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PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477199
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477199
Functional Service Providers Market, By Service Type, By Stage, By Therapeutic Area, By End User, By Geography
PUBLISHED:
PAGES: 168 Pages
DELIVERY TIME: 2-3 business days
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The functional service providers (FSP) market is estimated to be valued at USD 16.94 Bn in 2024 and is expected to reach USD 29.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 16.94 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 8.40% | 2031 Value Projection: | US$ 29.81 Bn |
Figure 1.Functional Service Providers (FSP) Market Share (%), By Region, 2024
Functional service providers (FSPs) aim to manage different back-end and administrative functions on behalf of organizations enabling them to focus on their core business activities. They handle non-core but critical business functions such as finance and accounting, human resource management, procurement, and supply chain management among others. This allows client organizations to scale their operations cost effectively without having to invest in developing extensive in-house functional capabilities. They help improve operational efficiency and optimize costs. The market provides opportunities for enterprises to leverage specialized expertise and technologies for improving various functional processes.
Market Dynamics:
The growth of the functional service providers market growth is driven by the increasing adoption of outsourcing as a strategy for reducing operational costs and gaining access to specialized domain expertise. Many organizations look to work with FSPs to scale their operations flexibly according to changing business needs. The market sees restraints from concerns around loss of control over certain functions and risks related to over-dependence on external partners for critical activities. However, factors such as advancements in automation technologies and emergence of innovative business models are creating new opportunities in this space. Vendors are developing industry and function-specific solutions leveraging technologies like analytics, AI and blockchain. For instance, in September 2022, Triall, a blockchain-integrated eClinical platform provider, collaborated with Mayo Clinic researchers to advance clinical trial design and data management techniques. This collaboration represents an essential step forward in guiding a global transformation toward decentralized clinical research.
Key Features of the Study:
- This report provides an in-depth analysis of the global functional service providers (FSP) market, and provides market size (USD Billion) and Compound Annual Growth Rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year.
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global functional service providers (FSP) market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
- The key companies covered as a part of this study include IQVIA, Parexel International Corporation, ICON plc, PRA Health Sciences, Covance Inc., Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development LLC (PPD), Medpace Holdings Inc., LabCorp, Wuxi AppTec, Accenture, Cognizant, Quanticate, and BioPoint Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global functional service providers (FSP) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global functional service providers (FSP) market.
Detailed Segmentation:
- Service Type:
- Clinical Trail Design and Monitoring
- Regulatory Affairs
- Data Management
- Pharmacovigilance and Drug Safety
- Biostatistics/Programming
- Medical Writing
- Others
- Stage:
- Clinical Development
- Post Approval
- Therapeutic Area:
- Oncology
- Cardiovascular
- Infectious Diseases
- Central Nervous System (CNS)
- Respiratory
- Immunology
- Gastrointestinal
- Others
- End User:
- Biopharmaceutical Companies
- Medical Device Companies
- Others
- Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
- Company Profiles:
- IQVIA
- Parexel International Corporation
- ICON plc
- PRA Health Sciences
- Covance Inc.
- Charles River Laboratories International Inc.
- Syneos Health
- Pharmaceutical Product Development LLC (PPD)
- Medpace Holdings Inc.
- LabCorp
- Wuxi AppTec
- Accenture
- Cognizant
- Quanticate
- BioPoint Inc.
Product Code: CMI5962
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
2. Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Service Type
- Market Snapshot, By Stage
- Market Snapshot, By Therapeutic Area
- Market Snapshot, By End User
- Market Snapshot, By Region
- Market Scenario - Conservative, Like, Opportunistic
- Market Opportunity Map
3. Key Insights
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Impact Analysis
- Pest Analysis
- Porters Analysis
- Technological Advancement
- Merger, Acquisition and Collaboration Scenario
- Regulatory Scenario
- Pricing Analysis
- COVID-19 Impact Analysis
- Healthcare Spending by Country
4. Global Functional Service Providers (FSP) Market, By Service Type, 2019 - 2031 (USD BN)
- Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031
- Market Y-o-Y Growth Comparison (%), 2019 - 2031
- Segment Trends
- Clinical Trial Design and Monitoring, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Regulatory Affairs, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Data Management, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Pharmacovigilance and Drug Safety, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Biostatistics/Programming, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Medical Writing, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Others, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
5. Global Functional Service Providers (FSP) Market, By Stage, 2019 - 2031 (USD BN)
- Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031
- Market Y-o-Y Growth Comparison (%), 2019 - 2031
- Segment Trends
- Clinical Development, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Post Approval, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
6. Global Functional Service Providers (FSP) Market, By Therapeutic Area, 2019 - 2031 (USD BN)
- Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031
- Market Y-o-Y Growth Comparison (%), 2019 - 2031
- Segment Trends
- Oncology, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Cardiovascular, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Infectious Diseases, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Central Nervous System (CNS), 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Respiratory, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Immunology, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Gastrointestinal, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Others, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
7. Global Functional Service Providers (FSP) Market, By End User, 2019 - 2031 (USD BN)
- Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031
- Market Y-o-Y Growth Comparison (%), 2019 - 2031
- Segment Trends
- Biopharmaceutical Companies, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Medical Device Companies, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
- Others, 2019 - 2031 (USD BN)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD BN)
8. Global Functional Service Providers (FSP) Market, By Region, 2019 - 2031 (USD BN)
- Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031, (USD BN)
- Market Y-o-Y Growth Comparison (%), 2019 - 2031, (USD BN)
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest Of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest Of Asia Pacific
- Latin America
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- Brazil
- Mexico
- Argentina
- Rest Of Latin America
- Middle East
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- GCC
- Israel
- Rest Of The Middle East
- Africa
- Introduction
- Market Size and Forecast, By Service Type, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Stage, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Therapeutic Area, 2019 - 2031, (USD BN)
- Market Size and Forecast, By End User, 2019 - 2031, (USD BN)
- Market Size and Forecast, By Country, 2019 - 2031, (USD BN)
- South Africa
- North Africa
- Central Africa
9. Company Profiles - Global Functional Service Providers (FSP) Market
- IQVIA
- Company Overview
- Product/Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategic Overview
- Parexel International Corporation
- ICON plc
- PRA Health Sciences
- Covance Inc.
- Charles River Laboratories International Inc.
- Syneos Health
- Pharmaceutical Product Development LLC (PPD)
- Medpace Holdings Inc.
- LabCorp
- Wuxi AppTec
- Accenture
- Cognizant
- Quanticate
- BioPoint Inc.
10. References and Research Methodology
- References
- Research Methodology
- About us and Sales Contact
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