Global Life Sciences BPO Market is expected to reach $XX Mn by 2026 from $XX Mn in 2019, at a CAGR of 8.5% during forecast period.
Global Life Sciences BPO Market Overview:
The contracting of non-primary business operations and services to a third-party supplier are known as business process outsourcing (BPO). Research, discovery, development, drug registration, and product launch are all services provided by the life sciences industry.
Global Life Sciences BPO Market Dynamics:
Rising costs of drug development is the major factor driving the market growth.
Over the forecast period, the global life sciences BPO market is likely to rise due to rising drug development costs. According to a Tufts Centre for the Report of Drug Development study published in the Journal of Health Economics in May 2019, the cost of drug development was US$ 2.6 billion, with average out-of-pocket costs of US$ 1.4 billion and time expenses of US$ 1.2 billion. The rising costs of drug development, clinical trials, and post-market surveillance by biopharmaceutical and pharmaceutical companies. Drug development costs tens to hundreds of millions of dollars in the United States.
Furthermore, large clinical trial sizes, high input costs of Pharmaceutical Outsourcing, Medical Devices Outsourcing, and Active Pharmaceutical Ingredient Outsourcing have all been linked to increasing out-of-pocket clinical costs in various studies (API), with rising drug development expenses and clinical trials, efficient BPO services are in high demand, propelling the Life Sciences BPO market forward.
An increase in the BPO life sciences market is being driven by next-generation innovation technologies such as AI and ML. Biopharma and MedTech companies can use data-driven solutions to gain meaningful insights and automate mundane processes. Another important driver of value-added potential for CROs is the recent outbreak of COVID-19. Furthermore, due to the rising sales and marketing segments for the new product launch, contract sales and marketing services are expected to see an increase in demand throughout the projection period. Stringent regulatory approval processes in certain nations, on the other hand, may stifle overall market growth. Along with the slowing of global economic growth, the Life Sciences BPO industry has also been impacted. The coronavirus outbreak is still going strong, and the life sciences BPO industry is scrambling to keep the treatment pipeline moving forward while also ensuring appropriate supply, business continuity, and quick innovation. Companies are employing new technologies such as machine learning and artificial intelligence (AI), which creates an opportunity in the Life Sciences BPO market. More lucrative prospects can be found in the pharmaceutical industry, expanding government budget cuts, and subsidies across developed countries.
The report has profiled seventeen key players in the market from different regions. However, report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed and report has come up with recommendations for future hot spot in APAC region.
Global Life Sciences BPO Market Segment Analysis:
The Global Life Sciences BPO Market is segmented on the basis of Service and Application.
Based on Service, The Pharmaceutical Outsourcing segment is expected to dominate the global market during the forecast period. It is further sub-divided into contract manufacturing services and contract research services. Contract manufacturing services include API production, final dose manufacturing, and packaging outsourcing; contract research services include drug discovery, pre-clinical studies, clinical trials, regulatory, and pharmacovigilance. The medical devices segment can be segmented into contract manufacturing services and contract research services. Outsourcing of services such as product design, product integration, pre-clinical and clinical investigations, and regulatory services is gaining pace in the medical device industry; these developments are projected to grow the life sciences BPO market significantly during the forecast period.
Based on Application, the Artificial Intelligence segment is expected to dominate the global market during forecast years. AI is growing increasingly popular in drug development, personalized medicine, biotechnology, and clinical trials, according to the MMR report. With healthcare expenditures rising in practically every country, the pharmaceutical outsourcing business has been putting in a lot of R&D effort in recent years. The Machine Learning segment is expected to grow at the quickest rate, with a CAGR of 15% throughout forecast years. This is attributed to a greater understanding of company productivity, as well as professionally built machine learning solutions provided by worldwide suppliers.
Global Life Sciences BPO Market
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Global Life Sciences BPO Market Regional Insights:
North America accounted for dominant market share in 2019.
Rising drug and medical device manufacturing costs, increasing reimbursement policies, the presence of several pharmaceutical companies such as Charles River Laboratories, Covance, Inc., and Catalent, Inc. and their growing focus on core outsourcing activities are all contributing to market growth in this region. The high healthcare expenditures, rising medication, and device manufacturing prices, marketing expenses, the rising number of reimbursement claims, data processing, and data analytics services are all contributing to this significant share of the North American market. The presence of various life sciences, pharmaceuticals, biotech and medical device companies in this region encourages onshore and offshore growing quickly.
The report also helps in understanding Global Life Sciences BPO Market dynamics, structure by analyzing the market segments and project the Global Life Sciences BPO Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Life Sciences BPO Market make the report investor’s guide.
Global Life Sciences BPO Market, Key Developments:
• Parexel Announces COVID-19 Clinical Serology Testing Solution Strategic Collaboration with Synexa Life Sciences and Drawbridge Health in November 2020. The three-way partnership will result in a more simplified blood sample collection and serology testing process, allowing for more accurate clinical decision-making and better patient outcomes.
Global Life Sciences BPO Market Scope: Inquire before buying
Global Life Sciences BPO Market, By Region:
• North America
• Europe
• South America
• MEA
• APAC
Global Life Sciences BPO Market, Key players:
• Accenture plc
• Anthelio Healthcare Solutions
• Boehringer Ingelheim GmbH
• Catalent, Inc.
• Covance, Inc.
• Genpact Ltd.
• ICON plc
• Infosys Limited
• Lonza Group
• PAREXEL International Corporation
• Quintiles Transnational Corporation
• International Business Machines Corporation
• Wipro Limited
• WuXi AppTec Co. Ltd.
• Medpace Holdings Inc.
• IQVIA
• Syneos Health Inc.
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