Pharmaceutical Contract Sales Outsourcing (CSO) Market Size, Share & Trend Analysis, By Sales Type, By Service Type, By Therapeutic Area, Regional Stance, Competitive Tactics, and Segment Forecast to 2030
Healthcare & Life Sciences
Reports and Insights
Pharmaceutical Contract Sales Outsourcing (CSO) Market Summary:
According to Reports and Insights analysis, the global pharmaceutical contract sales outsourcing (CSO) market is estimated to be US$ 6.1 Bn in 2022. Furthermore, the pharmaceutical contract sales outsourcing (CSO) market is to register a CAGR of 7.2 % which is expected to result in a market forecast value for 2030 of US$ 13.9 Bn.
The Reports and Insights team has drafted a market research report on the worldwide market for pharmaceutical contract sales outsourcing with the objective of identifying the primary market drivers, market trends, challenges, and opportunities that business owners encounter. The report includes the market segmentation forecast, geographic perspective, and recent market developments for pharmaceutical contract sales outsourcing. Additionally, it provides extensive information on market size, market share, industry and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and prominent market players for pharmaceutical contract sales outsourcing.
Pharmaceutical Contract Sales Outsourcing (CSO) is the process of allocating certain parts of the internal sales process, or sometimes even the entire sales process, to a third-party vendor organization. The process of CSO allows a pharmaceutical company to focus its investment and its time on research, development, and innovation activities. The organizations providing the CSO service have a sales team that is ready and updated on the recent developments and trends in the healthcare market.
Certain benefits of CSO help drive the market of pharmaceutical CSO such as reduced cost and better efficiencies. While major pharmaceutical companies can spread awareness about their products through advertisements and commercials for their consumers but to convince doctors to write prescriptions and wholesalers of pharmaceutical products, a dedicated sales team is required which can be acquired swiftly with the help of contract sales outsourcing.
Scope of Report:
Market size available for the years
By Sales Type, By Service Type, By Therapeutic Area, By Region
The Middle East
Ashfield (UDG Healthcare plc), inVentiv Health, Inc. (Syneos Health), IQVIA, Granard Pharmaceutical Sales & Marketing, Vanguard Pharma, Inc., GTS Solution, EVERSANA, MaBiCo, QFR Solutions, Pharmaforce Ireland Ltd., Sales Focus, Inc., Amplity Health, PharmaLex, and GmbH amongst all.
Pharmaceutical Contract Sales Outsourcing (CSO) Market Dynamics:
“Increase in the number of pharmaceutical companies”
Since the coronavirus pandemic, the rise in the number of pharmaceutical companies and other healthcare service-providing companies has been substantial. In fact, not just the number of companies, the existing companies are also adding more brands to their company. In this scenario, where there are developments and innovations each day, the demand for CSO is projected to increase. These new-age companies do not want to go door-to-door to sell their products. Instead, they prefer to outsource such tedious tasks and focus their energy on improving existing products and adding new products
“Dynamic market with innovations every day”
The pharmaceutical industry, as mentioned before, is dynamic in nature. For the sales staff to be effective, they need to be educated regularly on the innovations in the market. This is a costly task and does not guarantee any success. Thus, companies are now opting to outsource their sales functions through CSO. With such an outsourcing process, these companies will gain access to a talented pool of employees at no fixed cost whatsoever. Thus, this is estimated to boost the demand for CSO.
“Improvement in the quality of services provided”
Outsourcing has been an activity in commerce since the very onset of commerce. However, the services provided by Contract Sales Organizations today are unparalleled. These organizations provide proper reports on the sales conducted, the SKUs, the team force, etc. This improvement in the quality of services provided makes the process of outsourcing easy and it also helps the outsourcing company to monitor and have control over the sales process.
“Lower control over the process”
Pharmaceutical Contract Sales Outsourcing (CSO) has been in trend recently. However, as is the case with all other types of outsourcing, in CSO as well the control that the outsourcing company has over the sales process is very limited. While outsourcing organizations try to include the outsourcing company in all decision-making processes, the control is still substantially lower when compared to an in-house sales team. Moreover, the outflow of sensitive data from outsourcing companies and the chances of a data leak also restrict some companies from CSO.
“Improper selection can lead to a decline in sales”
If CSO is done to a company that has no experience and connections in the pharmaceutical industry or has experience in a different vertical of the pharmaceutical industry, the results can dive down. Therefore, proper research on the company to which outsourcing is done must be conducted before committing to CSO.
“Increasing general awareness to maintain a strong immune system”
The coronavirus pandemic has brought a huge shift not just in the pharmaceutical industry, but also in people’s perspectives on their health. People post-pandemic have realized the importance of a strong immune system and thus the demand for medicines and other healthcare devices has skyrocketed. Pharmaceutical companies also have ramped up their production and research and development expenses. To fill this gap between consumers and suppliers, Contract Sales Organizations are needed. This gives a great window of opportunity to get involved in this market to reap the benefits in the future.
Pharmaceutical Contract Sales Outsourcing (CSO) Market Segmentation Stance:
The pharmaceutical contract sales outsourcing (CSO) market is segmented based on sales type, therapeutic area, service type, and region.
By Sales Type
- Dedicated Sales Model
- Syndicate Sales Model
By Service Type
- Non-Personal Promotion
- Other Services
By Therapeutic Area
- Cardiovascular Disorders
- Metabolic Disorders
- Orthopaedic Diseases
- Infectious Diseases
- North America
- Latin America
- Asia Pacific
- Middle East
Pharmaceutical Contract Sales Outsourcing (CSO) Market Regional Stance:
With the presence of a sturdy pharmaceutical industry, the North American region leads the market in the Pharmaceutical Contract Sales Outsourcing (CSO) market. Moreover, significant investment in research and development by key players in this industry will further drive the demand in this industry.
Asia Pacific, on the other hand, has seen huge growth in this industry since the pandemic. Various pharmaceutical companies in countries like India and China are diverting their resources to research and development and thus want to outsource functions such as sales.