U.K. Biotechnology Pharmaceutical Services Outsourcing Industry Overview
The U.K. biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 4.1 billion by 2028, according to a new report by Grand View Research, Inc. 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 RD 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.
U.K. Biotechnology Pharmaceutical Services Outsourcing Market Segmentation
Grand View Research has segmented the U.K. biotechnology and pharmaceutical services outsourcing market based on service and end-use:
Based on the Service Insights, the market is segmented into Consulting, Auditing And Assessment, Regulatory Affairs, Product Maintenance, Product Design Development, Product Testing Validation, Training Education, Others.
- The consulting service segment led the market for biotechnology and pharmaceutical services outsourcing and accounted for the largest revenue share of 22.7% in 2020.
- The consolidated nature of the market, which leads to an increase in the number of joint ventures, takeovers, acquisitions, and mergers is boosting demand for consulting services.
- For a pharmaceutical company, the level of expertise and years of experience are crucial factors that are considered for determining outsourcing partners. An increase in the number of fraudulent cases, discrepancies in intellectual property rights, and rise in technological innovations are some of the challenges faced by pharmaceutical/biotechnological companies.
Based on the End-use Insights, the market is segmented into Pharmaceutical, Biotech.
- The pharmaceutical segment dominated the U.K. biotechnology and pharmaceutical services outsourcing market and held the largest revenue share of 54.6% in 2020.
- Increase in RD spending by pharmaceutical companies for development of potential novel products and rise in investments by CROs for the development of core capabilities are expected to drive the market for biotechnology and pharmaceutical services outsourcing in the region in the coming years.
- The biotech segment is anticipated to register significant growth over the forecast period. Continuous efforts for enhancing productivity and efficiency are driving biotech companies to focus on core competencies and outsource functions that could be handled by CROs, such as regulatory affairs and product design and development services.
Key Companies Profile Market Share Insights
Mergers and acquisitions, regional expansion, service portfolio expansion, and competitive pricing are among the key strategies companies are adopting to keep solvent in a highly competitive market and increase market share.
Some prominent players in the U.K. biotechnology pharmaceutical services outsourcing market include
- The Quantic Group
- IQVIA Holdings
- Parexel International Corporation
- Lachman Consultant Services
- GMP Pharmaceuticals
- Concept Heidelberg GMBH
- Covance Inc.
- PRA Health Sciences
- Charles River Laboratories
- Icon Plc
Order a free sample PDF of the U.K. Biotechnology Pharmaceutical Services Outsourcing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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