Albany, NY -- (SBWIRE) -- 05/04/2015 -- Regulatory affairs outsourcing is a very common activity in the pharmaceutical and biotechnology industry, states Transparency Market Research in its latest published report, titled "Regulatory Affairs Outsourcing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to the report, the global regulatory affairs outsourcing market is expected to grow at a CAGR of 14.6% from 2014 to 2020. The market was valued at US$1.56 billion in 2013 and is estimated to reach a value of US$4.49 billion by the end of 2020.With the help of regulatory affairs outsourcing, life science, pharmaceutical, and medical device manufacturing companies are able to get their drugs or devices approved or launched in the global market. Regulatory affairs outsourcing by biopharmaceutical companies has minimized losses due to recalls and product approval delays. Regulatory affairs service providers also provide effective services such as clinical trial services, medical writing, and pharmacovigilance to biotech, pharma, and medical device companies. 

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Today, many biopharmaceutical companies across the world have employed various regulatory affairs outsourcing authorities to get their drugs or devices approved. Such companies are also subject to several strict regulations in the medical industry. Therefore, the regulatory affairs outsourcing market is constantly growing in the global outsourcing market.This study report provides critical information and data analysis of the overall market with respect to the various market segments and their growth in various geographic regions. The report segments the regulatory affairs outsourcing market into five major service segments, which are product registrations, regulatory consulting and legal representation, regulatory affairs, regulatory writing and publishing, clinical trial applications, and others.

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Of all the segments, regulatory writing and publishing services accounted for the largest share of the market in 2013; it accounted for more than 40% of the total regulatory affairs outsourcing market. The major factor boosting this segment is the growing need for the approval and submission of drug applications. Moreover, regulatory writers, who have the appropriate understanding of the global and domestic regulatory requirements, are in demand, driving the growth of the regulatory writing and publishing services market. Likewise, according to the report analysis, the regulatory consulting and legal representation services segment is estimated to grow rapidly at a CAGR of more than 13% from 2014 to 2020. Factors such as the increasing need of client interaction with regulatory agencies and mounting pressure for regulatory consulting services have fueled the growth of this market segment. 

According to a TMR analyst, most pharmaceutical and biotech companies are opting to outsource their regulatory affairs operations to contract manufacturing organizations (CMOs) and competent contract research organizations (CROs) to receive timely approval from regulatory agencies. Process improvement, cost-effectiveness, and utilization of the expertise available with the CROs are some of the key factors driving the growth of the global regulatory affairs outsourcing market.

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About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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