Pharmaceutical Contract Sales Outsourcing [CSO] Market Size is valued at USD 7.55 Bn in 2022 and is predicted to reach USD 13.18 Bn by the year 2031 at a 6.5% CAGR during the forecast period for 2023-2031.
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Pharmaceutical Contract Sales Outsourcing (CSO) refers to the practice of pharmaceutical companies partnering with external organizations to handle various aspects of their sales and marketing efforts. Due to cost reductions, enhanced flexibility, and availability of specialist knowledge, this concept has gained popularity in the pharmaceutical business.
Some of the main drivers of the industry's expansion include increased new drug launches, pharmaceutical R&D activities, and consumer demand for lower in-house sales costs. The majority of medicine sales during the COVID-19 pandemic were conducted online. i.e., over the phone, during a web conference, through email, and during website involvement. Thus, it is predicted that the growing digitalization of pharmaceutical marketing and sales will constrain the market for pharmaceutical contract sales outsourcing.
Furthermore, the primary barriers to CSO's operations and compliance include rising scrutiny and regulations within the healthcare sector. On the other hand, it gives pharmaceutical businesses access to a highly qualified and specialized sales force without the need for significant recruitment and training efforts, which is one of the primary potentials in the market. In addition, industry expansion is supported by an increase in the introduction of regulatory scrutiny and the growing need to maintain competitiveness. These elements are anticipated to increase pharmaceutical businesses' demand for contract sales services and foster market expansion.
Competitive Landscape
Some Major Key Players In The Pharmaceutical Contract Sales Outsourcing [CSO] Market:
- Ashfield (UDG Healthcare plc)
- inVentiv Health, Inc. (Syneos Health)
- IQVIA
- Granard Pharmaceutical Sales & Marketing
- Vanguard Pharma, Inc.
- GTS Solution
- EVERSANA
- MaBiCo
- QFR Solutions
- Pharmaforce Ireland Ltd.
- Sales Focus, Inc.
- Amplity Health
- PharmaLex GmbH
Market Segmentation:
The pharmaceutical contract sales outsourcing [CSO] market is segmented on the basis of service and therapeutic area. Based on the service, the market is segmented into Personal Promotion, which again comprises Promotional Sales Team [Dedicated Sales Team, Syndicated Sales Team], Key Account Management, Vacancy Management), Non-personal Promotion (Tele-detailing, Interactive E-detailing, Customer Service, Medical Science Liaisons, Patient Engagement Services, Others) and Others. As per the therapeutic area, the market is segmented into Cardiovascular Disorders, Oncology, Metabolic Disorders, Neurology, Orthopedic Diseases, Infectious Diseases, and Others.
Based On Service, The Non-Personal Promotion Segment Is Accounted As A Major Contributor In The Pharmaceutical Contract Sales Outsourcing [Cso] Market
The non-personal promotion category is expected to hold a major share of the global pharmaceutical contract sales outsourcing [CSO] market in 2022. This is a result of a number of things, including the growing use of digital technologies, their affordability, and their increased capacity to be cost-effective. To reach healthcare practitioners and patients, pharmaceutical companies must implement new digital marketing strategies in light of the expanding usage of digital technology in healthcare.
Additionally, non-personal promotion channels like email, social media, and internet advertising offer a practical and focused means to target particular demographics. Compared to personal promotion, which involves face-to-face encounters between salespeople and healthcare professionals, non-personal promotion is frequently less expensive.
The Oncology Category Witnessed Growth At A Rapid Rate.
The segment oncology is estimated to grow at a rapid rate in the global pharmaceutical contract sales outsourcing [CSO] market. As a result, there is a rising need for medicines used in oncology therapies as well as other cancer treatments and therapies, which has, in turn, increased the demand for pharmaceutical contract sales outsourcing. A further factor in expanding the pharmaceutical contract sales outsourcing market in the oncology sector is the introduction of novel and cutting-edge cancer treatments, including targeted therapies and immunotherapies.
In The Region, The North American Pharmaceutical Contract Sales Outsourcing [CSO] Market Holds A Significant Revenue Share
North American pharmaceutical contract sales outsourcing [CSO] market is expected to record the maximum market share in the near future. Several elements, including many pharmaceutical firms, substantial healthcare spending, and supportive governmental initiatives drive the market. The majority of the market share in North America belongs to the United States, which leads the region. With a highly advanced healthcare system that fuels demand for pharmaceutical goods and services, the United States boasts the largest pharmaceutical business in the world.
In addition, Asia-Pacific is expected to grow at the quickest rate due to a number of causes, including the ageing population and rising prevalence of chronic diseases, which drive the need for pharmaceutical goods and services. Additionally, the market is being stimulated by innovation and investment due to the industry's use of modern technology.
Furthermore, the demand for sales and marketing services is being driven by the pharmaceutical industry's growing emphasis on research and development. As a result, Asia Pacific is a crucial market for pharmaceutical contract sales outsourcing (CSO) and is anticipated to expand in the future.
Pharmaceutical Contract Sales Outsourcing [CSO] Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 7.55 Bn |
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Revenue Forecast In 2031 |
USD 13.18 Bn |
|
Growth Rate CAGR |
CAGR of 6.5% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Service, Therapeutic Area |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Ashfield (UDG Healthcare plc), inVentiv Health, Inc. (Syneos Health), IQVIA, Granard Pharmaceutical Sales & Marketing, Vanguard Pharma, Inc., GTS Solution, EVERSANA, MaBiCo, QFR Solutions, Pharmaforce Ireland Ltd., Sales Focus, Inc., Amplity Health and PharmaLex GmbH. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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