The global life sciences BPO market has been envisaged by Transparency Market Research (TMR) to entertain a highly competitive vendor landscape during the forecast period 2015–2023. This could be on account of a strong count of contract manufacturing organizations (CMOs) and contract research organizations (CROs) offering all-encompassing business solutions to life science enterprises.
Offering bundled services has been predicted to be a critical strategy adopted by leading players such as Infosys Limited, Cognizant Technology Solutions, and Accenture plc to uphold their competitiveness in the global life sciences BPO market. A popular trend that could flesh out in the global life sciences BPO market is the adoption of novel technologies.
As per the statistics of a TMR market intelligence publication, the global life sciences BPO market has been expected to touch a gigantic valuation of US$286.3 bn by 2023 at a CAGR of 8.9% for the aforementioned forecast period. CRO services could register a robust CAGR of 9.3% from 2015 through 2023. North America has been foreseen to secure a lion’s share of US$88.8 bn by the concluding forecast year. However, Asia Pacific could record a higher CAGR.
Outsourcing and Divesting Strategies of Pharma Firms Create Gainful Prospects
The demand in the world life sciences BPO market has been envisioned to receive a telling impetus on the back of the growing trend of outsourcing or divesting non-core business activities to CMOs. Novartis, GSK, Pfizer, and other multinational pharmaceutical firms have taken to similar business strategies or revised them accordingly in the past few years.
The drying of pipeline drugs, patent expiration of blockbuster drugs, research and development production decline, and mounting healthcare budget cuts could force pharmaceutical businesses to efficiently engage their limited resources through cost-effective means such as outsourcing commercial manufacturing operations. This could bode well for the growth of the world life sciences BPO market.
CMO services have been projected to welcome a decent demand from pharmaceutical companies owing to a growing rise in orphan drug development. The world life sciences BPO market could ride on some productive prospects as a surging count of pharmaceutical companies consider focusing on orphan drug development.
Breach of Pharmaceutical Information Births Potential Threats, Subverts Demand
The proliferation of services in the international life sciences BPO market could be hindered because of issues related to the breach of pipeline-associated data and product quality. A spurt of potential threats has been prognosticated to be witnessed by pharmaceutical businesses as they become increasingly connected to social media and the cloud. Breaches against their highly sensitive and proprietary data could discourage pharmaceutical businesses to collaborate with CMOs and CROs.
Howbeit, players operating in the international life sciences BPO market have been prophesied to be pampered by a ballooning demand arising from the snowballing want for biosimilar and biologic drugs. Furthermore, the increase in demand for logistics, packaging, and manufacturing components could necessitate pharmaceutical companies to employ outsourcing services such as life sciences BPO. With a view to control cost contingencies in the event of the advancement of novel delivery forms, drug manufacturers have been envisioned to partner with outsourcing companies. Autoinjector devices, infusion therapies, and transdermal patches are some of the popular drug deliveries developed.
The information presented in this review is based on a TMR report, titled, “Life Sciences BPO Market (Services - Pharmaceutical Outsourcing (Contract Research Organizations (Drug Discovery, Preclinical Studies, Clinical Trials, Medical Writing, Pharmacovigilance, Clinical Data Management, Regulatory Services, Clinical Monitoring, Biostatistics, Protocol Development, and Site Management), Contract Manufacturing Organizations (Active Pharmaceutical Ingredients, Finished Dose Form Manufacturing, and Packaging), and Contract Sales and Marketing Organizations) and Payers and Providers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global life sciences BPO market has been segmented as presented below:
Global Life Sciences BPO Market by Services
- Pharmaceutical Outsourcing
- Contract Research Organizations
- Drug Discovery
- Preclinical Studies
- Clinical Trials
- Medical Writing
- Clinical Data Management
- Regulatory Services
- Clinical Monitoring
- Protocol Development
- Site Management
- Contract Manufacturing Organizations
- Active Pharmaceutical Ingredients
- Finished Dose Form Manufacturing
- Contract Sales and Marketing Organizations
- Contract Research Organizations
- Payers and Providers
Global Life Sciences BPO Market by Geography
- North America
- United States
- United Kingdom
- Rest of the Europe
- Asia Pacific
- Rest of the World
- Latin America
- Middle East and Africa
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