New York, US, May 04, 2022 (GLOBE NEWSWIRE) -- Functional Service Providers (FSP) Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Functional Service Providers Market Information by Type, Stage, Application, End User, Region - Forecast to 2027”, the market is estimated to grow at a CAGR of 7.49% CAGR to reach USD 20,787.30 million by 2027.
Market Scope:
Functional service provider refers to an outsourcing model in clinical development that offers pharmaceutical companies, medical device companies, research institutes, and biotech companies to outsource full or partial aspects of particular operations to a contract research organization.
Competitive Analysis
The global market for functional service providers has leading players such as:
- KPS Life, LLC (US)
- Wuxi AppTec Co., Ltd. (China)
- BioPoint Inc. (US)
- IQVIA Inc. (US)
- RHO, Inc. (US)
- Laboratory Corporation of America Holdings (US)
- Quanticate International Limited (UK)
- Parexel International Corporation (US)
- PPD Inc. (US)
- Icon Plc (Ireland)
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Market USP Covered
Market Drivers
The global market for functional service providers has witnessed a rapid growth rate over the last few years. The major aspect propelling the market's growth is the increase in FSP outsourcing in drug development. Furthermore, the factors such as the improved service quality, lowered operational costs, increasing R&D investments, and a rising number of clinical trials are also likely to boost the market's growth over the assessment timeframe. In addition, the digital transformation in biopharma and biotechnology companies is also projected to have a positive influence on the market's growth.
Market Restraints
On the other hand, the shortage of skilled labor is anticipated to restrict the functional service provider market's growth.
COVID-19 Impact
The COVID-19 pandemic has had an adverse impact on most of the industry sectors. But functional service provider market is not one of them. The market witnessed a tremendous rise in demand during the pandemic. FPS has helped several biopharmaceuticals and biotechnology companies access expert professionals and manage volatile work volumes. The pandemic impacted hundreds of clinical trials, with a worldwide average of patients entering studies year-on-year seeing a drop of 79%. There is a growth in the use of FSP in response to crises by companies. The firms that want to start trials of new COVID-19 diagnostics, vaccines, treatments, or repurpose existing drugs for COVID-19 deploy FSP services. Various biotechnology and biopharmaceutical companies are involved in developing new drugs for new disease treatments. On the other hand, the demand for FSP solutions has grown rapidly due to end customers' increasing demand.
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Segment Analysis
The global market for a functional service provider has been segregated into various segments based on application, type, stage, and region.
Based on type, the global market for functional service providers is divided into regulatory affairs, biostatistics/programming, pharmacovigilance, data management, medical writing, clinical monitoring, etc. Among all, the clinical monitoring segment is projected to record the highest revenue over the coming years. companies such as IQVIA (US) and Parexel (US) are the major providers of clinical monitoring services. Apart from that, medical writing plays a vital part in supporting the regulatory success of the product in clinical development. Other types include regulatory submission and translational medicine review.
Based on stage, the global market for the functional service provider is split into clinical development and post-approval. The clinical development program ought to include clinical trials. They are responsible for collecting information on a product's efficacy and offering information on its safety. Biotechnology and biopharma companies need research to mitigate value and effectiveness in post-approval situations and how to carry that information to health authorities, payers, and other decision-makers.
Based on application, the global market for functional service providers is split into research centers and academic institutes, medical devices companies, biotech companies, and biopharma companies. Out of all, the biopharma companies' segment is projected to account for the largest market revenue over the assessment era. As per Applied Clinical Trials Research, biopharma businesses are growing the use of FPS at a rate of over 13% each year. The segment's growth is primarily attributed to the growing use of FSPs and the rapidly expanding biopharmaceutical industry.
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Regional Analysis
The global market for the functional service provider is examined across several major regions such as Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis report suggests that the North American region will hold the top position in the global functional service provider market over the assessment era. The well-developed healthcare infrastructure is the major aspect causing an upsurge in the regional market's growth. Furthermore, the high number of clinical trials across the region is another crucial parameter boosting the regional market's growth. The region has several major market leaders, such as Labcorp Drug Development (US), Parexel (US), and IQVIA (US), which are causing an upsurge in the regional market's growth. The US and Canada are the leading growth contributors across the regional market.
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The functional service provider market for the Asia-Pacific region is likely to register the highest growth over the coming years. the regional market's performance is mainly credited to the rapidly growing and favorable environment for carrying out clinical trials. The region has become a flashpoint for conducting clinical trials owing to the different factors such as favorable regulatory policies, reduced costs of conducting trials, and a high patient population. Furthermore, the major market leaders across the region are operating in the market to grow their global market reach, which is projected to catalyze the regional market's growth over the assessment era.
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