InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Functional Service Providers (FSP) Market- (By Service Type (Clinical Trail Design and Monitoring, Regulatory Affairs, Data Management, Pharmacovigilance and Drug Safety, Biostatistics/Programming, Medical Writing, Others), By Stage (Clinical Development, Post Approval), By Therapeutic Area (Oncology, Cardiovascular, Infectious Diseases, Central Nervous System, Respiratory, Immunology, Gastrointestinal, Others), By End User (Biopharmaceutical Companies, Medical Device Companies, Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Functional Service Providers (FSP) Market is valued at US$ 15.78 Bn in 2023, and it is expected to reach US$ 29.62 Bn by 2031, with a CAGR of 8.19% during the forecast period of 2024-2031.
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The Functional Service Providers (FSP) market is a section of the pharmaceutical and clinical research enterprise offering services and resources to help various functions within drug development and clinical trials. FSP groups typically offer several services, including clinical monitoring, statistics control, biostatistics, pharmacovigilance, scientific writing, and regulatory affairs. FSPs cater to diverse needs such as clinical operations, data management, biostatistics, regulatory affairs, and pharmacovigilance. The increasing complexities of clinical research drive this market, as well as the cost containment efforts by companies and the need for flexible and scalable solutions. Moreover, FSPs offer solutions such as trial management, clinical monitoring, data management, statistical programming, biostatistics, medical writing, and lifecycle safety and regulatory affairs.