Frequently Asked Questions:
The global pharmaceutical contract sales outsourcing (CSO) market was valued at USD 9.3 Billion in 2022.
The Pharmaceutical contract sales outsourcing (CSO) market is expected to grow at a CAGR of 7.30% between 2023 and 2030, reaching USD 15.22933719 Billion in 2030.
Personal promotion service vaccine is the leading segment by service, holding around more than four-fifth of the share in value in 2022.
Cardiovascular Disorders governs the demand for pharmaceutical contract sales outsourcing (CSO) globally, holding a massive share of nearly 35% in 2022.
Metabolic disorders therapeutic area segment is expected to post the highest CAGR during the forecast period.
North America is fueling the growth of the pharmaceutical contract sales outsourcing (CSO) industry, with nearly a three-firth share in 2022.
The top players include IQVIA Inc., Syneos Health Inc., Parexel International Corporation, Pharmaceutical Product Development (PPD) LLC, inVentiv Health Inc. (part of Syneos Health), ICON plc and others.
As pharmaceutical companies are increasingly looking to streamline their operations and reduce costs, making (CSO) an attractive option for sales functions & expanded the reach of pharmaceutical companies due to globalization are some of the market drivers.
Rising scrutiny and regulations within the healthcare industry that can impact the operations and compliance of CSO & availability of skilled and experienced sales professionals for outsourcing purposes still restraints on the pharmaceutical contract sales outsourcing (CSO) industry.
CSO offer pharmaceutical companies access to a highly trained and specialized sales force without the need for extensive recruitment and training efforts & they can assist in navigating complex regulatory environments, ensuring compliance, and minimizing risks are some of the opportunities of the market.