Pharmaceutical Contract Sales Organizations Market Size, Share & Trends Analysis Report By Services (Personal, Non-personal Promotion), By End-use (Pharma, Biopharma Companies), By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Contract Sales Organizations Market Size, Share & Trends Analysis Report By Services (Personal, Non-personal Promotion), By End-use (Pharma, Biopharma Companies), By Region, And Segment Forecasts, 2023 - 2030

Pharmaceutical Contract Sales Organizations Market Growth & Trends

The global pharmaceutical contract sales organizations market size is expected to reach USD 16.3 billion by 2030, registering a CAGR of 8.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. High adoption of new technologies for contract sales by pharmaceutical contract sales organizations (CSO), an increase in the interest among end-users to increase the sales of biopharmaceutical and small molecule drugs, and the surge in demand for reducing the cost associated with in-house sales are some of the key factors supporting the growth of the industry. Over the years, the number of new drug launches has increased.

For instance, according to the IQVIA report on R&D trends, 84 new active substances were launched globally in 2021, which was double as compared to the last five years. The increase in drug launches globally is expected to improve the demand for contract sales services, which is likely to support industry growth. Prescription drug sales are witnessing a steady rise. For instance, according to Evaluate Pharma, worldwide total prescription drug sales accounted for USD 1,066 billion in 2021 and will reach USD 1,612 billion by 2028. The growing demand for sales among pharmaceutical companies is expected to improve the demand for CSO services for pharmaceuticals in the post-pandemic period.

Pharmaceutical Contract Sales Organizations Market Report Highlights

• Based on service, the personal promotion segment dominated the industry in 2022. A rise in the R&D activities of pharmaceutical companies is expected to increase the number of new drug launches, and approvals are expected to support the segment growth
• The pharmaceutical companies end-use segment held the largest revenue share in 2022 due to the high competition among pharmaceutical companies in product sales, promoting the demand for an efficient team to support their sales activities
• North America held the largest revenue share in 2022. A significant number of drugs were launched in the region in the previous years, especially in the U.S., which is one of the key factors supporting the region’s growth
• Moreover, the region’s public organization is steadily focused on supporting R&D activities by providing funding. This has further supported the region’s growth