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MAOM report forecasts a growth rate of 10.4 % by 2026

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A recent research report on “Medical affairs outsourcing market” (MAOM) anticipates a growth at a rate of 10.4 % by 2026. Transformation in medical education, rising number of clinical trials and rare diseases are among key factors propelling the medical affairs outsourcing market.  MAOM services is inclusive of medical writing and publishing which held the largest share of global market, accounting to about 35.0% in 2018. Big pharma companies are outsourcing their clinical data management to professional medical writing and publishing services. Increase in diverse pharmacy products being launched has led to an increase in demand for professional medical writers.

Source: Grand View Research, Inc

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Rise of digital therapeutics to transform healthcare

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The rapid growth in IT technology is leading to the development of new type of medicine known as the digital therapeutics that may change the way the patient is treated. With an ‘OK’ from the Global health regulators, digital therapies have already proved to be efficient in treating neuropsychiatric disorders and drug addictions that were challenging to conventional treatments. According to the Biotech Policy Research Center, the market for digital therapeutics in the U.S. is expected to grow from $850 million in 2017 to $4.42 billion in 2023.  Various companies are gearing up to explore the field of digital therapeutics to deal with unmet medical needs.

Source: Korea Biomedical Review