The Nordic regulatory affairs market size is expected to reach USD 272.7 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.5% from 2021 to 2028. An increase in R&D activities in countries such as Denmark and Norway, drug pipeline, and clinical trial applications are some of the key factors expected to drive the market.
Denmark
is the hub of R&D activities in Europe. The country is known for its long
tradition for collaborative R&D and the fastest approval of clinical
trials makes it a preferred destination to perform drug discovery and
development. Denmark also has the largest commercial drug-development pipeline
in Europe. Thus, the urge for a faster drug approval process is one of the key
factors expected to drive the market in the country.
In
Sweden, as stated by the SwedenBIO, around 148 companies have 420 drug
development projects; an increase by 51 projects compared to 2016. In addition,
around 6% of the total exports from Sweden are related to pharmaceuticals.
Hence, this is projected to create demand for regulatory affairs services
in the country.
The
ongoing COVID-19 pandemic is expected to create the need for regulatory affairs
in the Nordic countries. Countries such as Sweden and Denmark, which are the
hub of clinical trials, are expected to witness an increase in demand for
regulatory services as many of the trials are put on hold. In addition to this,
due to COVID-19, a significant number of vaccines and drugs are in the
development stage, which requires faster approval. This is possible only
through clearance by regulatory bodies. Thus, the need for regulatory affairs
is expected to increase in the Nordic countries.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/nordic-regulatory-affairs-market
Nordic Regulatory
Affairs Market Report Highlights
- By service,
the regulatory writing and publishing segment led the market in 2020 owing
to an increase in the outsourcing of selected regulatory functions by
major life sciences companies
- Based on
category, the medical devices segment held the largest share in 2020. The
segment is driven by stiff competition owing to the increased demand for
wearable devices
- Sweden
dominated the market with a share of 59.6% in 2020 due to a rise in the
number of drug development projects
- Changing
regulatory landscape, increasing need for companies to focus on core
business activities, and economic and competitive pressures are the main
factors responsible for the market growth
Nordic Regulatory
Affairs Market Segmentation
Grand View Research has
segmented the Nordic regulatory affairs market based on service, service
provider, company size, category, product stage, indication, end-use, and
country:
Nordic Regulatory
Affairs Service Outlook (Revenue, USD Million, 2016 - 2028)
- Regulatory Consulting
- Legal Representation
- Regulatory Writing & Publishing
- Product Registration & Clinical Trial
Applications
- Other Services
Nordic Regulatory
Affairs Service Provider Outlook (Revenue, USD Million, 2016 - 2028)
- In-house
- Outsourcing
Nordic Regulatory
Affairs Company Size Outlook (Revenue, USD Million, 2016 - 2028)
- Small
- Medium
- Large
Nordic Regulatory
Affairs Category Outlook (Revenue, USD Million, 2016 - 2028)
- Drugs
- Biologics
- Medical Devices
Nordic Regulatory
Affairs Product Stage Outlook (Revenue, USD Million, 2016 - 2028)
- Preclinical
- Clinical Studies
- PMA
Nordic Regulatory
Affairs Indication Outlook (Revenue, USD Million, 2016 - 2028)
- Oncology
- Neurology
- Cardiology
- Immunology
- Others
Nordic Regulatory
Affairs End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Medical Device Companies
- Pharmaceutical Companies
- Biotechnology Companies
Nordic Regulatory
Affairs Country Outlook (Revenue, USD Million, 2016 - 2028)
- Sweden
- Norway
- Denmark
- Finland
- Iceland
List of Key
Players of Nordic Regulatory Affairs Market
- Pharma Assist Sweden AB
- GenPact Ltd.
- PRA Health Sciences
- Charles River Laboratories International, Inc.
- ICON plc
- Parexel International Corporation, Inc.
- Freyr
- Global Pharma Consultancy AB
- Accell Clinical Research LLC
- Regsmart Lifesciences AB
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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