Functional Service Provider (FSP) Market

1
Functional Service Provider (FSP) Market Trends,
Size, Share, Demands, Overview, Growth, Revenue
and Forecast to 2030
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Sternal Closure Systems Market Trends Forecast
Till 2030
Functional Service Providers (FSP) Market
Information by Type (Clinical Monitoring, Medical
Writing, Data Management, Pharmacovigilance,
Biostatistics/Programming, Regulatory Affairs),
by Stage (Clinical Development and Post
Approval), by Application (Biopharma Companies,
Biotech Companies, Medical Devices Companies and
Research centers and Academic Institutes) and
region (North America, Europe, Asia-Pacific,
Middle East and Africa and South
America).
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-service-provider-market
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Market Overview
Functional Service Provider (FSP) is an
outsourcing model in clinical development that
gives pharmaceutical companies, biotech
companies, medical device companies, and research
institutes the to outsource full or partial
aspects of specific functions to a contract
research organization. FSPs are companies that
are contracted by other organizations to perform
certain jobs while still being in control of the
overall operations. The factors that are helping
in the growth of the market are the rise in FSP
outsourcing in drug development, increasing RD
investment, rising number of clinical trials.
Furthermore, lowered operational costs and
improved service quality. Furthermore, the
digital transformation in biopharma and
biotechnology companies is expected to present
lucrative growth and investment opportunities for
the vendors operating in the global functional
service provider market. Purchase this
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l-service-provider-market
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Key Findings
The Functional Service Provider (FSP) Market is
segmented into service type, stage, application,
and region Functional Service Provider (FSP) is
an outsourcing model in clinical development that
gives pharmaceutical companies, biotech
companies, medical device companies, and research
institutes to outsource full or partial aspects
of specific functions to a contract research
organization. The factors that are helping in
the growth of the market are the rise in FSP
outsourcing in drug development, increasing RD
investment, rising number of clinical trials.
Furthermore, lowered operational costs and
improved service quality.
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Key Findings
The demand for functional service providers has
increased during the COVID-19 pandemic. FSPs have
assisted many biotechnology and biopharmaceutical
companies in gaining access to highly skilled
professionals and managing fluctuating work
volumes. The market is also divided into
various regions such as North America, Europe,
Asia-Pacific, South America, and Middle East and
Africa. North America is estimated to account for
the largest market share during the forecast
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Competitive Landscape

• IQVIA Inc.
• Laboratory Corporation of America Holdings
• Parexel International Corporation
• Icon Plc
• PPD Inc.
• Quanticate International Limited
• BioPoint Inc.
• RHO
• Wuxi AppTec Co.

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Recent Developments
In October 2021, Rho Inc. (US) partnered with
Medidata (US), a Dassault Systèmes company to
enhance its clinical trial platform. This
strategic partnership aims to offer rapid
reporting of cross domain and cross-study data in
decentralized trials.  In August 2020, Parexel
International Corporation (US) extended its
long-term partnership with Pfizer (US) and has
signed master service agreement. Under the
agreement, the company is liable to offer
clinical development services and functional
service provider model for therapeutic
applications.
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Contact Information
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