Global Life Sciences Consulting Services Market valued at over $10 billion in 2021, is expected to grow at a decent CAGR of 10%

The life science market is evolving rapidly and is witnessing growing complexity, stringent regulations, the need for faster innovations, and the trend towards digitalization. This in turn drives the demand for pharma and biotech consulting services including drug development, regulatory affairs, scientific writing, economic affairs, quality assurance and compliance, real-world evidence solutions and pharmacovigilance (PV). 

Rising Demand for Advanced Therapies Consulting Services

Advanced therapies, such as cell and gene therapies and personalized vaccines require specialized expertise throughout the development, manufacturing, and regulatory process. Due to the rapidly evolving Advanced Therapy Medicinal Products (ATMP) landscape, it’s essential to have through knowledge and expertise to successfully develop a product and gain a centralized market authorization (MA) in Europe and/or a Biologic License Authorization (BLA) in USA. With rapidly expanding research on cell and gene therapies, there is robust demand for ATMP consulting as it requires experts with specific experience in regulatory strategy, CMC, medical communications, and clinical development.

Product Commercialization/Market Access – Key Element for the Success of a New Drug

Earlier, market access for a drug depended exclusively on efficacy and safety. However, pharmaceutical companies are now required to demonstrate how a new drug improves patient outcomes, reduces the burden of the healthcare system as a whole, and is it worth its price. To support these criteria's, pharmaceutical companies are looking at a more holistic view of patient treatment, providing better RWE and therefore a stronger value proposition for decision-makers. Moreover, complex regulatory and reimbursement pathways, varied evidence requirements, and long procedural timelines pose risk to successful access and launch. All these factors are boosting the demand for market access services including Health Economics and Outcomes Research (HEOR), PV, and RWE strategy and consulting across the world. 

Demand for Technology/IT Consulting Services Picking Up Quickly

Pharmaceutical and biotech industry is increasingly seeking technology/IT consulting services to digitize their operations, migrate to the cloud, make use of advanced technologies like AI/ML, and modernize existing IT infrastructures.

North America Leads the Adoption of Life Sciences Consulting Services Market

North America has a higher market share of global life sciences consulting services market. This is mainly attributed to the expanding biopharmaceutical industry, significant R&D spending in the United States, the presence of leading pharmaceutical companies like J&J and Pfizer in this region, rapid adoption of digital and IT, strict FDA regulations, and a greater focus on advanced therapies.

Competitive Landscape Analysis: Life Sciences Consulting Services Market

The global life sciences consulting services market is highly competitive and fragmented. The leading and emerging players operating in this market are IQVIA, Parexel, Certara, Huntsworth, PharmaLex, Halloran Consulting, Ashfield, Fishawack, Envision Pharma, Science Group, Indegene, Fingerpaint, Eversana, Lumanity, ClearView, ProPharma, ProductLife Group, Deallus, RTI, Evidera (PPD), Target RWE, OPEN Health, Genesis Research, and QbD Group.

Explore Detailed Insights on Life Sciences Consulting Services Market Report @ https://meditechinsights.com/life-sciences-consulting-services-market/

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