NEW YORK, April 6, 2022 /PRNewswire/ — Sales in the life sciences aggregate-spending market were US$ 974.2 Mn in 2021, and the market is projected to expand rapidly at a CAGR of 10% over the forecast period (2022-2032). Growing importance of data privacy, transparency, and anti-bribery laws are augmenting market expansion globally.
Aggregate-spending or sunshine law tracking involves the monitoring and reporting of money invested by pharmaceutical, life science, and medical device manufacturers in maintaining and building new relationships with physicians and other healthcare providers.
The U.S. federal government implemented the Sunshine law or the Physicians Open Payment Act in 2010, with the objective to provide transparency in the life science industry, mandate statutory reports every year, and limit the influence of these manufacturers on healthcare professionals. Soon enough, several countries around the world realized the benefits of this law and started implementing similar laws or regulations in their healthcare sector.
In 2018, Saudi Arabia, Bosnia-Herzegovina, and Columbia also implemented Sunshine-law like regulations. Burgeoning popularity of this law forms the basis of the promising growth of the life sciences aggregate-spending market over the forecast period.
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According to a survey published by IQVIA concerning aggregate-spending trends around the world, blooming investments in the healthcare market of the U.S. and Europe are likely to intensify. Stringent regulations revolving around malpractices and bribes are favoring pharma and medical device manufacturers to expand their business in these countries.
Data privacy and patient consent are rapidly gaining importance in the healthcare industry. With the COVID-19 pandemic and rising influence of IT in healthcare, awareness regarding data privacy has grown exponentially.
Efforts taken by governments around the world are also providing the necessary momentum to aggregate-spend report-developing companies to grow globally.
A few key players dominate the life sciences aggregate-spending market, which exhibits many beneficial opportunities for new entrants as well. Snowballing demand for global aggregate-spend reporting solutions is stimulating the progress of the life sciences aggregate-spending market.
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Key Takeaways from the Market Study:
· Third-party engagement solutions help healthcare organizations keep a track of all expenses that go to third parties, such as physicians, vendors, etc. Since regulations mandate manufacturers to report their yearly spending to all third parties, this solution netted 36.4% market share in terms of revenue in 2021.
· More than 43% market was bagged by medium-sized businesses in the global life sciences aggregate-spending market in 2021.
“Increased governmental scrutiny over unethical practices along with rising healthcare expenditure globally is driving life sciences aggregate-spending growth,” says an analyst of Persistence Market Research.
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Market Competition:
Solution providers in this industry such as Qordata, IQVIA, and MedPro Systems LLC, amongst others, are employing strategies such as innovative products and services launches, and forming strategic alliances with other companies, which would prove beneficial for their business to expand even further in the global market.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the life sciences aggregate-spending market in its latest study, presenting historical demand assessment of 2017-2021 and projections for 2022-2032.
The research study is based on the solution (third-party engagement solutions, aggregate spend reporting solutions, in-house software systems, and manually with spreadsheets), deployment (web-based deployment and cloud-based deployment), business type (small businesses, medium businesses, and large enterprises), end user (pharmaceutical companies, medical device manufacturers, biotechnology & life sciences companies, and healthcare settings), and region (North America, Europe, APAC, and the Rest of the World)
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SOURCE Persistence Market Research
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