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Functional Service Providers Market

Functional Service Providers (FSP) Market Size, Share & Segment, By Type (Clinical monitoring, medical writing, Data management, Pharmacovigilance, Biostatistics/programming, Regulatory affairs), By Stage (Clinical development, Post approval), By Application (Biopharma companies, Biotech companies, medical devices companies, Research centers and academic institutes), by Regions and Global Forecast 2022-2028

Report Id: SNS/HC/2481 | July 2022 | Region: Global | 131 Pages

Report Scope & Overview:

The Functional Service Providers (FSP) Market Size was valued at USD 131 billion in 2021, and is expected to reach USD 224 billion by 2028, and grow at a CAGR of 8% over the forecast period 2022-2028.

Functional Service Provider (FSP) is a clinical development outsourcing model that allows biotech, pharmaceutical, healthcare facilities and research institutes to outsource all or partial aspects of specific functions to a contract research organization.

Functional Service Providers (FSP) Market

FSPs are companies that are contracted by other organizations to perform specific tasks while retaining overall control of operations. The global market for functional service providers is expanding due to the increase in clinical trials and R&D investment.

MARKET DYNAMICS

DRIVERS

  • Increased use of FSP outsourcing in drug development

  • Rising R&D spending

  • The number of clinical trials is increasing.

  • Reduced operational costs and higher service quality

RESTRAINTS

  • Scarcity of skilled labour

OPPORTUNITIES

  • The digital transformation of biopharma and biotech

IMPACT OF COVID-19

The COVID-19 epidemic has increased the need for functioning service providers. Many biotechnology and pharmaceuticals organisations have used FSPs to manage variable workloads and obtain access to highly competent people. The COVID-19 pandemic had an impact on hundreds of clinical trials, with a 79 percent decrease in patient enrollment on a global average year over year. Companies are using FSP more frequently in reaction to emergencies. Companies that want to begin testing novel COVID-19 diagnostics, therapies, or vaccinations, or repurpose currently available medications for COVID-19, use FSP services. Companies in the biopharmaceutical and biotechnology industries are now working to create new drugs for novel disease treatments. This has led to an increase in R&D activity across the world. The COVID-19 outbreak has been quickly spreading throughout the world. The growing demand for FSP solutions from end users has, however, led to an increase in their demand.

VALUE CHAIN ANALYSIS

The market for functional service providers is expanding steadily and is anticipated to do so over the course of the research period at a significant rate. This is because established players are contributing more frequently to improve the effectiveness of their services. Four key elements make up the value chain analysis for the market for functional service providers: client acquisition, service customization, client purchase support, and client fulfilment & post-buy support.

By Type

Regardless matter how innovative they are, clinical studies must demonstrate that new treatments and devices are secure for the users. Consequently, an FSP team consists of drug safety associates, pharmacovigilance experts, medical directors, pharmacoepidemiologists, drug safety physicians, and medical information technicians. These professionals support companies in the biotechnology, pharmaceutical, and medical device industries in tracking and managing the advantages and risks of their products during the course of their product lifecycles. From the earliest phases of development to approval and post-marketing, it offers end-to-end safety services.

Planning biological investigations, collecting and analyzing data from them, and interpreting the findings are all included in biostatistics and programming. The development of study protocols, statistical analysis plans, analyses for clinical trial reports, and the creation of integrated safety & efficacy parts of regulatory submissions are all tasks that FSPs assist with. Additionally, in order to gather, analyses, and display data in accordance with regulatory requirements, biostatisticians and PhD statisticians contribute to the decision-making process. Utilizing integrated data and technology, professional advice, and regulatory affairs professionals, FSPs provides regulatory affairs services to solve increasingly complex regulatory challenges and stay ahead of evolving rules. FSP collaborates with external agencies and internal regulatory departments to enable submissions, product registration, market authorization submissions, post-approval submissions, tracking agency interactions, and lifecycle maintenance, among other things.

By Stage

Clinical trials must be a part of every clinical development program. They are in charge of compiling data on a product's effectiveness and disseminating data on its safety. Data from trials must be collected and reported in accordance with regulatory requirements. FSPs assist biotechnology and biopharmaceutical firms by offering efficient drug development processes and procedures for creating novel new medications at the clinical development stage. Thus, to increase flexibility, speed up the drug development process, and have access to a skilled team, cutting-edge technology, and clinical trial protocols, biotechnology and biopharmaceutical businesses sponsor outsourcing clinical development procedures to functional service providers.

Research is more and more needed for the biopharmaceutical and biotechnology industries to demonstrate value and effectiveness in post-approval scenarios and to learn how to communicate this knowledge to payers, health authorities, and other decision-makers. In addition, to maintain marketing authorization, the MA owner must adopt & maintain quality management, resolve safety surveillance issues, and comply with renewal requirements. This requires ongoing work updates to guarantee that the approved documentation is still current. Additionally, the demand for post-approval services, which FSPs provide, is growing as a result of shifting drug regulatory environments.

By Application

The quickly developing biopharmaceutical industry and rising use of FSPs to carry out the whole range of clinical trial operations are the key drivers behind the segmentation expansion of biopharmaceutical firms in the global market. Applied Clinical Trials Research claims that the adoption of FSP by biopharma companies is growing at a pace of more than 13% annually.

The rising number of new drug approvals and growing emphasis on customized treatment are the major drivers of the market expansion of the biotechnology businesses segment.

The quickly developing biopharmaceutical industry and rising use of FSPs to carry out the whole range of clinical trial operations are the key drivers behind the segmentation expansion of biopharmaceutical firms in the global market. Applied Clinical Trials Research claims that the adoption of FSP by biopharma companies is growing at a pace of more than annually.

The rising number of new drug approvals and growing emphasis on customized treatment are the major drivers of the market expansion of the biotechnology businesses segment.

The prevalence of chronic diseases is rising, medical device companies are investing more in R&D, and more clinical trials are being conducted to distinguish their class III/II products from those of rivals, all of which contribute to the growth of the medical device businesses segment of the global market. In addition, medical device businesses outsource FSPs because of pressures to decrease costs, expanding product pipelines, and escalating regulatory demands from regulatory bodies.

The rapid expansion of research and development into biopharmaceuticals, biotechnology, and medical devices is mostly to blame for this market segment's rise.

The rapid expansion of biotechnology, biopharmaceutical, and medical device research and development is mostly to blame for this market segment's rise. Academic institutions employ FSP solutions for preclinical research and clinical trials administration to help them scale their staff as necessary and offer specialised support for different projects and programmes. Furthermore, this market is expanding as a result of increased research funding for academic institutions.

COMPETITIVE LANDSCAPE

Some of the major key players are as follows: BioPoint Inc., PPD Inc., Icon Plc, RHO, Inc. KPS Life, LLC, IQVIA Inc., Parexel International Corporation, Wuxi AppTec Co., Ltd. Quanticate International Limited, Laboratory Corporation of America Holdings.

MARKET SEGMENTS:

By Type

  • Clinical monitoring

  • Medical writing

  • Data management

  • Pharmacovigilance

  • Biostatistics/programming

  • Regulatory affairs

By Stage

  • Clinical development

  • Post approval

By Application

  • Biopharma companies

  • Biotech companies

  • Medical devices companies

  • Research centers and academic institutes

Functional Service Providers (FSP) Market

REGIONAL ANALYSIS

According to the MRFR analysis report, North America will dominate the worldwide functional service provider market during the assessment period. The primary factor driving the regional market's growth is the region's well-developed healthcare infrastructure. Another important factor driving the expansion of the regional industry is the abundance of clinical trials in the area. There are numerous significant market leaders in the area, including Parexel (US), Labcorp Drug Development (US), and IQVIA (US), who are accelerating the expansion of the local market. The two countries that contribute most to regional market growth are the US and Canada.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

 

Functional Service Providers (FSP) Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 131 Billion
Market Size by 2028 US$ 224 Billion
CAGR CAGR of 8% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Clinical monitoring, medical writing, Data management, Pharmacovigilance, Biostatistics/programming, Regulatory affairs)
• By Stage (Clinical development, Post approval)
• By Application (Biopharma companies, Biotech companies, medical devices companies, Research centers and academic institutes)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles BioPoint Inc., PPD Inc., Icon Plc, RHO, Inc. KPS Life, LLC, IQVIA Inc., Parexel International Corporation, Wuxi AppTec Co., Ltd. Quanticate International Limited, Laboratory Corporation of America Holdings.
Key Drivers • Rising R&D spending.
• The number of clinical trials is increasing.
RESTRAINTS • Scarcity of skilled labour.


Frequently Asked Questions (FAQ) :

Ans. Functional Service Providers (FSP) market is expected to grow at a CAGR of 8%.

Ans Scarcity of skilled labour are the restraints of the market.

Ans. Functional Service Providers (FSP) Market is divided into three segments and they are By Type, By Stage, and By Application

Ans. The market for functional service providers is expanding steadily and is anticipated to do so over the course of the research period at a significant rate. This is because established players are contributing more frequently to improve the effectiveness of their services.

Ans.  BioPoint Inc., PPD Inc., Icon Plc, RHO, Inc. KPS Life, LLC, IQVIA Inc., Parexel International Corporation, Wuxi AppTec Co., Ltd. Are the key plyers of the Functional Service Providers (FSP) market.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Functional Service Providers Market Segmentation, By Type

8.1 Clinical monitoring

8.2 Medical writing

8.3 Data management

8.4 Pharmacovigilance

8.5 Biostatistics/programming

8.6 Regulatory affairs

 

9. Functional Service Providers Market Segmentation, By Stage

9.1 Clinical development

9.2 Post approval

 

10. Functional Service Providers Market Segmentation, By Application

10.1 Biopharma companies

10.2 Biotech companies

10.3 Medical devices companies

10.4 Research centers and academic institutes

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12.Company Profiles

12.1 BioPoint Inc.

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 PPD Inc.

12.3 Icon Plc

12.4 RHO, Inc.

12.5 KPS Life, LLC

12.6 IQVIA Inc.

12.7 Parexel International Corporation

12.8 Wuxi AppTec Co., Ltd.

12.9 Quanticate International Limited

12.10 Laboratory Corporation of America Holdings

 

13.Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share analysis

13.3 Recent Developments

 

14.Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

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