Market Overview: The global Life Sciences BPO Market is estimated to be valued at US$ 222.9 Bn in 2019 and is projected to reach US$ (incorporate given market value for 2022) Bn/Mn by 2022, exhibiting a CAGR of 14.7% during the forecast period (2020-2027). Life Sciences BPO services include a wide range of outsourcing solutions for the pharmaceutical, biotechnology, and medical device industries. These services provide several advantages such as cost reduction, streamlined operations, access to advanced technology, increased productivity, and improved regulatory compliance. With the growing complexity of the life sciences industry, the need for specialized expertise and operational efficiency is driving the demand for Life Sciences BPO services. Market Key Trends: One key trend in the Life Sciences BPO market is the increasing focus on R&D outsourcing. Pharmaceutical and biotechnology companies are increasingly outsourcing their R&D activities to specialized service providers in order to reduce costs and accelerate the development of new drugs and therapies. Outsourcing R&D allows companies to access the expertise and infrastructure of service providers, resulting in faster time to market and improved efficiency. Additionally, the rising complexity of drug development and the need for specialized knowledge have further fueled the demand for R&D outsourcing in the life sciences industry. This trend is expected to continue driving the growth of the Life Sciences BPO market during the forecast period. Segment Analysis: The Life Sciences BPO market can be segmented based on service type, therapeutic area, and end-user. In terms of service type, the dominating segment is pharmaceutical outsourcing services. This segment includes contract research organizations (CROs), contract manufacturing organizations (CMOs), and others. The dominance of the pharmaceutical outsourcing services segment can be attributed to the increasing demand for cost-effective and efficient drug development and manufacturing solutions. Pharmaceutical companies are outsourcing various processes such as clinical trials, regulatory affairs, data management, and manufacturing to reduce operational costs and focus on core competencies. Moreover, the rising complexity of drug development, stringent regulatory requirements, and the need to accelerate time-to-market have further fueled the demand for pharmaceutical outsourcing services. Key Takeaways: The global Life Sciences BPO Market Share is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period of 2020-2027. The market size for 2019 was valued at US$ 222.9 billion. This growth can be attributed to several factors. Firstly, the increasing cost pressures on life sciences companies to reduce operational expenses and enhance operational efficiency are driving the demand for outsourcing services. Outsourcing allows companies to leverage the expertise of specialized service providers and achieve cost savings. Additionally, the growing complexity of regulatory and compliance requirements in the life sciences industry is driving the need for outsourcing services to ensure adherence to these regulations. In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Life Sciences BPO market. This can be attributed to the presence of a large number of leading pharmaceutical and biotechnology companies in the region, along with favorable government initiatives to promote outsourcing in the life sciences sector. Europe is also expected to witness significant growth, driven by the increasing demand for cost-effective drug development and manufacturing solutions and the presence of a well-established pharmaceutical industry. Key players operating in the Life Sciences BPO market include Accenture, Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc. These key players are focusing on strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence and cater to the increasing demand for outsourcing services in the life sciences industry.
Life Sciences BPO Market: IntroductionTransparency Market Research has published a new report titled, ‘Global Life Sciences BPO Market’.
According to the report, the global life sciences BPO market was valued at ~US$ 214 Bn in 2018 and is projected to expand at a CAGR of ~8% from 2019 to 2027.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1782Broad and Growing Product Pipeline to Drive Adoption of Advanced Life Sciences BPORise in demand for new drugs and novel therapies for treatment of diseases such as cancer and immunological disorders coupled with the evolving research & development process has increased the number of compounds in pipeline in the last decade.
This in turn drives the global life sciences BPO market.Efforts to Optimize Costs and Development TimeEscalating costs of conducting clinical trials, requirement of data quality, enrollment targets, financial demands regarding setting up of a clinical research practice, and other management related activities drive the outsourcing services.
According to the Tufts Center for the Study of Drug Development, outsourcing to CROs has supported companies in keeping R head counts stable, even though the number of active clinical trials across the world has increased by 80%.
Moreover, trials outsourced to CROs are, on average, completed 30% sooner than in-house clinical trials, providing an average timesaving of four to five months.Request COVID Analysis on Life Sciences BPO Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1782Contract Manufacturing Organizations to Lead Global MarketBased on service type, the contract manufacturing organizations segment dominated the global market in 2018.
Significant increase in research and development costs, technological developments, and product innovation, which accounts for high R costs prompt several pharmaceutical and medical device companies to outsource preclinical services to CROs.
