceutical industry’s growth after COVID-19. The additional vaccine production capacity would force developers to reconsider items that were previously deemed too costly to manufacture.
U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Report Highlights
• The consulting services segment dominated the market and accounted for the largest revenue share of 22.7% in 2020. This is due to an increase in the demand for CRO consultants in the industry
• The regulatory affairs segment is anticipated to register a lucrative CAGR of 7.9% over the forecast period
• The pharmaceutical companies segment held the largest revenue share of 54.6% in 2020. The increasing R&D investments are a factor supporting market growth. The pharmaceutical R&D accounted for 27.0% of all the U.K. manufacturing R&D
• The biotechnology companies segment is projected to witness the fastest growth rate of 7.3% over the forecast period. This is due to a lack of capacity and capability in completing regulatory affairs responsibilities, as well as the presence of severe regulatory standards in developed countries
Read the full report: https://www.reportlinker.com/p06187938/?utm_source=GNW
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