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Global Life Sciences BPO Market: Outsourcing of Manufacturing Activities Provides Much-Needed Impetus to Global Market, Says TMR

Posted on Sep 28, 2016

A large number of contract research organizations (CROs) and contract manufacturing organizations (CMOs) in the developing countries have led to an intense competition in global life science BPO market. Transparency Market Research observes, that leading players have consistently changed their business strategies and developed improved products to tackle the challenges that were posing as impediments. The report identifies Accenture plc, Cognizant Technology Solutions, and Infosys Limited, Cognizant Technology Solutions, PAREXEL, and Catalent, Inc. as some of the key players in the global life sciences BPO market. Companies are also investing in research and development of innovative technologies to gain a competitive edge and to make a significant change in the healthcare industry. 

Lucrative Opportunities in U.S. and Canada Lend Impetus to North America Life Sciences BPO Market

According to the research report, the opportunity in the global life sciences BPO market is expected to be worth US$286.3 bn by the end of 2023 as compared to US$127.4 bn in 2014. Between the forecast years of 2015 and 2023, the global market is anticipated to expand at a CAGR of 8.9%. The packaging segment is anticipated to grow at a significant CAGR of 8.4% during the forecast period, reports TMR. Researchers predict that North America will maintain the lead in the global market as the opportunity in this regional market reaches US$88.8 bn by 2023. The remarkable progress of life sciences BPO market in North America is attributed to the lucrative opportunities in the U.S. and Canada due to a huge pool of geriatrics.

Outsourcing of Peripheral Pharmaceutical Businesses Provides Life Sciences BPO Market a New Growth Plan

“Organized approaches taken by pharmaceutical companies such as outsourcing, enhancing pipeline, development of drugs, reducing the cost of drug discovery, in-licensing, and sales and marketing, and manufacturing activities have collectively contributed towards the rise of the life sciences BPO market,” reports the lead author of this research report. Outsourcing of peripheral businesses by big pharmaceutical companies and biotechnology players to focus on core competencies have played a pivotal role in shaping the overall market. The emerging trend of pharmaceutical companies opting for partnering with contract research organizations (CROs) solutions and contract manufacturing organizations (CMOs) has provided an extensive encouragement to the growth of the life sciences BPO market. 

The budget cuts to the healthcare sector have had a severe impact on the development of pipeline drugs. Moreover, the nearing expiration dates of several blockbuster drugs has given new players a chance to introduce improved drugs at cheaper prices in the pharmaceutical industry. This has prompted several pharmaceutical companies to outsource their manufacturing activities to save on their operating costs due to limited resources. The developing countries have made a notable contribution to the progress of the life sciences BPO market with constructive employment of abundant cheap labor. 

Chances of Security Breaches Discourage Pharma Companies to Work with CROs and CMOs

Lack of standardization to maintain the quality of products and the possibility of information leaks about the drugs in the pipeline are the monumental challenges hampering the growth of the global life sciences BPO market. Adoption and integration of cloud services by the pharmaceutical organizations has increased the risk of security threats in areas where information is of utmost importance. These issues are not only hampering the life sciences BPO market but also discouraging pharmaceutical companies to form partnerships with CROs and CMOs, who do not guarantee information safety. 

This review is based on Transparency Market Research’s report, titled “Life Sciences BPO Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” 

The Global Life Sciences BPO market has been segmented as follows: 

  • Global Life Sciences BPO Market, by 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
        • Site Management
      • Contract Manufacturing Organizations
        • Active Pharmaceutical Ingredients
        • Finished Dose Form Manufacturing
        • Packaging
      • Contract Sales and Marketing Organizations
    • Others (Payers and Providers)
  • Global Life Sciences BPO Market, by Geography
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • Rest of the Europe
    • Asia Pacific
      • China
      • India
    • Rest of the World
      • Latin America
      • Middle East and Africa

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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