The global healthcare CSO market (contract sales organization) is anticipated to reflect a considerable growth rate across the forecast period. Healthcare CSO is a third party organization, that provides sales services to healthcare firms such as medical device companies, pharmaceutical companies, and biopharmaceutical companies on a contract basis. Adoption of new technologies for contract sales, the growing interest among end users to increase the sales of medical devices and drugs, and the surge in demand for reducing the cost associated with in-house sales are some of the key factors supporting the growth of the healthcare CSO market.
The COVID-19 pandemic, at its initial stage, severely affected the market as sales activities were not performed efficiently due to the wide spread of the virus. In the post-pandemic period, pharmaceutical and medical device companies are actively involved in conducting research. For instance, according to clinicaltrial.gov, as of November 2022, 432,718 studies were registered, whereas in 2020, 325,771 studies were reported. The clinicaltrial.gov also reports that, over 41,919 studies were in Phase 3 of clinical trials as of November 2022. This is expected to improve the number of drug launches in the coming years and thus support the demand for contract sales in the post-pandemic period.
Based on end users, the biopharmaceutical companies segment has held a significant share in the healthcare CSO market in 2022. The growing number of new biologics launches, the increase in R&D activities for biopharmaceuticals, and the increasing demand among biopharmaceutical companies to improve the over sales of their products are supporting the segment market. Moreover, there is a growing interest among biopharmaceutical companies in reducing the overall cost of in-house sales, which further promoting the demand for contract sales services.
The North America region has held a significant share in the healthcare CSO market in 2022 Growing interest among the end users in the region to outsource sales activities to an expert team to improve the overall sales performance of the company, the presence of a significant number of CSOs in the region, and increasing drug pipeline are some of the major factors supporting the growth of the North American healthcare CSO market.
The key global industry players across the healthcare CSO market includes CMIC HOLDINGS Co., LTD.; Axxelus; EPS Corporation.; QFR Solutions; MaBiCo; Mednext Pharma Private Limited; Peak Pharma Solutions Inc.; IQVIA, Inc.; Promoveo Healthl; and Syneous Health.
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